Monday, June 2, 2008

Maket my take

Volumes are down across the board. So institutions are just on the side lines
S& P , Nasdaq failed second time at 200 day MA. For me the bias is to the downside now.
On a weekly chart
S& P, Nasdaq, Dow on downtrend. Transports made a double top
Finacials, consumer discretionary, Health care, biotech down
Housing down
Retailer bearly above 200 day. but in downtrend
Oil , Gold uptrend. Defense holding
Yeah. The picture is not good. Most of the sectors are down.
In general, Gas prices sky rocketing, consumer spending less
Economy is in a downtrend.

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