The Weekly Report For August 24th - August 28th, 2009

الموضوع في 'السوق الأمريكي للأوراق الماليه' بواسطة بيتك للتداول, بتاريخ ‏24 أغسطس 2009.

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    The Weekly Report For August 24th - August 28th, 2009

    Commentary: Options expiration week ended with a bang, with a strong display by the bulls. The general markets surged to new rally highs after an early-week pullback threatened to become a more serious correction. All the major market indexes gapped down sharply on Monday and finished the day at their lows, hinting at more weakness to come during the week. However, beginning Tuesday, the markets began to stair-step their way higher, and ended with a sharp move to new highs by Friday. Financials had a strong week, with banks like JP Morgan Chase & Co. (NYSE:JPM) finishing the week at new recovery highs. Several oil stocks also rallied sharply to close out the week, after threatening to break down. The Oil Service HOLDRs ETF (NYSE:OIH) started Monday by breaking under near-term support, but still rallied to clear its base by Friday. In the end, it was a volatile week that ended up frustrating short sellers once again.

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    In looking at the chart for the S&P 500 SPDRS (NYSE:SPY) ETF, you can see the gap down on Monday that took the ETF below its 20-day moving average. The gap down was ominous at the time, and looked like it was the start of a deeper correction that would lead to a test of the July breakout. However, SPY recovered throughout the week, and cleared the small consolidation area it formed through July. As noted on the chart, SPY is starting to show a MACD divergence, which hints at waning momentum. The August low is now an important level to watch if the breakout ends up reversing next week. (For related reading, check out What does it mean to use technical divergence in trading?)