Missed getting the market update out yesterday, due to a problem with the computer and Vista crash. Vista is the latest operating system offered by Microsoft and is shipped as a standard with all new pc computers. Vista was designed to be more secure but sometimes this can be a problem. Due to the security built into the software, the system somehow got corrupted, maybe from a virus or making a mistake while typing resulting in locking out the ability to log on the computer and access any saved files or data. Since I try to regularly backup, I was able to recover most of the files, however, since the backup was two weeks old, everything from the last two weeks appears to be lost. Murphy’s Law means this generally happens when you are working on something important. However, the system is working again, and with a little extra effort, I will be able to re-create and re-do most of what was lost.
Yesterday, the markets continued in the choppy manner we have been seeing for the last few months, selling off and showing a lack of energy. Selling pressure seems to have abated, but once again, we do not seem to have an abundance of volume and the buying pressure needed to push the markets up.
Essentially, we remain in a range bound sideways trend, which applies to 80% of all instruments trading including gold, silver and oil.
Since all the indexes remain below their 200 day moving averages, it is my opinion that we remain in a bear market. The market condition scans concur with the market price action, showing a directionless, insipid market.
Gold, silver and oil are relatively flat this morning.
As of this writing, futures are positive and the DAX is positive, indicating a positive open. The market condition scans are once again showing no strong directional bias and the market bias indicators are showing the same thing. The markets remain in a bottoming condition and today are waiting for news from the FOMC.
| Index | Change | %Change | Level | Phase |
| TSX | -46.77 | -0.50% | 9348.03 | Recovery |
| DJIA | -8.05 | -0.10% | 8016.95 | Recovery |
| Nasdaq | -5.60 | -0.33% | 1673.81 | Recovery |
| SP 500 | -2.35 | -0.27% | 855.16 | Recovery |
| Russell 2000 | +3.31 | +0.70% | 472.84 | Recovery |
| NYSE | -19.98 | -0.37% | 5369.85 | Recovery |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral bias
Energy: moderate
Primary Trend: Remains down to sideways
| Sector | Phase |
| Consumer Staples | Recovery |
| Healthcare | Bearish |
| Technology | Recovery |
| Utilities | Bearish |
| Energy | Recovery |
| Financials | Recovery |
| Industrials | Recovery |
| Materials | Recovery |
| Consumer Discretionary | Recovery |
Source: Telechart
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