Stocks fell for the third consecutive day after ADP released a weaker-than-expected April employment report. From our vantage point, the market rally is under pressure due to the lackluster action in the major averages and so many leading stocks.
ADP Jobs Report Misses Estimates:
On Wednesday, stocks got smacked after ADP, the country’s largest private payrolls company, said U.S. employers added +179,000 in April which missed the Street’s forecast of +198,000. The tech-heavy Nasdaq composite negated its latest breakout and the S&P 500 is currently flirting with its prior chart highs (1344). Looking forward, the next level of support for the major averages and a slew of leading stocks is their respective 50 DMA lines.
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.
Rally Under Pressure
Wednesday, May 04, 2011
Stock Market Commentary:
Stocks fell for the third consecutive day after ADP released a weaker-than-expected April employment report. From our vantage point, the market rally is under pressure due to the lackluster action in the major averages and so many leading stocks.
ADP Jobs Report Misses Estimates:
On Wednesday, stocks got smacked after ADP, the country’s largest private payrolls company, said U.S. employers added +179,000 in April which missed the Street’s forecast of +198,000. The tech-heavy Nasdaq composite negated its latest breakout and the S&P 500 is currently flirting with its prior chart highs (1344). Looking forward, the next level of support for the major averages and a slew of leading stocks is their respective 50 DMA lines.
Market Outlook- Rally Under Pressure
From our point of view, the market rally is under pressure which suggests caution is paramount at this stage. We would be remiss not to note that a slew of leading stocks suffered heavy distribution earlier this week which is not ideal. 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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