Delta and Northwest announced they
were merging (maybe this means they'll actually give passengers more room in their damn airplanes. United and continental said a deal between them is
also a possibility. With oil and gas
still rallying more mergers in the airline business will probably be in the works. Johnson and Johnson reported an
earnings increase. On the housing front, we learned that Southern California home values
dropped 24% from the previous year. And we saw the New York Fed manufacturing number
increase although it's important to remember the overall trend is still down.
For the last two days, the SPYs have been in a trading range.
And that trading range may be at the end of a sell-off that started last week. In other words, the market may be making a short-term bottom here.
however, the QQQQs aren't showing any clear reversing formation here
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But the Russell 2000 most certainly is.
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