Day 22
Situation:
U.S. Markets: Just stabilizing ahead of Fed talk this week on short covering, Techs, financials still dragging as new rumours fly about write offs and Bear Stearns CEO to be replaced.
Asian Markets: China market up, rest of the region slightly down on comments, that Yen is too low and talk that BoJ will stay put until Q4 2008.
Commodities/Currencies : Oil selling off to 95 level, dragging other commodities with it.
Events: US … Pending Home Sales, IBD/Tipp Economic Optimism Europe: Retail Sales, Factory orders Germany
Ideas/Strategy: Will try to play the expected bounce, but aware that it is only a bounce and expect at least one more bear attempt.
supports: 7860 … 7835/40 … 7760/70
resists: 7925 … 7940/50 … 8000/8005 … 8040
Tags: Bear Stearns, daily outlook
