Stocks rallied on Tuesday sending the Dow Jones Industrial Average, tech-heavy Nasdaq composite, and the benchmark S&P 500 index to a fresh 2011 highs! The market is back in a confirmed uptrend and remains healthy as long as all the major averages continue trading above their respective 50 DMA lines. The recent healthy action was in response to a series of stronger than expected Q1 results and a host of solid economic data. Now that the market is back in a confirmed rally, odds favor higher, not lower prices lie ahead.
Stocks opened higher as the US Dollar (UUP) fell to fresh 52-week low and a slew of companies released stronger-than-expected Q1 results. The Conference Board said consumer confidence rose to 65.4 in April from a revised 63.8 in March. The report topped the Street’s expectation of 64.5 and bodes well for the economic recovery. Elsewhere, housing data remains bleak as the S&P/Case-Shiller Home Price Index fell for an 8th consecutive month in February which brings it eerily close to the April 2009 low. The S&P/Case Shiller index measures home prices in 20 major metropolitan areas around the U.S. and fell –0.2% to 139.27. The reading was slightly above the April 2009 low of 139.26.
Market Action- Market In A Confirmed Rally
From our point of view, the market is back in “rally-mode” as all the major averages continue to trade above their respective 50 DMA lines and are flirting with, or at, fresh 2011 highs! In addition, leading stocks have held up very well even as the major averages slid below their respective 50 DMA lines in mid-April. If you are looking for specific help navigating this market, 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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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.
Major Averages Hit New 2011 Highs!
Tuesday, April 26, 2011
Stock Market Commentary:
Stocks rallied on Tuesday sending the Dow Jones Industrial Average, tech-heavy Nasdaq composite, and the benchmark S&P 500 index to a fresh 2011 highs! The market is back in a confirmed uptrend and remains healthy as long as all the major averages continue trading above their respective 50 DMA lines. The recent healthy action was in response to a series of stronger than expected Q1 results and a host of solid economic data. Now that the market is back in a confirmed rally, odds favor higher, not lower prices lie ahead.
Q1 Earnings, Weaker Dollar, Consumer Confidence, & Housing Data Lift Stocks
Stocks opened higher as the US Dollar (UUP) fell to fresh 52-week low and a slew of companies released stronger-than-expected Q1 results. The Conference Board said consumer confidence rose to 65.4 in April from a revised 63.8 in March. The report topped the Street’s expectation of 64.5 and bodes well for the economic recovery. Elsewhere, housing data remains bleak as the S&P/Case-Shiller Home Price Index fell for an 8th consecutive month in February which brings it eerily close to the April 2009 low. The S&P/Case Shiller index measures home prices in 20 major metropolitan areas around the U.S. and fell –0.2% to 139.27. The reading was slightly above the April 2009 low of 139.26.
Market Action- Market In A Confirmed Rally
From our point of view, the market is back in “rally-mode” as all the major averages continue to trade above their respective 50 DMA lines and are flirting with, or at, fresh 2011 highs! In addition, leading stocks have held up very well even as the major averages slid below their respective 50 DMA lines in mid-April. If you are looking for specific help navigating this market, please contact us for more information.
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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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