Brett Steenbarger submits: I noticed that the average daily range for the S&P 500 Index (SPY) over the past week has been quite elevated compared with its norm. So I took a ratio of the average five-day high-low range and expressed it as a percentage of the average 50-day high low range. During the last week, the average range for SPY has been twice its 50-day average. Since 2000, we’ve only seen 43 occasions in which the average five-day range in SPY has exceeded the average 50-day range by 75% or more. Interestingly, those occasions included some major periods of market turmoil -- and some major intermediate-term market bottoms, including September, 2001; July, 2002; March, 2007; July / August, 2007; and January, 2008. Complete Story »
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Massive Government Intervention Has Bulls CheeringFrom: seekingalpha.com
Post Date: 2008-09-08 01:35:31
Kunal Vakil submits: Wow! As I write this, the S&P futures are up 33 points with the Dow Jones futures being up nearly 300, and Nasdaq 100 up 38. The market is all cheered up over the news that Freddie Mac (FRE) & Fannie Mae (FNM) are going to be taken under conservatorship by the Federal Government. It appears that this news was leaked in the final hour of trading on Friday as the market, and especially the financials started rallying pretty strongl...
more US Dollar: Too High, Too FastFrom: seekingalpha.com
Post Date: 2008-09-08 01:31:19
Jack Walker submits: After consolidating and making a continuation pattern between 76 and 77, the US Dollar Index [DX] broke out above 77 ½, traded as high as 79.077 on Thursday and then closed Friday at 78.932. For a currency with many trillions outstanding, we think a 10.87% move in seven weeks is “too high too fast” and we should now expect a correction back to 76 or perhaps even 75. The apparent overhead resistance is at the 80 level where it made a pivot at 80....
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