50MA

We are right at the 50MA, as said before if we are between the 200 and 50MA the market will remain choppy till be break out below or above both. I will be watching today to se if we can move above the 50 MA

CNN - Article on Net Worth

Americans' net worth collapsed in recent years, but don't blame the housing market for it all. New Census Bureau data shows that median household net worth, excluding home equity, fell by 25% between 2005 and 2010. That decline was driven largely by the plummeting stock market, which devastated Americans' portfolios and retirement accounts. Overall, median household net worth declined 35% to $66,740 in 2010. The median worth of stock and mutual fund portfolios fell 33%, while the median home equity value dropped 28%. "One of the significant factors is housing, of course, but it's not that alone" said Alfred Gottschalck, an economist with the Census Bureau. "It's how business conditions affect stock and retirement accounts." The estimates are generally in line with what other government reports have found. Last week, the Federal Reserve released its triennial study that showed median family net worth overall dropped nearly 40%, between 2007 and 2010. The Fed study surveys a smaller number of people. The Great Recession -- including the housing and stock market collapses -- wiped out nearly 30 years of net worth gains for the typical household. "The median household is no wealthier than they were in 1984," said Scott Winship, economic studies fellow at Brookings Institution. Digging deeper into the data shows that some groups of Americans were hit much harder than others. Asian, black and Hispanic households each lost a much greater share of median net worth, around 60%, than their white counterparts, at 30%. As for median home equity values, Hispanic households experienced a 55% drop, while Asians saw a 43% decline and blacks a 35% decrease. Whites, on the other hand, lost just under a quarter. Age was also a factor, with younger Americans losing a greater share of their wealth than their parents' generation. Households of people age 35 to 44 saw the largest percent decline in median net worth of any age group: 59%. If home equity isn't factored in, they lost 40%. Most affordable U.S. cities to buy a home Senior citizen households, who have a more diversified portfolio of assets, fared better. They lost only 13% of their net worth, and 18% if home values aren't included. The glimmer of good news in the report is that net worth was steadier between 2009 and 2010, according to Census figures. Overall, it decreased only 4% and, if home equity is excluded, it rose 8%. "You see some degree of stability, but no real recovery in wealth," said Rakesh Kochhar, co-author of the Pew Research Center report on wealth.

Nothing CLEAR!

We are sitting between the 200MA and the 50 MA. Right here we are in no mans land and that's why we will have a roller coaster range till we have a clear outlook. Right here is where traders take vacations and that's why I have not been posting as you basically will be guessing and where the market is heading. Only clear thing I can see are that short term cycles have turned over, but longer term cycles are definitely bottoming!! We have to get back over the 50MA for me to get long. If we dip down back towards the 200MA and it holds we look like we will form a nice inverted head and shoulder pattern to get long. intermediate term here I think we can head higher into the range.

1254???

Are we going back to that magic number 1254 that we battled on our way up. Look for this area to provide the first really solid support for a 'POTENTIAL' bounce

1280

1280 should be an area for the computers to trigger buying but who knows it is late friday. getting extremely oversold here.

1284

1284 here- that's the 200MA. Lets see if we bounce a bit or continue this slow selling I warned about yesterday

200MA in PLAY Cont'd

Made a note of the 200MA yesterday on the blog- Looks like the weak Job numbers is going to open us up right at that level- This is a sizeable gap down and "SHOULD" be playable after confirmation for a long. BINGO!!!