Wrap – Week Ended 09/09/11

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Comments in the Monday post

2 Responses to “Wrap – Week Ended 09/09/11”

  1. 1
    Zorgnak Says:

    Thinking out loud.
    Market still rotating around major longer term acceptance at 1158 in a volatile muddle. On Friday 1158 was rejected as too high. Support at
    1144 managed to hold, just. Market is now between two significant acceptance areas with 1158 above and 1137 below. A push above acceptance at 1158 would be bullish but I see nothing that indicates that is the most likely scenario and if it did occur I would expect intense resistance below 1171.25.
    Going the other way, I see any push below the most recent acceptance area at 1137.50 and the CLVN at 1127 to lead to a retest of recent lows(1100 area) or lower. 1137.50 is the balance area for 70% of all trading volume since the August meltdown began. A rejection of this area and a push lower would be a significant shift in trader’s view of value and risk.
    Beyond recent lows the next major area of acceptance is around 1058. Technically I see no reason why it couldn’t get there or lower.
    Noticed that volatility is as high as it’s been for the past year for more than a month now. During the 2008 crash it stayed that way for ore than two months.


  2. 2
    zman Says:

    SPX fut off 14 early evening, comments that drachma being traded on a when issued basis at Greek banks.

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