Stock indexes continue slide as housing disappoints

The Nasdaq Composite ($COMPX) ended the session lower by 4.61 points, or 0.16%, on Monday and it closed at 2,811.94. The strongest performers in the Nasdaq-100 ($NDX) on Friday were Verisign (VRSN) (+2.18%), Micron Technology (MU) (+1.75%), and Nuance Communications (NUAN) (+1.65%). The weakest were CTrip.com Intl. (CTRP) (-5.68%), Staples Inc. (SPLS) (-4.87%), and First Solar (FSLR) (-3.82%).

Nasdaq Composite (Figure 3)

Housing Data Disappoints

The morning's big data ahead of the open was the Standard & Poor's/Case-Schiller home-price index at 9:00 a.m. ET. The market has been looking for further evidence of incoming stability and a bottom in the housing crash, but Tuesday's data did not help bolster those hopes. U.S. home prices fell in nearly all of the cities tracked by the index. This marks the third straight monthly loss. Out of the 20 cities in the index, only Washington and Detroit posted year-over-year increases. The market did not react to the news.

Later this morning, watch for the Chicago PMI, followed by January's consumer confidence report.

Unless otherwise stated, the index action described in this article relates to the E-mini futures contracts for the respective indices. Actual index action may differ slightly in terms of pattern formation, although the market bias will remain the same.

Toni Hansen is president and co-founder of the Bastiat Group Inc., DBA Trading From Main Street. Toni is one of the most respected technical analysts and traders in the industry. She has been trading and educating new traders, money managers, professional market analysts and traders throughout the boom and bust of the last decade. She has worked in conjunction with some of the world's top financial exchanges. Learn more about Toni Hansen and the educational services she provides through her website at http://www.tonihansen.com.

<< Page 3 of 3
About the Author
Toni Hansen

Toni Hansen is president and co-founder of the Bastiat Group, Inc., DBA Trading From Main Street. Toni is one of the most respected technical analysts and traders in the industry. She has been trading and educating new traders, money managers, professional market analysts and traders throughout the boom and bust of the last decade. She has worked in conjunction with some of the world's top financial exchanges. Learn more about Toni Hansen and the educational services she provides through her website at http://www.tonihansen.com.

Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome