Markets For The Week Ending Friday
June 28th 2008 05:56
It was quite a week for the markets. The DJIA fell 496.18 points to 11,346.51, a new closing low for the year and below the lowest 2007 low and the "Worst June Since the Great Depression". (See Chart)
Richard Russell of Dow Theory Letters Inc. writes "The Dow is down 9.4% in June, making this the worst June performance since 1930, a Great Depression year when the Dow's loss in June was 18%."
The one hope for a near term bottom is the non-confirmation with the other averages.
The NASDAQ Composite closed at 2315.63 well above its 2008 low of 2168.67. (See Chart)
The NYSE Composite closed at 8623.51, still above it 2008 closing low of 8494.62. (See Chart)
The Wilshire 5000 closed at 13,081.02 still above its 2008 closing low of 12,814.60. (See Chart)
The S&P 500 closed at 1,278.38 still slightly above 1,272.66. (See Chart)
All four of the indexes are are below their 50 and 200 day moving averages.
The DJTA is a different story. It is above both its 50 day and 200 day MAs and is over 500 points above its March 2008 low and over 700 points above its January 2008 low. (See Chart)
Russell says "This is about the widest disparity between the two Averages that I can remember"
The non-confirmation may mean that we have one more rally in the market.
Richard Russell of Dow Theory Letters Inc. writes "The Dow is down 9.4% in June, making this the worst June performance since 1930, a Great Depression year when the Dow's loss in June was 18%."
The one hope for a near term bottom is the non-confirmation with the other averages.
The NASDAQ Composite closed at 2315.63 well above its 2008 low of 2168.67. (See Chart)
The Wilshire 5000 closed at 13,081.02 still above its 2008 closing low of 12,814.60. (See Chart)
The S&P 500 closed at 1,278.38 still slightly above 1,272.66. (See Chart)
All four of the indexes are are below their 50 and 200 day moving averages.
The DJTA is a different story. It is above both its 50 day and 200 day MAs and is over 500 points above its March 2008 low and over 700 points above its January 2008 low. (See Chart)
Russell says "This is about the widest disparity between the two Averages that I can remember"
The non-confirmation may mean that we have one more rally in the market.
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