Comments on: Weekly Market Commentary, May 20th 2008 http://www.stocktradingtogo.com/2008/05/20/weekly-market-commentary-may-20th-2008/ Investing Online Made Easy Fri, 20 Nov 2009 09:55:02 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Blain Reinkensmeyer http://www.stocktradingtogo.com/2008/05/20/weekly-market-commentary-may-20th-2008/comment-page-1/#comment-47271 Blain Reinkensmeyer Wed, 21 May 2008 19:39:26 +0000 http://www.stocktradingtogo.com/2008/05/20/weekly-market-commentary-may-20th-2008/#comment-47271 Hey Sean, as soon as hit the 200 MA on the NASDAQ I immediately posted to be extra catious and it is somewhat Ironic that alongside technical resistance has come this spread of bearish news on the economy. Even though I try to profit in any market direction, I am currently a bear right now as I feel consumers in the end control the market (consumer confidence, spending, etc.) and we are hurting. Like you said as commodity prices continue to rise we will only be hurt more. People think this oil trend is a bubble, but arguably it is simple supply and demand. Supply is capped and demand is continuing to grow. Today's price actions sells us out of the ascending channel that has been formed in the NASDAQ and puts us with a next support level of 2400 and/or the 50 MA. Should be interesting to see. Hey Sean, as soon as hit the 200 MA on the NASDAQ I immediately posted to be extra catious and it is somewhat Ironic that alongside technical resistance has come this spread of bearish news on the economy.

Even though I try to profit in any market direction, I am currently a bear right now as I feel consumers in the end control the market (consumer confidence, spending, etc.) and we are hurting. Like you said as commodity prices continue to rise we will only be hurt more. People think this oil trend is a bubble, but arguably it is simple supply and demand. Supply is capped and demand is continuing to grow.

Today’s price actions sells us out of the ascending channel that has been formed in the NASDAQ and puts us with a next support level of 2400 and/or the 50 MA. Should be interesting to see.

]]> By: Brandon http://www.stocktradingtogo.com/2008/05/20/weekly-market-commentary-may-20th-2008/comment-page-1/#comment-47239 Brandon Wed, 21 May 2008 13:14:55 +0000 http://www.stocktradingtogo.com/2008/05/20/weekly-market-commentary-may-20th-2008/#comment-47239 Amazing read as always Sean! Amazing read as always Sean!

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