Stock Market
All comments and Stock Market Analysis are made by Guy Brumley. Guy has been trading the Stock Market daily since 1992.
Trading, evaluating stock prices and predictions
Stock Market Commentary 12-07-2009
After the great employment numbers on Friday the market is in a wait and see mode.
Most of the focus is on the dollar and its reaction to the state of the US economy.
The dollar was stronger on Friday, and the market closed higher. This has not been the norm over the last six months, watch for a change in sentiment.
In the meantime, we are stuck in a trading range with 10,500 at the high and the low being 10,000. There is minor support at 10,300 and 10,200.
Gold has also pulled back. It is probably a buying opportunity after a 10% retracement.
I am looking for a head fake early in the week. This will allow the big money to sell options into next weeks expiration. Selling short-term dreams, and taking a little cash would seem the easiest money.
Any breakout over 10,500 on a closing basis would be significant, and the dollar in either direction will be an early indicator.
I will sit and watch.
Return to Previous Market Commentaries