Intraday Market Thoughts

Archived IMT (2009.03.09)

by Ashraf Laidi
Mar 9, 2009 19:45

EQUITY SELLING continues as S&P500 hits 13-year lows and the Dow at 12-yr lows (see Hot-Chart from Feb 18 on MULTIYEAR EQUITY INDICES ), drawing closer to my target of 5,500 in the Dow and 560 in the S&P ( see previous articles such as Equities/Gold ratio). Nonetheless, the VIX remains under the 50 level and well below its 100-day moving average of 53. This indicates that the persistent selling remains orderly and the depth of the bear market is only comparable to the 1930s. Gold drios by more than $30 but support is well cemented at $885. Friday's call favoring silver has yet to target $13.20, followed by $13.60.


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