Japan’s benchmark Nikkei index fell 1.4% on Thursday after bouncing back nearly 5% on Wednesday. Global stock markets bounced on Thursday after getting smacked on Wednesday due to poor housing data and lousy inflation data from the U.S. The 28-week rally, which began on the September 1, 2010 follow-through day (FTD), ended on Thursday March 10, 2011 when all the major U.S. averages plunged below their respective 50 DMA lines on heavy turnover. The current crisis in the Middle East remains in flux which is putting upward pressure on oil and gold and downward pressure on equities. The benchmark S&P 500 has steadily fallen after briefly being up 100% from its March 2009 low, and still about -18% off its all-time high from October 2007.
Jobless Claims and Consumer Prices Lift Stocks:
Before Thursday’s open, the government said the consumer price index (CPI) rose modestly in February. Headline CPI rose +0.5%, topping the Street’s estimate and came in slightly higher than January’s reading of +0.4%. Core prices, which exclude food and energy, rose +0.2% which matched January’s reading but topped the 0.1% estimate. A separate report showed that jobless claims fell by -16,000 to 385,000 last week. The four-week average, which smooths out the data, fell 7,000 to 386,250 for its best reading since the bottom in March 2009.
Market Action- Market In A Correction; 28-Week Rally Ends
All the major averages sliced below their respective 50 DMA lines on Thursday, March 10, 2011 and have fallen hard since then. Thursday, March 17, 2011 marked day 1 of a new rally attempt which means that the earlest a possible follow-through day (FTD) could emerge would be Tuesday, as long as Thursday’s lows are not breached. However, if Thursday’s lows are breached, then the day count will be reset and odds will favor lower prices, not higher, will follow. It is important to note that the recent ominous action reiterates the importance of raising cash and playing strong defense until a new FTD emerges. If you are looking for specific help navigating this market, please contact us for more information.
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.
Stocks Bounce Back From Egregiously Oversold Levels
Thursday, March 17, 2011
Stock Market Commentary:
Japan’s benchmark Nikkei index fell 1.4% on Thursday after bouncing back nearly 5% on Wednesday. Global stock markets bounced on Thursday after getting smacked on Wednesday due to poor housing data and lousy inflation data from the U.S. The 28-week rally, which began on the September 1, 2010 follow-through day (FTD), ended on Thursday March 10, 2011 when all the major U.S. averages plunged below their respective 50 DMA lines on heavy turnover. The current crisis in the Middle East remains in flux which is putting upward pressure on oil and gold and downward pressure on equities. The benchmark S&P 500 has steadily fallen after briefly being up 100% from its March 2009 low, and still about -18% off its all-time high from October 2007.
Jobless Claims and Consumer Prices Lift Stocks:
Before Thursday’s open, the government said the consumer price index (CPI) rose modestly in February. Headline CPI rose +0.5%, topping the Street’s estimate and came in slightly higher than January’s reading of +0.4%. Core prices, which exclude food and energy, rose +0.2% which matched January’s reading but topped the 0.1% estimate. A separate report showed that jobless claims fell by -16,000 to 385,000 last week. The four-week average, which smooths out the data, fell 7,000 to 386,250 for its best reading since the bottom in March 2009.
Market Action- Market In A Correction; 28-Week Rally Ends
All the major averages sliced below their respective 50 DMA lines on Thursday, March 10, 2011 and have fallen hard since then. Thursday, March 17, 2011 marked day 1 of a new rally attempt which means that the earlest a possible follow-through day (FTD) could emerge would be Tuesday, as long as Thursday’s lows are not breached. However, if Thursday’s lows are breached, then the day count will be reset and odds will favor lower prices, not higher, will follow. It is important to note that the recent ominous action reiterates the importance of raising cash and playing strong defense until a new FTD emerges. 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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