Market Comments April 23, 2009 For those wondering where TSP Share Prices went, they are still posted on the home page and there is a link in the "Quick Link to" table above.

Today's Comments (Short Term Outlook)                            Printer  friendly

Have the bears blown it? Kind of an interesting day for stocks yesterday as the Dow opened down about 70-points right out of the gait, but quickly rallied until about noon ET.       The rollercoaster continued after lunch and was up near the highs of the day with about an hour to go.  Things went sour during that last hour and Dow closed down over 80-points. The S&P 500 has been able to hold above that declining trendline, as the old resistance is still acting as support.  The 825 - 830 will be a key level for the bulls to hold.                    Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk There is a lot of talk about on TV and the web about those poor bears who are missing out on  the rebound off of the lows.  It's certainly true that those of who have waited are less than giddy about missing this last 26% rally, but even if the bears are wrong; taking a look at the longer-term monthly chart of the S&P 500 below, you can see that there is a long way to go on the upside if this S&P 500 is ever going to get back to where it was in 2007 (and 2000).                    Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk Taking another look at the two market leaders, the Nasdaq and the Dow Transporation index, shows that the Nasdaq continues to lead to the upside (which is bullish for stocks) and remains above the 20 and 50-day moving averages, but there is quite a bit of resistance out there now...                   Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk ... and the Dow Transports are still lagging a bit as it is just now making it to the top of the bearish trading channel.  We'll have to see if it can break through as the Nasdaq and S&P 500 have already.  The Transports were up strongly yesterday on high volume (over 4% at one time) before the late sell off took it well off its high.                    Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk Apple and Ebay reported solid earnings reports after the bell yesterday.  More talk of the GM trouble, and the IMF says the world is in a severe recession.  Ho, hum.  All in a days work for the those trying to figure out what is going to happen next.  It is confusing, so I am still in the "better safe than sorry camp".  I am actually playing the bond fund right now expecting some short-term  appreciation if stocks do rollover. Thanks for reading!  See you back here tomorrow. Scribbler's TSP & Economic Report:  The free trial continues through the end of April.  Please click here for more information.