The major averages ended higher on the one year anniversary of the 2009 bear-market low close for the benchmark S&P 500 index amid speculation the economy will continue to recover from the worst recession since WWII. Volume, a critical gauge of institutional demand, was reported higher than the prior session on the Nasdaq exchange and on the NYSE. Advancers led decliners by a narrow margin on the NYSE and Nasdaq exchange. There were 62 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, down from the 76 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.
Market’s Enjoyed Best 12-Month Rally In 80 Yrs!
The benchmark S&P 500 is up a very impressive +69% since hitting a 12-year low of 666.79 last March. This has been the largest 12 month rally for the benchmark average since the Great Depression. Despite that impressive feat, the S&P 500 is still down -28% from its October 2007 high of 1,576. It is also important to note that the vast majority of stocks that helped the major averages enjoy strong gains last year were low ranked stocks that bounced from egregiously oversold levels (i.e. Citigroup went from $0.97 to $5.43).
Increasing Number Of Healthy Breakouts!
Only recently have we begun to see a large number of high ranked stocks trigger fresh technical buy signals as they breakout of solid bases which is a very healthy sign. Here’s an interesting fact: As of Monday’s close, 489 of the 500 stocks in the S&P 500 are higher since the March lows. The average gain: +115.6%. In addition, all 30 Dow stocks are up and a whopping 99 of the 100 stocks in the tech heavy Nasdaq 100 index are up.
Market Action- Confirmed Rally:
Since last the March 1, FTD the market and a batch of leading stocks steadily rallied. The fact that we have not seen any serious distribution days since the FTD bodes well for this nascent rally. It is also a welcome sign to see the market continue to improve as investors digest the latest round of stronger than expected economic and earnings data. Remember that now that a new rally has been confirmed, the window is open to start buying high quality breakouts. Trade accordingly.
Professional Money Management Services – A Winning System – Inquire today!
Our skilled team of portfolio managers trade on what we see is happening, not what we think will happen. We remain fluid in our approach and only buy the best stocks when they are triggering proper technical buy signals. If you are not completely satisfied with the way your portfolio is being managed, Click here to email one of our portfolio managers. *Accounts over $250,000 please. ** Serious inquires only, please.
Host Of The #SmartMoneyCircle Podcast, Founder and CEO of 50 Park Investments. Adam provides weekly market updates to ChartYourTrade.com readers. He is a FORBES Contributor and is a frequent guest on all the major financial media outlets.
Claim Your Free Guide Today
Give us your email and we will give you the tools to change your life.
Disclaimer: All communication from ChartYourTrade is general in nature and for educational and general informational purposes only. Under no circumstance should it be considered personalized investment advice. All our work is general in nature and not specific to any one person. All the information on this site and/or that originates from us, or any of our partners or affiliates, is for educational and informational purposes only and is NOT a recommendation to buy or sell anything. To avoid any conflicts of interest, we do not have a working relationship with any of the companies mentioned in our work. Furthermore, we may have a long, short, or no position in any, or all, of the names that appear in our work and they may change at any time without notice. Investing and trading in capital markets or using margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you as well as for you. Before you decide to invest or trade in capital markets you should carefully consider your investment objectives, level of experience, and risk appetite, among other factors. The possibility exists that you could sustain a loss of some, all, or more of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with capital markets, investing/trading, and seek specific investment advice from an independent financial advisor and other professionals. Remember all the information we provide is for educational and general informational purposes only and is subject to change without notice.
Bulls Celebrate March ’09 Bottom
Tuesday, March 9, 2010
Market Commentary:
The major averages ended higher on the one year anniversary of the 2009 bear-market low close for the benchmark S&P 500 index amid speculation the economy will continue to recover from the worst recession since WWII. Volume, a critical gauge of institutional demand, was reported higher than the prior session on the Nasdaq exchange and on the NYSE. Advancers led decliners by a narrow margin on the NYSE and Nasdaq exchange. There were 62 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, down from the 76 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.
Market’s Enjoyed Best 12-Month Rally In 80 Yrs!
The benchmark S&P 500 is up a very impressive +69% since hitting a 12-year low of 666.79 last March. This has been the largest 12 month rally for the benchmark average since the Great Depression. Despite that impressive feat, the S&P 500 is still down -28% from its October 2007 high of 1,576. It is also important to note that the vast majority of stocks that helped the major averages enjoy strong gains last year were low ranked stocks that bounced from egregiously oversold levels (i.e. Citigroup went from $0.97 to $5.43).
Increasing Number Of Healthy Breakouts!
Only recently have we begun to see a large number of high ranked stocks trigger fresh technical buy signals as they breakout of solid bases which is a very healthy sign. Here’s an interesting fact: As of Monday’s close, 489 of the 500 stocks in the S&P 500 are higher since the March lows. The average gain: +115.6%. In addition, all 30 Dow stocks are up and a whopping 99 of the 100 stocks in the tech heavy Nasdaq 100 index are up.
Market Action- Confirmed Rally:
Since last the March 1, FTD the market and a batch of leading stocks steadily rallied. The fact that we have not seen any serious distribution days since the FTD bodes well for this nascent rally. It is also a welcome sign to see the market continue to improve as investors digest the latest round of stronger than expected economic and earnings data. Remember that now that a new rally has been confirmed, the window is open to start buying high quality breakouts. Trade accordingly.
Professional Money Management Services – A Winning System – Inquire today!
Our skilled team of portfolio managers trade on what we see is happening, not what we think will happen. We remain fluid in our approach and only buy the best stocks when they are triggering proper technical buy signals. If you are not completely satisfied with the way your portfolio is being managed, Click here to email one of our portfolio managers. *Accounts over $250,000 please. ** Serious inquires only, please.
Here are more articles you may like
September 4, 2024: Another Leg Down
Sellers showed up yesterday (9/3/2024), and if we weren’t convinced the recent rally attempt had
August 30, 2024 — So Long for Now, Semiconductors
Although $NVDA had a good earnings report, the stock price fell, and the $SMH and
Podcast: Swing Trading
Over the last month, our guests Michael Lamothe and Dennis Wilborn have told us a
Adam Sarhan
Claim Your Free Guide Today
Give us your email and we will give you the tools to change your life.
FREE 7 DAY EMAIL COURSE
Learn about Early Entry Points & much more...
© ChartYourTrade | Contact us: website@chartyourtrade.com
Disclaimer: All communication from ChartYourTrade is general in nature and for educational and general informational purposes only. Under no circumstance should it be considered personalized investment advice. All our work is general in nature and not specific to any one person. All the information on this site and/or that originates from us, or any of our partners or affiliates, is for educational and informational purposes only and is NOT a recommendation to buy or sell anything. To avoid any conflicts of interest, we do not have a working relationship with any of the companies mentioned in our work. Furthermore, we may have a long, short, or no position in any, or all, of the names that appear in our work and they may change at any time without notice. Investing and trading in capital markets or using margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you as well as for you. Before you decide to invest or trade in capital markets you should carefully consider your investment objectives, level of experience, and risk appetite, among other factors. The possibility exists that you could sustain a loss of some, all, or more of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with capital markets, investing/trading, and seek specific investment advice from an independent financial advisor and other professionals. Remember all the information we provide is for educational and general informational purposes only and is subject to change without notice.
Charts and Data are courtesy of MarketSmith Incorporated. Join MarketSmith here.
Terms of Service