Daily Commentary for Friday, December 29th, 2006
Written By: Teresa Appleton Stock Forum ID: Teresa
Thursday mixed market on volume, but across the broaders markets we closed red. The Nasdaq put in higher volume today to leave a distribution day. The NYSE lighter volume to leave a light volume drop. Was a very narrow range across the board to keep the market in the same holding pattern we’ve been in for two weeks.
A late day announcement by the Nasdaq Stock market for closure on Tuesday for a national day of mourning for President Ford. This will mark the first closure for four days since September 11, 2001. The NYSE is also expected to make the same announcement, but we’ll have to wait and confirm that. The CME and CBOT markets are also expected to follow suit and show their respects and close. So it looks like we’ll be receiving a four day weekend to kick off 2007.
Crude closed up today 13 cents at $60.53. First up day in four, due to decreases in supply. The market is still assuming the Houston closure due to fog will level that back out, but we’ll see as time passes if it does. Gold closed up $6.60 at $636.90 on the day.
Friday we may see more volume come in with the markets closing on Tuesday. We were already scheduled to close Monday for New Years and now Tuesday. It is also the final trading day of 2006 and of December. So that could spark some action. Economic data will be watched closely and give us some volatility. My bias off the opening is for lower, the data could alter that quickly so we’ll keep that in mind. I don’t think we really get far in either direction, but I will expect some whippy action like we experienced today. So trade light and keep things in control with stops, just incase.
Data for the Week of December 25th– 29th Friday 10:00 Chicago PMI, 10:00 Help Wanted Index.
Some earnings for the week: nothing on Friday is due out.
ES (S&P 500 e-mini) Friday’s pivot is 1434.75, the weekly is 1428.50. Intra day Support: 1433.25, 1432., 1430.50, 1428.75, 1425.50, 1423.75. Resistance: 1434.75, 1436.75, 1438.75, 1440.25, 1442.25, 1444, 1448.50, 1450.50. 60 minute chart is below.
I want to wish everyone a Happy New Year and I’m looking forward to 2007 for many reasons. I hope you all reflect on your year and look forward as well. STAY SAFE!
