On Tuesday, stocks snapped a two day losing streak after oil prices fell from post-recession highs. The current crisis in the Middle East remains in flux which is putting upward pressure on oil and gold and some modest pressure on equities. The benchmark S&P 500 is up nearly 100% from its March 2009 low, and still about -16% off its all time high from October 2007. On average, market internals remain healthy as the major averages bounced after finding support near their respective 50 DMA lines in late February.
Oil Prices Fall; Stocks Rally:
Stocks enjoyed healthy gains on Tuesday after OPEC said it may hold an “urgent meeting” to discuss the ongoing situation in the Middle East. Elsewhere, Sprint Nextel Corp. (S) surged after speculation spread that it may buy T-Mobile USA from Deutsche Telekom AG. Tuesday marked the two year anniversary from the March 2009 bear market low. Since then, stocks surged as central banks around the world pumped trillions of dollars into the market and the economy to stimulate growth. History shows us that most bull markets last 24-36 months which makes this 24 month bull market still in its prime.
Market Action- Rally Under Pressure; Week 28
It was encouraging to see the bulls show up and defend the major averages’ respective 50 DMA lines in November, January, late February, and early March. From our point of view, the market remains in rally-mode until those levels are breached. The tech-heavy Nasdaq composite and small-cap Russell 2000 indexes continue to lead evidenced by their shallow correction and strong recovery. If you are looking for specific high ranked ideas, please contact us for more information.
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.
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Two Year Anniversary From The Bear Market Low
Tuesday, March 08, 2011
Stock Market Commentary:
On Tuesday, stocks snapped a two day losing streak after oil prices fell from post-recession highs. The current crisis in the Middle East remains in flux which is putting upward pressure on oil and gold and some modest pressure on equities. The benchmark S&P 500 is up nearly 100% from its March 2009 low, and still about -16% off its all time high from October 2007. On average, market internals remain healthy as the major averages bounced after finding support near their respective 50 DMA lines in late February.
Oil Prices Fall; Stocks Rally:
Stocks enjoyed healthy gains on Tuesday after OPEC said it may hold an “urgent meeting” to discuss the ongoing situation in the Middle East. Elsewhere, Sprint Nextel Corp. (S) surged after speculation spread that it may buy T-Mobile USA from Deutsche Telekom AG. Tuesday marked the two year anniversary from the March 2009 bear market low. Since then, stocks surged as central banks around the world pumped trillions of dollars into the market and the economy to stimulate growth. History shows us that most bull markets last 24-36 months which makes this 24 month bull market still in its prime.
Market Action- Rally Under Pressure; Week 28
It was encouraging to see the bulls show up and defend the major averages’ respective 50 DMA lines in November, January, late February, and early March. From our point of view, the market remains in rally-mode until those levels are breached. The tech-heavy Nasdaq composite and small-cap Russell 2000 indexes continue to lead evidenced by their shallow correction and strong recovery. If you are looking for specific high ranked ideas, please contact us for more information.
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