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OklaBoston (69.02)

Hopeful sign

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April 15, 2009 – Comments (4)

Today, April 15, 2009, the S&P 500 index closed aove it's 100 day MA for the 7th time in the last 8 trading days. That hasn't happened since June of last year. That's not absolute proof that the stock market has bottomed out, but it provides some strong reason to hope.

4 Comments – Post Your Own

#1) On April 15, 2009 at 7:37 PM, Seano67 (82.64) wrote:

I don't know about bottoming out, man. There is still so much uncertainty lying ahead, and my feeling is that the pain is nowhere near being over. Noble International just bit the dust this evening, announcing that due to the frozen credit markets and the devastated American automobile industry, they have no choice but to seek bankruptcy protection, and they're just the latest in what could be a long, long string of bankruptcies coming up ahead. It's a shame to see good companies like that going down, but such is the economic environment in which we find ourselves.

In my opinion there's just so much uncertainty out there that it's lunacy to try and call a bottom or think that we're anywhere near being out of the weeds just yet. 

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#2) On April 15, 2009 at 7:51 PM, Seano67 (82.64) wrote:

Oh and I should amend that by saying that I'm certainly not trying to bring you down and there is nothing wrong with looking for signs of hope, but you have to temper the hope with a strong dose of reality too.

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#3) On April 15, 2009 at 9:04 PM, TheGarcipian (65.72) wrote:

Hi OklaBoston,

I'd love to be hopeful right now, but I just don't see it panning out. This rally is, by all measures except euphoric ones, over-rated. I don't expect it to last much longer. But like you note, the market has kept hitting higher highs. It's waiting to sucker me back in...

Cheers,
--Gar

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#4) On April 15, 2009 at 9:15 PM, Varchild2008 (85.33) wrote:

The Market will get a big rally when consumer spending reports on APRIL are reported in MAY as April is tax return month + boost in people's pay checks + The Federal Government is hiring thousands of people to manage Pres. Obama's stimulus package.

So... Yes.. We are seeing rising unemployment... But mixed in there are some hiring.  

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