Apr

7

S&P Closes, from Craig Mee

April 7, 2008 |

This is the fourth close within one point of the close five sessions ago, and those proceeding four sessions have all closed within three points of that close as well — maybe one for the record books. After a 3.5% gain, one may expect some consolidation – though is this taking it a bit far.

J.P. Highland adds:

The way the overnight session traded and the sustained action above 1380 made me think the S&P would have a good move and maybe test the early Feb highs… but the 9:30 open was a little disappointing and the following breakout attempt ran out of gas way too fast.

Nothing left but to keep hustling.


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  1. Lon Evans on April 8, 2008 3:31 am

    A huge gain, based upon what? Lehman divesting itself of a chunk of its worth? The 3.5% wasn’t a rally by optimistic bulls, rather it was Vampires creeping out to feed. A potential consolidation seems more a fear of the dawn, not so much an embracing of it.

    The last time we witnessed equivalent price action, the SnP was capable of a test at 1400. It seems to be (at this writing) incapable of repeating the same. I maintain that we’ve downdraft yet still to ride. I’m trusting the ride to be chaotic. Just as is a Vampire’s desperate flight from the sun.

    lon

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