Tuesday, November 16, 2010
Stock Market Commentary:
Stocks and commodities got smacked as the euro plunged to a fresh multi-month low and the USD continued marching higher. The 12-week rally is currently under pressure evidenced by the ominous number of distribution days that have emerged in recent weeks coupled with the sloppy action we have outlined several times in this column.
EU Debt Woes Continue To Weigh On Markets:
The “big” story that continues to weigh on the market is the ongoing geopolitical woes in Europe. On Tuesday, Ireland’s government held an emergency meeting to discuss the possibility of a bailout. In other news, Austria said it did not want to contribute to Greece’s bailout because they did not satisfy several conditions of their prior bailout. In the US, the producer price index (PPI) came in less than expected which allayed inflation woes but sparked concerns about deflation. The consumer price index (CPI) is slated to be released before Wednesday’s open.
Market Action- Confirmed Rally, Week 12:
Heretofore, the action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) has been strong but the market action has been wide-and-loose which is not a healthy sign and has caused the major averages to all pullback to their respective 50 DMA lines. This is the next important level of support for the major averages and several leading stocks. It is of the utmost importance for the bulls to show up and defend the 50 DMA line in order for this rally to remain intact. Caution and patience is key at this point. Trade accordingly.
Sarhan Wealth Management provides both global macro and equity only consulting services to high net worth and institutional clients around the world. For years, our clientele has participated in the firm’s objective market-based outlook, which has one primary goal: to provide robust trading ideas across all asset classes. Since 2004 we have outperformed the S&P 500 on a regular basis. These results are based solely on our weekly research. All our historical data is available upon request.
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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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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.
Stocks & Commodities Smacked As EU Debt Woes Continue
Tuesday, November 16, 2010
Stock Market Commentary:
Stocks and commodities got smacked as the euro plunged to a fresh multi-month low and the USD continued marching higher. The 12-week rally is currently under pressure evidenced by the ominous number of distribution days that have emerged in recent weeks coupled with the sloppy action we have outlined several times in this column.
EU Debt Woes Continue To Weigh On Markets:
The “big” story that continues to weigh on the market is the ongoing geopolitical woes in Europe. On Tuesday, Ireland’s government held an emergency meeting to discuss the possibility of a bailout. In other news, Austria said it did not want to contribute to Greece’s bailout because they did not satisfy several conditions of their prior bailout. In the US, the producer price index (PPI) came in less than expected which allayed inflation woes but sparked concerns about deflation. The consumer price index (CPI) is slated to be released before Wednesday’s open.
Market Action- Confirmed Rally, Week 12:
Heretofore, the action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) has been strong but the market action has been wide-and-loose which is not a healthy sign and has caused the major averages to all pullback to their respective 50 DMA lines. This is the next important level of support for the major averages and several leading stocks. It is of the utmost importance for the bulls to show up and defend the 50 DMA line in order for this rally to remain intact. Caution and patience is key at this point. Trade accordingly.
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Sarhan Wealth Management provides both global macro and equity only consulting services to high net worth and institutional clients around the world. For years, our clientele has participated in the firm’s objective market-based outlook, which has one primary goal: to provide robust trading ideas across all asset classes. Since 2004 we have outperformed the S&P 500 on a regular basis. These results are based solely on our weekly research. All our historical data is available upon request.
How we can improve your performance:
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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.
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