Friday, December 5, 2008
US stocks stage afternoon rally
After spending most of the day under water, US stocks rallied 3% in the afternoon as the Dow closed at 8635 and the S&P at 876. The gain followed losses in Asia as Indian markets fell 3% with the Sensex closing at 8965 and the Nifty at 2714.
American stocks continue to flirt with a final rally attempt towards 9000. As the 50-day moving average has now fallen below 9000 for the first time, that may be a sign that stocks may approach that level early next week. Stocks closed higher than expected today although much of the early trading was below 8200. I had thought the First Lunar Quarter might have yielded more bearishness but it was offset by the positive influence of the aspect from Mars, which was exalted in Capricorn in the navamsa.