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The Weekly Report for January 28th - February 1st, 2008
Casey Murphy - January 28, 2008



  - Will The Rate Cut Help?

Market Summary
It was a roller-coaster ride for traders last week as volatility spiked to multi-year highs on the heels of a global market selloff. The timely decision by the Federal Reserve to cut interest rates by 75 basis points helped relieve the immediate selling pressure, but only time will tell whether this decision will be able to help prevent the economy from sliding into a recession. In our last report, we mentioned it would be extremely risky to bet on a bounce at this point, and we expect that this story will continue given last week's 2.2% drop in existing home sales. Thursday's disappointing figures put an end to the worst year for U.S. home prices in almost four decades.

As you can see from the charts below, the major indexes are all trading below the resistance of their respective long-term moving averages. We noted that market participants were not overly impressed with President Bush's $140 billion economic stimulus package and it will continue to be interesting to see if this plan will help give the economy the jump-start it needs to shrug off the weakness.








Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


 Previous Chart Alerts:    QQQQ   QQQQ   ADSK   QQQQ   EP   LEN   QQQQ   QQQQ   PTEN   QQQQ   FE   QQQQ   FE   QQQQ   QQQQ   JCP   QQQQ   LEN   AEP   HUI   ORB   QQQQ   ATI   QQQQ JCP   QQQQ   CKFR   QQQQ   QQQQ   APOL   QQQQ   AMED   QQQQ   EBAY   QQQQ   INAP   QQQQ   GD   QQQQ   INTC   QQQQ   ABK   QQQQ   NTRS   QQQQ   ACE   BJ   ALL  


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