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Financial Markets Analysis: Stocks Bounce, Where Next?

News_Letter / Stocks Bear Market Feb 26, 2009 - 03:42 AM GMT

By: NewsLetter

News_Letter February 8th , 2009 Issue #9 Vol. 3

Stock Markets continued their strong rally on Friday from early week lows that had threatened to break below the recent tight trading range and target fresh bear market lows.


The Market Oracle Newsletter
February 8th , 2009            Issue #9 Vol. 3

Commodities Currencies Economics Housing Market Interest Rates Education Personal Finance Stocks / Financials Best Analysis

Financial Markets Analysis: Stocks Bounce, Where Next?

Dear Reader,

Stock Markets continued their strong rally on Friday from early week lows that had threatened to break below the recent tight trading range and target fresh bear market lows.

Where Next ?

Using the Dow Jones Index as a proxy for other global indices that exhibit similar trend and patterns. Friday's powerful rally cannot be ignored as it does imply that the recent peak of 8,400 is expected to be breached early next week, however heavy resistance lies overhead all the way to 9,000. This implies that the rally will soon run out of steam probably around 8,600 and therefore target a return to the tight trading range of between 7,900 and 8,400.

The longer the market continues to trade within the trading range of of 9,100 and 7,800 the more powerful will be the eventual breakout from the range, at this time probability still strongly favors a break lower with a summer bear market target of 6,600 as of 20th Jan 09. The far less probable outcome of an upside breakout would target Dow 10,300.

Again, I need to iterate that we are in a stocks bear market and the current action is a correction within the bear market. So whilst the moves higher are tradable, they do not at this point come close to signaling an end of the stocks bear market that is expected to resume towards fresh lows this summer.

Outrageous Bank Bonuses

Meanwhile greedy culpable bankers continue to reward themselves for failure with billions of tax payers monies across the globe. In the UK the Labour governments in-action is going to cost it the next election for allowing this to happen, after-all the banking rules and contracts have already been been broken in the aid of £800 billion of liabilities with more to come, the only contracts still being held up are those that allow bankers to be rewarded for destroying the British financial system. This is totally outrageous and unforgivable.

The banks try to defend the indefensible with statements that they need to pay bonuses to attract the brightest and smartest. So smart are these people that they have destroyed the financial institutions that they worked for, any smarter and we may be looking at an Iceland style Bankrupt Britain, which therefore supports the view of dumbing down on the employees as well as the function of the banks, i.e. to focus on lending out deposited money without resorting to financial trickery to mis-price assets so as to reward bonuses for non existent profits.

The Deflation Survival Guide

This weeks special is the full 60 page ebook on the implications of Economic Deflation by the 30 year financial markets veteran Robert Pretcher. If you have not already done so, download the full ebook whilst it is still available.

Topics include:

Your stock index futures trading analyst.

Nadeem Walayat

Editor, The Market Oracle
http://www.marketoracle.co.uk

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