Day Trading – The Bullz And Bearz
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Bernanke Needs “Massive” Asset Purchases, Housing Starts Rise
March 17th, 2009
Happy St. Patrick’s Day! The futures are fairly flat this morning following bad news from Uncle Ben Bernanke but good news from the housing sector. For Uncle Ben, nearly two days after his prime-time interview say that the economy would recover, here he is now saying that we would need “massive” asset purchases to counteract this recession. Well enough about the news, what are the chart saying right? I think we are going to see a very clam but a slow sell off today. I still have a bunch of SPY puts that I would like to close out but I will let this pull-back move as far as possible before taking profits – hopefully with some irish luck. My financials trade is also looking great pre-market thus far. Here are the S&P support and resistance levels. You all remember how accurate they were yesterday.
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Today's Live Market Quotes & Charts
| NASDAQ | 2904.08 | ||||
| S&P 500 | 1347.05 | ||||
| ^TNX | 1.97 | ||||
| ^XAU | 199.29 | ||||
| ^XOI | 1318.98 | ||||
| ERY | 9.34 | ||||
| RWM | 26.39 | ||||
| USO | 37.95 | ||||
| DIG | 49.76 | ||||
| XLF | 14.66 | ||||
| URE | 59.98 | ||||
| FAZ | 26.29 | ||||
| TBT | 19.33 | ||||
| XLB | 37.63 | ||||
| IWM | 82.63 |
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