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New Market Week

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By Barry Ritholtz - November 2nd, 2009, 6:55AM

Its always a challenge to stay on top of the daily gyrations while traveling, and this long 10 day trip — Dallas Austin Detroit San Francisco — is no different. I can’t complain, I travel far less than many of my peers.

Longer term, the SPX is at an interesting — some would call it crucial — locale (see chart below).

Things could get very interesting from here. Other than the observation that the rally was getting tired, I have no special insights as to how this plays out. A reasonable guess: We chop around, pull back to 980-1,000 or so, then make a dash higher to 1,200-1,250 at year’s end.  Again, just a guess.

Futures up strongly this morning.

More from Dallas later . . .

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click for larger chart
spx weekly
Chart source Andrew

PERMALINK

3 Responses to “New Market Week”

  1. kmckellop Says:
    November 2nd, 2009 at 7:06 am

    It’s all about the dollar.

  2. Paul Jones Says:
    November 2nd, 2009 at 7:08 am

    Gold is worth more than the SPX.

    If the S&P is 1250 at the end of the year, gold will be 1250 or greater.

  3. HEHEHE Says:
    November 2nd, 2009 at 8:50 am

    Nah, we’ll go lower into the 800’s, maybe even high 700’s, before any sort of window dressing end of year rally back to around 1000.