Archive for August, 2008
The Week that Was: ending 8-1-08
August 3rd, 2008 | 
Author: MONDAY/ 7/28
Two more bank failures on Friday, oil up slightly today and stocks down big. No economic news to offset the sharp downturn in equities. Dow down 239, S&P down 23 and Nasdaq down 46
TUESDAY/ 7/29
MER in the news today with an additional 5.7 Billion in write downs. They plan to issue new stock in an attempt to raise capital. Sold off 30 plus Billion in CDO’s for a deep discount. ANR blew away their numbers with a strong 2nd quarter. SNE missed. SIRI and XMSR finally consumated their merger. The Case-Shiller home price index continued to confirm the erosion in home values. Crude was down to help equities rise today. DOW up 266, S&P up 29 and the NASDAQ up 55.
WEDNESDAY/ 7/30
President Bush signed the housing bill to provide 300 billion in loan guarantees. Included tax credits to new home buyers and assistance to local governments to purchase distressed properties. On the earning front, GRMN beat their estimates but guided lower for the remainder of the year. GLW bested their numbers but also guided lower. AVP better than projected and cmsca missed. Oil up and gold down. Second large up day in a row for the major indexes. DOW up 186, S&P up 21 and the NASDAQ up 10.
THURSDAY/ 7/31
GDP lower than expected at 1.9%. Initial jobless claims up by 44,000. On the earnings front, DIS, SYMC and FSLR all beat estimates. The market sold off hard at the end of the day. DOW down 205, S&P down 17 and the NASDAQ lost 4.
FRIDAY/ 8/1
Unemployment registered 5.7%, .2% worse than last month. GM, Chk and JVA all missed contributing to a mostly negative market today. Dow down 51.70, S&P down 7.07 and the NASDAQ down 1.82.
Posted in 
The Week that is to be: 8-4 thru 8-8
ECONOMIC REPORTS
MONDAY/ 8/4
Personal Income, Personal Spending and Factory Orders
TUESDAY/ 8/5
ISM Services, FOMC Policy Statement
WEDNESDAY/ 8/6
Crude Inventories, Consumer Credit
THURSDAY/ 8/7
Initial Claims, Pending Home Sales
FRIDAY/ 8/8
Productivity, Wholesale Inventories
EARNINGS OF NOTE
MONDAY/ 8/4
APC, HUM, OWW, PFG, DISH, SATS
TUESDAY/ 8/5
ADM, ARNA, CSCO, DHI, DUK, INSP, JRCC, TAP, ONXX, PZZA, PCLN, PG, SHOO, SNHY, VNO, WEN, WFMI
WEDNESDAY/ 8/6
AGU, ABK, AIG, CECO, FTO, MMC, NOBL, PLUG, Q, RRD, TWC, RIG
THURSDAY/ 8/7
BRL, BBI, DECK, GNC, MF, TM
FRIDAY/ 8/8
BZH
Commentary 8-1-08
We felt the markets were heading into a period of indecision as indicated in our chart analysis last week and that is exactly what happened. The major indexes essentially ended where they started. Watch the critical support and resistance levels as outlined in the chart analysis this week. Both the SPX and INDU are forming a symmetrical triangle as the market is trading in an increasingly narrower range. The NDX has been in a trading range the entire month of July. Look for breakout levels on the upside at 1875 and breakdown levels at 1780 on the NDX.
Robin
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