July 30, 2008 Stock Market Recap
By Michael on Jul 30, 2008 in Stock Market
Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round trips over the last five sessions. So today’s moves put the indices on the verge of making new highs for the month. It could be a perfect setup for the month-end markup games for tomorrow…
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Up(+) |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
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1 Comment(s)
By The Finance Section on Aug 2, 2008 | Reply
Large caps as a group will suffer as we enter the banking sectors reporting season. There will be further right downs and reduced profits as the credit crunch takes its toll. Volatility will be the order of the day.