Tuesday, July 08, 2008

Bounce Should Continue

Top Line: The market gave us a pretty good bounce today and we think there is still a little room to go over the next week or so. Oil prices dropped another $5 today with the dollar up again.

The stock market traded on both sides of unchanged for most of the day even though the NDX, NASDAQ 100, seemed to be a little stronger than other indexes. With about two hours to go the buyers came in and pushed the indexes up to their highs of the day at the close. The Dow was up 150 points while the NASDAQ was up a larger percentage than that.

As you may recall we mentioned that the futures were down a bit as we were writing last night's post and that we were expecting a rally out of that.

Sorry...we lost our post again this evening.

Here are the articles we were commenting on when we lost it:

Bernanke calms markets by extending term lending facilities.

Pending US Home Resales down more than expected.

We expect more upside before this is over. More in our Wednesday post...

FSI: 90.42 (highest since June 25th)

Sorry about the spelling errors but we try to get concepts here not spelling. In last night's post we commented on the Cse's (government sponsored enterprises) and they are really GSE's.

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