The
Weekly Report For February 2nd - February 6th, 2009
February
1, 2009- Market Summary
It was a mixed week on Wall Street as investors tried to
mull over considerable amounts of weak economic data. The sharpest
drop in GDP since 1982 combined with thousands upon thousands of
job losses didn't exactly paint the best pictures for those looking
for a bounce in the value of their portfolios. Companies such as
Texas Instruments (NYSE:TXN)
and Caterpillar (NYSE:CAT)
seem to have sparked a huge wave of job cuts and now traders are
looking extra hard to find the catalyst that will be able to break
stocks out of the sideways price range.
Taking a look
at the charts below, you'll notice that the bulls were unable to
send the major indexes above the resistance
of their respective 50-day moving averages. This has been a common
occurence over the past several weeks and we expect that many active
traders will be staying on the sidelines until these influential
averages are broken. The question remains about whether we are going
to see the major indexes retest their November lows, which isn't
exactly looking like an impossible feat.
Join
me (CaseyMurphy)
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Picking Community. Check out what other traders are watching
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Have a Great Day!
Casey Murphy
Senior Analyst, ChartAdvisor.com |
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