Stock futures during overnight trading in Asia and Europe have continued to slide lower. This surprises me, since I expected the stock market bulls to successfully defend the Dow 8000 support level. However, the data is so negative, and there is so little news that can provide upward momentum, that the Dow futures, trading more than 100 points lower than Friday's close, are suggestive of further weakness ahead during the day session. We are close to testing the November lows for the Dow. Another terrible and disappointing jobs report this Friday would be a tipping point one direction or the other.Monday, February 2, 2009
Stock Index Futures Slide Lower
Stock futures during overnight trading in Asia and Europe have continued to slide lower. This surprises me, since I expected the stock market bulls to successfully defend the Dow 8000 support level. However, the data is so negative, and there is so little news that can provide upward momentum, that the Dow futures, trading more than 100 points lower than Friday's close, are suggestive of further weakness ahead during the day session. We are close to testing the November lows for the Dow. Another terrible and disappointing jobs report this Friday would be a tipping point one direction or the other.
