Saturday, June 7, 2008

Dow Update

The Bears came out to party this week. Dow closed at 12209, down 429 points for the week.

The loss on Friday erased the 214 point gain made on Thursday. Jobs number came in worst then expected and high oil prices were the culprit for the Friday decline.

Looking at the weekly chart for the Dow, there should be support at 12155, 11952 and 11508. If the index breaks below 11508, we are looking at possibility of index falling to 10849.

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