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Stocks End Mixed As Investors Digest A Slew of Earnings
It is important to note that the major averages have been steadily rallying since early February and a pullback of some sort should be expected. The prior commentary’s observation, “Since the March 1, 2010 follow-though-day (FTD) a handful of distribution days has not been the least bit damaging to the market’s confirmed rally” – was immediately followed with the 6th distribution day for the S&P 500 Index, a sign of mounting pressure on this 8-week rally. Trade accordingly.
Adam Sarhan
April 19, 2010
7-Week Rally Under Pressure
Stocks tanked on Friday after several high profile companies released their Q1 results and the SEC charged Goldman Sachs with fraud. Our primary concern before the SEC/GS news was released was the ominous action in shares of GOOG, ISRG and BAC after releasing their Q1 results. Longstanding readers of this column know how much we focus on how the market reacts to the news, not just the news itself. That said, the fact that these leaders reacted poorly to bullish quarterly results suggests that the much anticpated pullback may have begun. Then the SEC/GS news broke, which was the proverbial icing on the cake. At this point, the major averages have been steadily rallying since early February and a pullback of some sort should be expected. Since the March 1, 2010 follow-through day there have been 6 distribution days on the S&P 500 which is more than enough to put pressure on this 7-week rally. Trade accordingly.
Adam Sarhan
April 16, 2010
Stocks Edge Higher On Latest Economic & Earnings Data
The benchmark S&P 500 Index currently has 5 distribution days while the Nasdaq Composite and Dow Jones Industrial Average have 4 since the March 1, 2010 follow-though-day (FTD). These distribution days have not been damaging which is a welcomed sign. Trade accordingly.
Adam Sarhan
April 15, 2010
Stocks Rally On Healthy Earnings & Economic Data
The benchmark S&P 500 Index currently has 5 distribution days while the Nasdaq Composite and Dow Jones Industrial Average have 4 since the March 1, 2010 follow-though-day (FTD). These distribution days have not been damaging which is a welcomed sign. Trade accordingly.
Adam Sarhan
April 14, 2010
Stocks Edge Higher As Earnings Season Begins
The benchmark S&P 500 Index currently has 5 distribution days while the Nasdaq Composite and Dow Jones Industrial Average have 4 since the March 1, 2010 follow-though-day (FTD). These distribution days have not been damaging which is a welcomed sign. Trade accordingly.
Adam Sarhan
April 13, 2010
Q1 Earnings Season Begins; Stocks Edge Higher
The benchmark S&P 500 Index currently has 5 distribution days while the Nasdaq Composite and Dow Jones Industrial Average have 4 since the March 1, 2010 follow-though-day (FTD). These distribution days have not been damaging which is a welcomed sign. Trade accordingly.
Adam Sarhan
April 12, 2010
Stocks Hit New 2010 Highs!
The benchmark S&P 500 Index currently has 5 distribution days while the Nasdaq Composite and Dow Jones Industrial Average have 4 since the March 1, 2010 follow-though-day (FTD). These distribution days have not been damaging, however the simple fact that we currently have 5 distribution days for the S&P 500 suggests a more cautious approach may be prudent. Trade accordingly.
Adam Sarhan
April 9, 2010
Stocks Rally On Healthy Retail Sales Data
The benchmark S&P 500 Index currently has 5 distribution days while the Nasdaq Composite and Dow Jones Industrial Average have 4 since the March 1, 2010 follow-though-day (FTD). These distribution days have not been damaging, however the simple fact that we currently have 5 distribution days for the S&P 500 suggests a more cautious approach may be prudent. Trade accordingly.
Adam Sarhan
April 8, 2010
Stocks Fall As Consumer Credit Contracts
The benchmark S&P 500 Index currently has 5 distribution days while the Nasdaq Composite and Dow Jones Industrial Average have 4 since the March 1, 2010 follow-though-day (FTD). These distribution days have not been damaging, and normally it is considered healthy for the major averages to have less than 4 distribution days in a four week period. Therefore, the fact that we currently have 5 distribution days for the S&P 500 suggests a more cautious approach may be prudent. Trade accordingly.
Adam Sarhan
April 7, 2010
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