SELL OFF on Friday , CRUDE OIL big winner
DowJones -1.96%
S&P -1.83%
Nasdaq -2.35%
Friday SELL OFF !!!!!!!
U.S. stocks closed sharply lower Friday with the Dow Jones Industrial Average posting its biggest one-day loss since March 2003, down more than 200 points, after oil high a four-month high and GE and Citigroup earnings disappointed. The Dow was down 213 points, or 2%, losing 2.7% on the week. The Nasdaq composite slumped 54 points, or 2.4%, to 2,447, its biggest one-day decline since September 2003 for a 3% loss on the week. The S&P 500 fell 23 points, or 1.8%, to 1,261 and was down 2% from a week ago.
Dowjones breakout the resistance 10.720 with huge volume on Friday, so perhaps we can down more points during the next week if crude oil continues to go up. MM200 is now at 10.541, so this level could be a very important point for the future of the market.
Chart courtesy of stockchartsFebruary crude closed at $68.35 a barrel on its final trading day, It gained $1.52, or 2.3%, for the session, and closed out the week up 6.9%. March crude rose $1.29, or 1.9% to end at $68.48 Friday. February natural gas rose 37.5 cents, or 4.2%, to close at $9.28 per million British thermal units for the session. The contract closed up 5.6% for the week.
According to chart above we can see that we are now near of 70$ level and I think that level are now inevitable. As a reminder, the NYMEX front contract tested a record high of $70.85 in late Aug 2005.
According to chart above we can see that we are now near of 70$ level and I think that level are now inevitable. As a reminder, the NYMEX front contract tested a record high of $70.85 in late Aug 2005.
Have a great weekend !!!!
AC
AC
