What you see below are the actual updates as they were posted by Harry. The only difference between what you see below and what our subscribers see is that the past 24 hours of updates have been removed from the commentary below.
| Date/Time |
Comment |
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| 11/19/2008 07:52:58 AM |
The equity markets are poised to open sharply lower again on concerns over the auto industry. The housing starts and CPI numbers have added to the negativity in the markets but as long as the S&P futures can maintain the 84700 level and the 114700 level in the NASDAQ futures, I think this sharply lower opening could see some early short covering. If those levels fail to hold up, I would look for a continuation of the current downside pressure in the markets that could try and test the recent lows. At 1:00 CST, the markets will have to react to the FOMC minutes from the last meeting. That news could force some movement in the markets.
I am traveling to Las Vegas today in order to work the Traders Expo Show. If you are in the area in the next three or four days please stop by and visit. I will be trading live from the MF Global booth. This will be my only update for today and I will be working from off the floor for the next two days.
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| 11/18/2008 03:06:58 PM |
Just a reminder to all my subscribers, I will be off the floor for the rest of the week and will be doing my updates from the Traders Expo in Las Vegas. I will be posting numbers for tomorrow’s session but will be traveling during the day so there won’t be any commentary tomorrow just the support & resistance levels and the morning comment.
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| 11/18/2008 02:25:14 PM |
The markets may have run their course on downside and may be ready to make the turn to the upside if the S&P’s trade above the 84100 level and above the 43950 level in the Russell. I want to be long above those levels. Look for the weakness to return below the 83500 level in the S&P’s.
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| 11/18/2008 12:40:40 PM |
The downside pressure continues as the markets make new lows on their way to the recent lows down around the 81750 level in the S&P’s and the 43050 level in the Russell. I don’t want to be long unless it is a result of a double bottom or a move back above the 85500 level in the S&P’s.
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| 11/18/2008 11:46:30 AM |
Just as before, the Russell was able to make a move below the 84700 level I mentioned in the last comment while the S&P’s did maintain eh 85100 level I talked about. The upside bias may be turning south unless the Russell can get back above the 45300 level and above the 86000 level in the S&P’s. I would expect the markets to gain some downside momentum below the 85100 level in the S&P’s. The Russell should gain some new downside momentum below the 44500 level. If the Russell can maintain that level it could spark another rebound as long as the S&P’s hold the 85100 level. |
| 11/18/2008 10:44:15 AM |
The Russell managed to slip below the 44900 level while the S&P’s managed to maintain the 84700 level. So far that has resulted in another quick move to the upside. The markets still seem to be maintaining a bullish bias as long as the S&P’s maintain the 85100 level but I would like to see the NASDAQ make a move above the 116100 level which in turn could help the S&P’s make a move above the 86700 level. There should be some good acceleration above the level in the S&P’s. |
| 11/18/2008 09:42:58 AM |
The markets seem to have responded well to the comments up on the hill from both Bernanke and Paulson. The S&P’s need to trade above the 86000 level with some good momentum, if this rally is going to turn into a more substantial move. I will stick with my upside scenario as long as the S&P’s can maintain the 84700 level and the 44900 level in the Russell. |
| 11/18/2008 09:07:25 AM |
The markets are under pressure while Chairman Bernanke speaks in front of the committee. The markets should be able to rebound from this sell off as long as the Russell can maintain the 44700 level and the 84300 level in the S&P’s. I may try to get long here with stop s below the levels I just mentioned.
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| 11/18/2008 08:37:24 AM |
The markets area trading a bit lower this morning but considerably better than where they were earlier in the overnight session. Much of this comeback is due to the strong earnings news from Hewlett Packard who feels that strength will continue for the year ahead. The S&P’s will need to trade above the 85630 level in order to attract some new upside momentum in that market while the NASDSAQ futures seem to have already started to upside move and should continue to do so as long as that market can maintain the 115000 level. |
| 11/17/2008 02:29:57 PM |
The markets are still leaning towards the downside but haven’t been able to gain any real downside momentum once the markets made a move towards that direction. All my indicators have gone dead neutral but that may change if the S&P’s get back above the 87050 level and above the 4600 level in the Russell. We could see a late rally if these levels get violated
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| 11/17/2008 12:37:11 PM |
The 88150 level that I talked about in my last comment turned out to be golden. In either case, the markets continue to show good support in the face of these sell offs. I want to keep buying the breaks as long as the S&P’s can maintain the 86500 level and the 45500 level in the Russell. The NASDSAQ futures need to maintain the 116900 level. If all three of these markets make their way below these levels, I would look to change my thinking back to the downside.
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| 11/17/2008 10:54:19 AM |
The markets have continued to move higher and seem to be gaining some strong momentum along the way. I want to keep buying the breaks until I see the S&P’s trade back below the 85400 level and below the 45000 level in the Russell. The S&P’s should be able to attract some new upside momentum above the 88150 level but I would expect a bit of a setback from that level the first time up there.
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| 11/17/2008 10:01:25 AM |
The markets were able to rebound a bit from the lows but not enough to set off any real upside momentum. The S&P’s will need to trade above the 85800 level and again above the 87200 level in order to attract some new buyers but as long as the Russell can maintain the 44800 area ant eh 115200 are in the NASDAQ, I want to keep buying the breaks in anticipation of a rally. |
| 11/17/2008 09:25:56 AM |
I want to try and get long again down around my 84750 support are with a stop below the 84500 level. Look for some new upside momentum above the 85900 level in the S&P’s and above the 453000 level in the Russell. |
| 11/17/2008 08:32:03 AM |
The markets are mounting a bit of a comeback in the early going in spite of a slightly lower opening . I want to get long the S&P;s around the 85350 area with a stop below the 850 level. If that are gets violated along with the 114700 level in the NASDAQ, I will turn my thought back to the downside.
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