20 February 2014

SP 500 and NDX Futures Daily Charts - Ghosts of Bubbles Past

The spokesmodels on financial TV were thrusting their pom-poms this morning over the Facebook acquisition of 'WhatsApp' for $19 billion dollars.  This reminds me of techbubble-nomics.  Facebook is paying with an inflated currency for a big chunk of it, eg. their stock. 

And the Markit PMI came in high side, and so stocks were moving higher.

Did the analysts you were watching even mention the horrendous miss on the Philly Fed in the afternoon?  Must have been a snow day. Unemployment claims remain stubbornly high. 

I have outlined the key resistance and support levels on the SP 500 chart below. 

There was intraday commentary about the rising stock market and the Fed's rising Balance Sheet here.

Have a pleasant evening.