Market Comments

November 6, 2007


Fund share prices as of: 11/05/07
Fund - G Fund F Fund C Fund S Fund I Fund
12.19 11.74 16.88 20.31 25.44
$  Change - +0.00 -0.03 -0.08 -0.19 -0.25
% Change - +0.00% -0.25% -0.47% -0.93% -0.97%
  L2040 L2030 L2020 L2010 L Income
18.53 17.63 16.81 15.49 13.45
$  Change - -0.12 -0.10 -0.08 -0.04 -0.01
% Change - -0.64% -0.56% -0.47% -0.26% -0.07%


Today's Comments (Short Term Outlook)                             Printer friendly
More red

The college basketball game I went to tonight (writing this late Monday) went into overtime so I have to make this quick today.  The market dropped like a rock out of the gate yesterday, made a bold move higher toward the breakeven level by late afternoon, but ran out of steam by the close.  Bad day results-wise, but once again the support held as buyers stepped in.

We've been watching 1490 on the S&P 500 as an area of support, and if that doesn't hold the market could be in trouble.  Yesterday's early 150-point decline in the Dow brought the S&P down to 1489.95, then a rebound ensued on queue.  So, support held, but the market is not out of the water by any means.  That's the 3rd knock on the 1490 floor and one more time could prove troublesome. 

To take the other side of the argument, the market is on the oversold side and we could see a short-term bounce - but any negative news is liable to shake the house of cards.  The volatility index (VIX) is still high so we can expect continued choppy action.

I realize I am sounding like a politician by taking both sides of the issue, but I don't feel too strongly about either direction at the moment.  I'm still watching 1490 on the downside, and 1550 on the upside.  The one that gives first could tell us the direction of the next bigger move in the market.

 That's all for today.  See you tomorrow.
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