Daily commentary for Thursday, March 8, 2007
Wednesday brought a narrow range red day across the broader indexes. NYSE and Nasdaq volume were lower on the day, very digestive action is what we have seen for the past few days. Today was an NR7 day, narrowest range of seven days, meaning very digestive and not showing the buyers swarming to take us up off this low.
Crude closed up $1.13 at $61.82 on the day. Rally was underway after the inventories data was released and showed draws instead of builds on crude. Gold rallied today up $6.50 to close at $645.70.
Tuesday’s bounce was trying to give us support and continue as we started into Wednesday. But the corrective bounce was just that and the market could not hold up even through the negative economic news. The last hour sell off was on higher volume despite the day coming in lighter. The market is full of jitters and will remain that way into Friday’s jobs numbers.
Going into Thursday we have early data, that can be a mover. So we’ll look for early bounce off today’s lows and then for sellers. That is my bias for now unless the data blows us away with positive comments. Which we haven’t seen for awhile, so it is doubtful but it could happen.
Economic data for the Week of March 5 – 9 Thursday 08:30 Jobless Claims/Initial Claims, 10:30 Natural Gas Inventories, 12:00 Chain Store Sales, Friday 08:30 Nonfarm Payrolls, 08:30 Unemployment Rate, 08:30 Hourly Earnings, 08:30 Average Workweek, 08:30 Trade Balance, 10:00 Wholesale Inventories.
Some earnings for the week: Thursday pre market DIET, FS, GG, TOPT, URBN, OATS and after the bell COO, HOV, ISLE, NSM, SMTC, TRMS. Friday pre market ENCY, BIG.
SPX (S&P 500) closed –3.44 at 1391.97. Support: 1388.86, 1383.28, 1379.30, 1373.97. Resistance:1403.60, 1407, 1411.70, 1417.23, 1421.22, 1430.74, 1444.30, 1461.57. Daily chart below
I hope everyone has a good day. Futures folks, don’t forget Thursday is rollover day.
