V Good consumer confidence numbers today, much better than expected - surges to 93.7. Needs to go to 115-120 as an indicator the recession is ending / has ended.
Also good news on housing sales and lower than expected rise in unemployment.
However the market seems ready to turn. Early rise on the good news was followed by a selloff for much of the day.
Futures are down after hours. Which is MOST unusual lately.
After hours seem spooked by Oracle lay offs announcement? Only 400 to 800 workers worldwide. Can't see any other reason for it dropping 20-30 pts though.
An auto parts maker also announced 215 job cuts.
First of many new lay off anouncements in the coming weeks?
Chip makers are upbeat about prospects. Suppliers are downbeat. Mmmm - one of them is wrong.
No sign of capital expenditure, the reduction of which has caused this recession and the increase of which is required for recovery. (Consumer spending having remained high throughout.)
Dow is testing the uptrend line from 18/12 - now just above 10,100.
S&P has formed a bearish wedge. Upside should be limited to 1170. Trend line from 17/12 now around 1157.
The market has risen significantly on very low volumes from 21/12. Rise is likely to be unsustainable?
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