Nothing New This Week
22nd August 2008
The Stock Market started the week falling from the weight of being overbought, while Oil bounced up from being oversold. In the end, not much happened with stocks being slightly down and oil ending slightly up.
The DJIA and SP 500 ended the week with a lower high than each of the last couple of weeks, a sign that stocks are now just drifting lower along their 50 day MA. It looked like the Nasdaq had a shot to break out over the resistance of its 200 day MA, but that line of demarcation continues to hold technology stocks back.
Not a lot to write about this week, as the financial markets continue to exhibit trading range behavior.
JD