Morning Stock Report, March 27 2008
Economic news has the market split on the future outlook this morning as the indices are almost unchanged. Unchanged that is less the NASDAQ which is still feeling the results from the Oracle earnings last night.
The big economic news today is that GDP growth was only .6% compared 4.9% in the last quarter. Basically, our economy nearly stalled dead in its tracks. Most economists believe that the next quarter will relay results even worse then this .6% growth, a gloomy outlook.
GDP is important because is measures the values of all goods and services produced in the United States and is the best barometer of the country’s economic health.
What is critical for the NASDAQ today is the 2300 level. If we fall under this then it would more then likely trigger a sell off for the rest of the session today.
The trends for the market (Based on the NASDAQ Composite’s 10 day, 50 day, and 200 day moving averages):
- Short Term: Uptrend
- Medium Term: Downtrend
- Long Term: Downtrend
Good luck out there today. See you tonight with more stock picks.
