Market Snapshot for September 29, 2011 (7:39 pm ET):
- Closing Prices: DOW 11,153.98 (+143.08, +1.3%),S&P 500 1,160.40 (+9.34, +0.81%), NASDAQ 2,480.76 (-10.82, -0.43%), Nikkei 225 8,701.23 (-, -), DAX 5,639.58 (+61.16, +1.1%), FTSE 5,196.84 (-20.79, -0.4%)
- OIL 83.00, GOLD 1,624.10, SILVER 30.725
- EURO 1.3594, YEN 76.73, BRITISH POUND 1.561, U.S. DOLLAR INDEX 78.605
Daily Channel Continues, Outlook Confirmed
This week has been a difficult one for swingtraders on both the bullish and bearish sides. As we headed into the week, we were looking primarily at daytrades for the least risk. The technicals were pointing in favor of rapid swings back and forth on the 15 minute time frame that would limit follow through from one session to the next and add risk for multi-day holds by increasing odds of getting flushed out of open positions or creating adverse moves that would be enough to at least wreck havoc with one's nerves! As anticipated, Thursday was just another continuation of this trend.
Dow Jones Industrial Average (Figure 1)
The market actually opened with strong gains on Thursday following the sharp losses of the previous session. The index futures had crept up throughout the early morning hours with some help from news out of Europe that Germany would stand behind the latest proposed expansion of the European Financial Stability Facility (their version of a bailout plan). The move was strengthened further by unexpected jobs data.