David Waring

Video Technical Overview:

Good overview of today's market action as well as levels to watch going forward from Brian Shannon over at Alphatrends.net.


Fundamental Overview:

Bloomberg: U.S. Stocks Drop as Housing, Consumer Data Offset Buffett Buys - The S&P 500, which rose as much as 4 percent, ended down 5.88 points, or 0.6 percent, at 940.55, the Dow retreated 127.04, or 1.4 percent, to 8,852.22 and the Nasdaq Composite Index slipped 0.4 percent to 1,711.29, as worsening consumer confidence and housing data overshadowed Warren Buffett's advice to buy shares.

More on the Financial Crisis:

Bloomberg: Consumer Confidence in U.S. Falls Most on Record; Housing Starts Decline

Bloomberg: Gross Says Libor to Decline as Liquidity Programs Begin

CNNMoney: Buffett: I'm buying stocks

CNNMoney: Dollar Takes a Breather - The euro bought $1.3447, down less than 0.1% from $1.3457 on Thursday. The British pound fell to $1.7301, just slightly lower than the $1.7304 it bought the previous day, giving recent volatile swings a break.

CNNMoney: Oil rebounds after selloff - Light, sweet crude for November delivery rose $2 to settle at $71.85, after slumping to a 13-month low in the previous session, as investors viewed rising stock prices as a positive sign for energy demand.

Marketwatch: Gold falls for seventh day on funds liquidation - Gold for December delivery lost $16.80, or 2.1%, to $787.70 an ounce, with the benchmark contract marking its biggest weekly decline in two months as investors flee into cash.

Chart of the Day:

I am going with a chart of the GLD (ETF which tracks the price of gold) again today as we peaked our head below the multiyear trendline we have been watching however were able to rally and close above it. A second interesting thing to note on this chart is that put in a doji candle. I think I called the high on gold a week or so ago when I said we were going to head to new highs and the market promptly turned around and traded down to where we are today. With that third declining top the market looks a lot more bearish now over the long term however I think we may get a nice bounce in here at the start of next week which the smart money will most likely use as a chance to sell.

GLD Daily

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Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.