Wednesday, February 20, 2008

NY rally right on time

A very nice rally in New York today right on schedule at noon as the market shook off an almost 100 point morning loss and went straight up from there. The Dow finished up 90 pts at 12,427 while S&P closed up 11 at 1360. As I forecasted on Sunday, the midday Wednesday rally would correspond with the transiting Moon in partile11th house aspect with the natal Jupiter of the NYSE chart while no other negative planetary influences were present. We'll probably start Thursday lower but I'm cautiously bullish for the rest of the week, but it might be a good idea to sell into any rallies Thursday or Friday. In a perfect world, we might see the Dow try for the 12,750 resistance level. 1370 on the S&P seems like a foregone conclusion.

Bombay closed lower Wednesday but will certainly find ample fuel for an upturn on the heels of the New York's bullish performance.

As I thought, gold powered upwards to $940 Wednesday. The only question is: how high will it go this week? This is an explosive market right now, so $950-960 is now possible. Again, I would try to take profits late Thursday or early Friday since it seems like there will be a pullback then.

Oil hit a new all-time high Wednesday, topping out at 101.30 intraday before settling back under $100 for the April futures contract. Oil will go higher still.

The Euro has not performed as expected, however. It didn't build on Tuesday's gains and fell back a bit to 1.4713. Thursday may be difficult especially in the early going (CET) as the Moon joins Saturn in the Euro's 12th house, so it may slip under 1.47. I'm still looking for decent gains Friday to put back over 1.47 and then some as the Moon finds the shining light of Jupiter.