This Week’s Economic Updates
Well, lots of talk that this rally from last week could be a nearterm bottom for us. Here is an encouraging item out of Bloomberg: Geithner Says He?ll Soon Offer Details on Toxic-Asset Cleanup
Don’t shoot the messenger, but it sounds like Cramer did a very optimistic opening segment on his show Friday. Here’s a summary:
Jim Cramer said there are two types of investors looking for the market to go lower. Big mutual fund managers who are under-invested and need prices lower so that they can jump in, and big hedge fund managers, who make a living shorting the markets and creating havoc. He said the hedge fund managers were looking for bad news this week. Cramer outlined the 10 bits of news these fund managers were hoping “not” to hear this week; (1) Positive comments from Obama; (2) News about China doing well; (3) Better-than-expected retail sales figures; (4) potential reinstatement of the uptick rule; (5) a profitable Bank of America (BAC); (6) Warren Buffett offering some “hope”; (7) a not so severe credit downgrade of General Electric (GE); (8) only a few analyst downgrades; (9) a bigger rally; and (10) takeovers picking up steam. Since all of these came true, the spiral of bad news has been broken, said Cramer, and the hedge funds will have to change course. And that’s why he feels the market could see Dow 8,000 before the rally is over.
Some economic data for next week includes PPI, CPI, Housing Starts and Initial Claims.
An Apple media event for Tues. Will we have a ramp up tomorrow and going into Tues. a.m., then the shorts stepping in for their take? I think I will go back and look at the trading action around the last media event. I believe it was when Apple unveiled new laptops in the fall. If I see anything worth noting, I’ll post about it.
We have Bernanke tonight on 60 minutes and a Fed meeting that starts Tues. There will likely be the obligatory market pullback going into the decision on Wednesday. Even though there will probably no change in policy, the market will get nervous about the language of the statement.[ Edited: 15 March 2009 06:23 PM by DawnTreader ]
kiwi, I’m sorry. I saw willrob’s pivot points appear before I saw your post. I converted his pivot points to the new intraday updates topic. I’ve renamed your topic for a timely focus.