The Weekly Report For February 9th - February 13th, 2009

February 8, 2009- Market Summary
Investors on Wall Street shook off unimpressive employment figures as many are optimistically awaiting the the details of Obama's stimulus package. In our last report, we mentioned that economic data has seemed to have taken center stage as companies such as Texas Instruments (NYSE:TXN) and Caterpillar (NYSE:CAT) have sparked huge waves of job cuts. Many investors are hoping that Monday's announcement of the financial bailout package will be enough of a catalyst to break stocks out of their sideways price range. Based on the charts, we think this is an inflated assumption because as you can see below, the bulls were unable to send the major indexes above the resistance of their respective 50-day moving averages. This has been a common occurrence 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 still remains whether we are going to see the major indexes retest their November lows, which isn't looking like an impossible feat.

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