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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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Another Quiet Day On Wall Street
Wednesday, December 22, 2010
Stock Market Commentary:
The major US averages edged higher after the government revised Q3 GDP to +2.6% and existing home sales missed estimates. Keep in mind, that this is a shortened holiday week as all US markets will be closed on Friday in observance of Christmas. Market internals remain healthy, evidenced by an advancing advance/decline line and an expanding number of stocks reaching new 52-week highs.
GDP, ECB, & Housing Data:
The US government said third quarter GDP rose at a +2.6% annual rate. This topped some estimates for a +2.5% reading but fell short of the median estimate for a +2.8%. The Federal Reserve’s preferred inflation gauge, which excludes food and energy and tied to consumer spending, rose at a modest +0.5% pace for the slowest growth since records began in 1959. Elsewhere, sales of existing homes improved but remain slow. Existing home sales rose +5.6% last month to 4.68 million, which fell short of the Street’s estimates.
The European Central Bank will lend banks +149.5 billion euros ($196.8 billion) for three months to help them meet their liquidity needs over the year-end period. The ECB, which is based in Frankfurt, said 270 banks asked for assistance while which will be loaned at its average benchmark interest rate over the period. Tomorrow, a slew of European banks need to repay 96.9 billion euros in maturing 12-month loans and +38.2 billion euros in three-month loans on the Friday.
Market Action- Market In Confirmed Rally Week 17
It is encouraging to see the bulls show up in November and defend the 50 DMA lines for the major averages. The market remains in a confirmed rally 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. Put simply, stocks are strong. Trade accordingly. If you are looking for specific high ranked ideas, please contact us for more information.
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© 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