Stopped By Resistance
31st January 2008
It was an easy day to be a day trader as the Dow was down triple digits at the open, and made slow steady progress to finish the day up triple digits. The bad taste from increasing jobless claims quickly gave way to some good news from bond insurers. From a longer term perspective the S&P 500 bumped up against resistance at the 1375 mark. What we will have to see tomorrow is whether or not the market can break through this level and find support, or if the 10 point drop in the last 5 minutes gave us a clue on what to expect as we conclude this week.
- JD