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The Weekly Report for March 31st - April 4th, 2008
Casey Murphy - March 31, 2008



  - A Tough Week For The Bulls

Market Summary
It was a tough week for the bulls as the markets were flooded with troubling economic announcements. In our last report, we noted that the majority of the indexes were in the process of testing the resistance of their respective 50-day moving averages. As you can see from the charts below, the bulls were able to briefly send the prices above the resistance, but the rally was short-lived. On Friday, J.C. Penney Inc. (NYSE:JCP) slashed its first-quarter earnings forecast based on decreased consumer confidence, triggered by higher gas prices and a weakening economy. It will be interesting to see if the pressures that led to J.C Penney's disappointment will affect other retailers and lead to further weakness in the major indexes.








Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


 Previous Chart Alerts:    DDS   QQQQ   QQQQ   GM   MMM   QQQQ   DDS   QQQQ   ADTN   QQQQ   MO   MET   MMM   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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