The markets are at some very interesting junctions. Keeping in mind neither you, me nor the man in the moon (unless that’s where God is hanging these days) knows with any real certainty where they’re heading, we do seem to be at critical points. Reminding you yet again that those of us who live by the crystal ball end up learning how to eat broken glass, I’m going to put my sage outfit on 
(my NJ Devils 3-time Stanley Cup Champions outfit will be on for the playoffs) and see if I can keep getting lucky on my very sophisticated “guessing” program.
U.S. Stock Market – Despite a three week record run-up, the pressure remains on the bulls to demonstrate this is anything more than a bear market rally. Yes, the psyche was so bearish that anything less feels good but unless some key technical levels hold, yours truly is likely to take his profits and run away from the “happy” crowd.
Two key technical factors to watch are the 50-Day M.A. and the 790-800 area on the S & P 500. The 50-Day M.A. has become a most watched average. As you can see, the S & P 500 has spent most of its time below the 50-Day, a technically bearish pattern. It also now sits in the 790-800 area, a level which was once key support and most recently a resistance level the rally was able to overcome and test once successfully since then. I suspect the bears would like to continue on Monday where they left off and see if they can break these levels. We’re overbought so consolidation for several days is okay. Stay tuned
U.S. Treasuries – No longer able to rally unless the Fed fires silver bullets. What happens when their gun is empty?
Precious Metals – Gold and silver are locked into a trading range (gold $880-$950). Not much to say until they break out or down.
Base Metals – Buy on weakness.
Oil – An interesting week upcoming. Oil is overbought but managing to stay above $50 despite ample current supplies. If inventories on Wednesday show another strong build, it could be what the bears need to get oil back into the $40s. A significant drawdown and we could see a sharp rally towards $60. Stay tuned.
U.S. Dollar Index – It managed to hold above 83 thereby giving it cause to bounce back to the middle of its trading range. Here too we find a market at a key junction. I would look to sell it if it rallies back to test its 50-Day or on a break below 83.
I will be with these three NY Jets and welcome those of you in the area to stop by.
On Saturday March 28th 2009 from 1pm-3pm, Pro Image at the Freehold Raceway Mall will have 3 New York Jets appearing in person! For those who were at the recent Leon Washington signing we would like to then the hundreds of fans who came out and made it a great event for everyone!
Jets playmaker Jerricho Cotchery, utility man Brad Smith and the 2009 Jets QB Brett Ratliff will be signing autographs from 1-3pm. We will have unsigned memorabilia you may purchase at the signing including photos, helmets and footballs.
You can pre-order your tickets or purchase them at the door. Call Pro Image today at 732-577-0290 with any questions or to pre-order tickets.
Ticket Prices
Jerricho Cotchery – $35
Brad Smith – $15
Brett Ratliff – $15
