Pre-open:
Sept. 24 (Bloomberg) -- Billionaire investor Warren Buffett, calling the market turmoil ``an economic Pearl Harbor,'' said Treasury Secretary Henry Paulson's $700 billion proposal to prop up the U.S. financial system is ``absolutely necessary.''
``The market could not have taken another week'' like last week, Buffett told CNBC today, a day after saying his Berkshire Hathaway Inc. will buy a $5 billion stake in Goldman Sachs Group Inc. ``I think it was the last thing Hank Paulson wanted to do, but there's no Plan B for this.''
Existing home sales at 10, followed by oil inventories at 10:35. Speaking of oi, CL has a strong bid this morning, but is still holding under 110.
ES resistance is 1200.50, 1203.75, 1206.50 and 1210. Support is 1195 and 1188.
Dec gold is still facing 200 dma resistance at 906. Both oil and gold seem to be consolidating at highs, usually a sign of an upcoming breakout. If it doesn't happen, the drop will be swift.
Sept. 24 (Bloomberg) -- Billionaire investor Warren Buffett, calling the market turmoil ``an economic Pearl Harbor,'' said Treasury Secretary Henry Paulson's $700 billion proposal to prop up the U.S. financial system is ``absolutely necessary.''
``The market could not have taken another week'' like last week, Buffett told CNBC today, a day after saying his Berkshire Hathaway Inc. will buy a $5 billion stake in Goldman Sachs Group Inc. ``I think it was the last thing Hank Paulson wanted to do, but there's no Plan B for this.''
Existing home sales at 10, followed by oil inventories at 10:35. Speaking of oi, CL has a strong bid this morning, but is still holding under 110.
ES resistance is 1200.50, 1203.75, 1206.50 and 1210. Support is 1195 and 1188.
Dec gold is still facing 200 dma resistance at 906. Both oil and gold seem to be consolidating at highs, usually a sign of an upcoming breakout. If it doesn't happen, the drop will be swift.
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on Wednesday, September 24, 2008 at 9/24/2008 09:14:00 AM.
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