Here’s a chart I find interesting …
There’s a lot to look at on here, but basically, it looks like the S&P 500 pulled back and closed right at support yesterday. Indicators are pointing higher. My next targets on the S&P 500 would be 904 and then 976. So yes, this is a bear market rally, but it can go higher. Just remember that it can also end suddenly, with the abruptness of cardiac arrest.
Here is other news that interests me … The EU President says the US economic plan is ’a way to hell’. Czech Prime Minister Mirek Topolanek, whose country currently holds the EU presidency, told the European Parliament that President Barack Obama’s massive stimulus package and banking bailout “will undermine the stability of the global financial market.”
My guess: No gift basket for you, Mirek!
Meanwhile, as I pointed out in my MoneyandMarkets.com column today, we still aren’t seeing signs of a global recovery. In fact, Cargo Handler DP World says that trade is down broadly, and there is no sign of recovery. DP World said Wednesday that business at its ports dropped 8 percent in the first two months of this year as global trade evaporates because of the global economic slump.
More bad news from Japan. Japan’s exports fell by half in February . Ouch! That was a record drop as Japan’s exports were dragged down by plunging auto shipments to the U.S. and Europe.
On the lighter side — China insists that Coke’s bid for a Chinese fruit juice maker was rejected to protect consumers. I guess Coke has too little lead in its products to meet Chinese standards.
Related Posts
- Gold Chart and China News (07/16/09)
- Gold Chart and Commodity Chart for Monday (06/29/09)
- Gold Stats and Chart (03/28/09)
- CRB Chart — The Coming Pullback? (06/22/09)
- Gold’s Dip, Plus Oil Chart and More (07/13/09)
{ 3 comments… read them below or add one }
Actually I never saw mention of which version of Coca Cola was to be sold on China, the corn syrup or the refined sugar variety. Either way, it is a shame the US government doesn’t protect it own citizen’s from coke which has gone from 9/12 tablespoons of sugar per can to the much worse high fructose corn syrup. Maybe put an age limit on it a la cigarettes, protect our children. Als there will always be lobbiests.
Michael, you should realize that my mention of Coke and China was supposed to be flip and funny. But humor is subjective.
That chart was good and you’ve been rewarded if long or bought on it. But 833 is looking like a tough resistance levels, and there are reasons to expect a pullback - possible a choppy or sustained pullback - before the next rally effort up. Kinda thinking the same in gold for that matter. As for China - well, there’s plenty of protectionism to go around, isn’t there?! I’m sure they are still smarting from the melamine and bird flu fiascos. Their comments about the dollar and bonds are noteworthy but what really are their alternatives. Both may hold in for the intermediate time frame. At least for a while …!