主题：1/4/2009 Market View -- 宁子

MARKET SENTIMENT

VIX: 39.08; -0.11

VXN: 39.07; -0.04

VXO: 39.35; +0.77

Put/Call Ratio (CBOE): 0.83; -0.13

NASDAQ

Stats: -4.18 points (-0.26%) to close at 1628.03

Volume: 1.776B (+20.89%). Strongest volume in two weeks.

Up Volume: 896.17M (-448.806M). Up volume shaved downside volume even as NASDAQ finished lower, showing underlying positive strength.

Down Volume: 864.875M (+731.56M)

A/D and Hi/Lo: Advancers led 1.18 to 1. Down index but breadth was positive. More strength than meets the eye.

Previous Session: Advancers led 2.79 to 1

New Highs: 16 (0)

New Lows: 10 (-8)

Held steady on the session, tapping the 50 day EMA on the low (1640) and recovering 24 points off the low. This holds the break over the 50 day and the higher high made last week. As noted above, not bad action given that the new year could have brought in a big rush of sellers.

SOX (+0.62%) posted the only gain of the indices of note. As noted last week, continued strength in chips even as they are despised is just what you want to see.

NASDAQ CHART: http://investmenthouse.com/ihmedia/NASDAQ.jpeg

NASDAQ 100 CHART: http://investmenthouse.com/ihmedia/NASDAQ100.jpeg

SOX CHART: http://investmenthouse.com/ihmedia/SOX.jpeg

SP500/NYSE

Stats: -4.35 points (-0.47%) to close at 927.45

NYSE Volume: 1.323B (+26.53%). Matched last Wednesday trade so this was no major upside surge. Getting closer to average but still not there.

Up Volume: 714.437M (-203.291M). Up volume topped down volume here as well, a sign of internal strength.

Down Volume: 599.219M (+480.582M)

A/D and Hi/Lo: Advancers led 2.02 to 1. Down overall but upside on the breadth even with SP600 down 0.76%. Another sign of internal strength.

Previous Session: Advancers led 5 to 1

New Highs: 33 (+2)

New Lows: 57 (-3)

Flat as well after moving positive a fraction a couple of times as it came off a test toward the 50 day EMA (916) on the low (919). Very quiet, very orderly test of last week's move over this key level as well as the higher high.

SP600 (-0.76%) tapped right at the 50 day EMA as well and recovered lost ground. Still lost a couple of points on the session but a very nice test and recovery, rebounding to take back twice the points it lost on the close. Very nice test of a key break over key resistance.

SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg

SP600 Chart: http://investmenthouse.com/ihmedia/SP600.JPEG

SP400 CHART: http://investmenthouse.com/ihmedia/SP400.jpeg

DJ30

The blue chips lost the most ground Monday but it too tapped toward the 50 day EMA on the low and recovered some lost ground. Volume remained at last week's levels and well below average. No major groundswell of trading Monday, and the low volume is a positive for the test of the break to a new high and over the 50 day EMA last week.

Stats: -18.8 points (-0.91%) to close at 8952.89

VOLUME: 233M shares Monday versus 213M shares Friday. On par with the Wednesday and Friday trade and still well below average.

DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg