Friday, October 21, 2010 Stock Market Commentary: Stocks ended a volatile week with modest gains as investors digested a slew of economic and earnings data. Volume patterns remain healthy as the major averages have now finished their 8th week of their ongoing rally. However, it is important to note that there have been an ominous number…
Thursday, October 21,2010 Stock Market Commentary: Stocks opened higher as the dollar fell (what else is new?) and the latest round of economic and earnings data was released. We sent out a note shortly after the open to our instituional advisory clients infomring them of the negative divergence we saw between Oil, Gold, and other…
Heretofore, the action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) has been strong but the market appears to be placing an interim top here as the major averages consolidate their recent move. The S&P 500 sliced below its two month upward trendline (shown above) which is not a healthy sign. The next level of support for the major averages is their September highs, then their respective 200-day moving average (DMA) lines while the next level of resistance is their respective April highs. We have enjoyed large gains since the September 1st FTD and for the first time, the tape is getting sloppy. Trade accordingly.
Tuesday, October 19, 2010 Stock Market Commentary: Stocks, commodities and a slew of other dollar denominated assets fell sharply on Tuesday after China raised rates and the latest round of economic and earnings data was released. Tuesday marked the 23rd anniversary for one of the largest declines in the history of the stock market. The…