Mixed Economic Data Weighs On Stocks
Tuesday, July 27, 2010 Stock Market Commentary: Earnings & Mixed Economic Data Weigh On Stocks.
FedEx & Healthy Housing Data Lift Stocks
It was encouraging to see the major averages continue rallying after breaking above their their respective 2-month downward trendlines and their respective 50-day moving average (DMA) lines on Friday. At this point, the window remains open for for high ranked stocks to be accumulated when they trigger fresh technical buy signals. If you are interested in learning more, feel free to contact us for a full list of high ranked candidates. Trade accordingly
Healthy Week On Wall St; Stocks Close Above Resistance!
It was a very constructive week on Wall Street as all the major averages traded above their respective two month downward trendlines and their respective 50 DMA lines. It was also encouraging to see the Dow Jones Industrial Average & and the tech-heavy Nasdaq composite close above their longer term downward sloping 200 DMA lines. There is no point in fighting the tape and the bulls deserve the bullish benefit of the doubt until this “breakout” is negated. Trade accordingly.
Stocks Close Above Resistance
All the major averages traded above their respective two month downward trendlines and their 50 DMA lines on Thursday. However, it is a bit disconcerting to see volume recede as the market moves higher. This is the exact opposite of what one would like to see when the major averages rally. It is also important to note that the major averages are rallying up to an area where they encountered resistance several times in recent weeks and they are still below their longer term 200 DMA lines. That said, we can not argue with the tape and the bulls deserve the bullish benefit of the doubt until this “breakout” is negated. Trade accordingly.