Major Indexes Fell Further For 2nd Week Without Specific Catalyst

 Summary of content for the week of  Sep 11:

1. Week 37 major indexes performance;
2. Week 37 US sector indexes performance;

3. Major indexes weekly charts of support and resistance levels;

U.S

U.S stocks declined for 2nd straight week, as technology stocks had their worst pullback since March low, which left the Nasdaq index about 10% below its all-time high reached just six trading days ago. In my focused major indexes table below, all indexes closed in red for the week with Nasdaq(COMP) closed down 4.06%.

Tech and Energy stocks suffered.  Tech shares were among the weakest within the SPX index, while energy stocks also suffered as oil price sank below USD 40 per barrel for the first time since Jul, partly caused by the cutting of oil price for some customers by Saudi Arabia. Among SPX 11 major sectors, Materials(XLB) was the only sector closed positive with 0.98% up, while Energy(XLE) declined 6.45%. Refer to below weekly sector performance table for details.

China/HK

China''s SSE index shed roughly 3% this week, in 2nd week decline taking thier cue from the U.S selloff. In addition to U.S tech sell down, news that the White House was considering adding SMIC(981.HK), China's top chipmaker to U.S blacklist for Chinese companies dealt a blow to investor sentiment. Hong Kong's HSI index dropped 2nd week as well immediate technical support at 24300 level. 

Singapore

STI drifted down below 2500 following other regional peers. Has been the weakest index in Asia after philippine stock index. Immediate technical support at 2477-2502 gap area. Blue chips such as the three local banks appear attractive in the mid-long term given its sound fundamentals and attractive dividend yield.

Is US Stocks Inflated Now?

Euro Crisis(Updated)

How the German Bailout Greek

It is a slow day in a little Greek Village . The rain is beating down and the streets are deserted. Times are tough, everybody is in debt, and everybody lives on credit.

On this particular day a rich German tourist is driving through the village, stops at the local hotel and lays a €100 note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night.

The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the €100 note and runs next door to pay his debt to the butcher.

The butcher takes the €100 note and runs down the street to repay his debt to the pig farmer.

The pig farmer takes the €100 note and heads off to pay his bill at the supplier of feed and fuel.

The guy at the Farmers' Co-op takes the €100 note and runs to pay his drinks bill at the taverna.

The publican slips the money along to the local prostitute drinking at the bar, who has also been facing hard times and has had to offer him "services" on credit.

The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the €100 note.

The hotel proprietor then places the €100 note back on the counter so the rich traveller will not suspect anything.

At that moment the traveller comes down the stairs, picks up the €100 note, states that the rooms are not satisfactory, pockets the money, and leaves town.

No one produced anything. No one earned anything. However, the whole village is now out of debt and looking to the future with a lot more optimism.

And that, Ladies and Gentlemen, is how the bailout package works.