Art Cashin’s Take on the Markets - I respect this man so much.
$ES_F today’s price action is very similar to 08-30-10. On 08-25-10 we made a new low @1037 and we bounced from there. It was a straigh shot to 1220, I am looking for a similar price action in the next week, target is 1250.
Markets Crushed By Weak Data Tue, Aug 2, 2011
The long awaited resolution to the US debt ceiling debate brought no relief to markets today, as troubling economic data fueled a broad-based selloff in risky assets. Investors fled for the safety of US Treasuries and equity markets suffered heavy losses following the release of data showing the first decline in consumer spending in over two years. Better-than-expected total vehicle sales and news from the earnings front offered a slight break from the day’s disappointments. Pfizer, Duke Energy, and Coach all exceeded analysts’ expectations. However, weak margins from Coach and a miss by Archer Daniels Midland sullied an otherwise strong day for earnings.
The Dow Jones Industrial Average lost 266 points (2.2%) to 11,867, the S&P 500 Index fell 33 points (2.6%) to 1,254, and the Nasdaq Composite declined 75 points (2.8%) to 2,669. In heavy volume, 1.3 billion shares were traded on the NYSE and 2.4 billion shares changed hands on the Nasdaq. WTI crude oil fell $1.57 to $93.32 per barrel, wholesale gasoline dropped $0.03 to $3.03 per gallon, and the Bloomberg gold spot price increased by $37.55 to $1,656.93 per ounce. Elsewhere, the Dollar Index—a comparison of the US dollar to six major world currencies—was 0.2% higher at 74.45.
