CLOSING TECHNICAL SIGNAL & MARKET WRAP - By Christian Penner - Mortgage Broker - West Palm Beach - Florida
CLOSING TECHNICAL SIGNAL: Bonds made an impressive bounce off support and there is still some room for improvement until it gets to the 1st resistance level at the 50-Day Moving Average. We know know the problems in Europe aren't over yet and won't be anytime in the near future.
MARKET WRAP: Weak manufacturing from the New York region and weakened optimism out of Europe sent Bond prices higher today as Stock markets plunged. The 3.5% did get close to support in early trading but moved higher on today's headlines closing at 101.22 up 50bp. The Dow fell 247.49 to 11,397.00. the S&P 500 Index lost 23.72 to 1,200.86 while the Nasdaq fell 52.93 to 2,614.92. Oil was last seen in after hours trading at $86.22 down 58 cents. Tomorrow's economic data includes the Producer Price Index. Fed Chairman Bernanke will be speaking in Boston tomorrow on the long term effects of the Great Recession
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