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May 30, 2010
Edited: May 30, 2010
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China offers S. Korea condolences for ship sinking ... promising that Beijing — under pressure to punish the North — would not defend any country guilty of the attack. Backed into a corner, previous history with N. Korea (DPRK) has shown an increase in belligerance ... and threats ... expect more market moving threats.
Possible further European Union soveriegn debt downgrades (PIIGS) by S&P, Moody's Fitch, etc ... which will weaken the Euro and strengthen the dollar ... usually a negative for commodities; however, expect gold, silver, and crude to continue to the upside.
Other positive and negative news for FAZ, FAS ... and Nasdaq Composite
( 1) Morgan Stanley, Fifth Third Bancorp, AIG, Oracle
http://www.marketwatch.com/story/stocks-in-focus-tuesday-morgan-stanley-aig-2010-05-28
and ( 2) Dubai Intl Capital asks for 3-month debt extension
http://www.marketwatch.com/story/dubai-intl-capital-asks-for-3-month-debt-extension-2010-05-29
and ( 3) U.S. stock market looks past dreary month of May
No end in sight to European debt woes and volatility rocking Wall Street
http://www.marketwatch.com/story/us-stocks-to-try-to-recover-after-rough-ride-2010-05-29
-- Bonus Time -- the SPX
( A) SPX Year over Year 2000 to 2010 w/20 month moving average (20mma)
Subset comparison: June to June
Date ....... SPX .... UP (Down) .... Mov Avg
6/1/2000 ... .1,448.81 .. . +28.21
6/1/2001 .. . 1,260.67 ... . +4.85
6/3/2002 .. . 1,040.68 .. . (26.46) .. . 1,204.30
6/2/2003 ..... . 967.00 .... . +3.41 .... . 985.19
6/1/2004 .. . 1,121.20 ... . +0.52 ..... . 992.15
6/1/2005 .. . 1,202.27 .. . +10.77 .. . 1,131.70
6/1/2006 .. . 1,285.71 .. . +15.62 .. . 1,219.88
6/1/2007 .. . 1,536.34 .. . + 5.72 .. . 1,331.92
6/2/2008 .. . 1,385.67 .. . (14.71) .. . 1,435.34
6/1/2009 ..... . 942.87 .. . +23.73 .. . 1,170.03
... thru 5/28/2010: 1,089.41 -13.65 -1.24% 20mma: 990.92
( B) The average of the closing SPX so far this year is 1139.72
The closing Low SPX so far this year is 1058.74
The closing High SPX so far this year is 1218.28
The SPX is ABOVE it's 20 month moving average, which has not been broken on a closing basis this year ... indicating the bull market still has room to run. This moving average has been in a down trend since 6/11/2008 when it was at 1435.92 however the chart is hinting at a possible bottoming ...
( C) The SPX has passed through its 20 month moving average (20mma) a couple of times since it's close on
Date ........ SPX ........ Up(Down) .... 20mma
1/4/2008 ....1,411.63.... (35.53) ..... 1,414.84
... the first crossing, followed by a retest, gave us a heads up on the current bull run ....
... smiling ... any guesses as to when?
