Tuesday, September 14, 2010
Stock Market Commentary
Stocks ended mixed after August’s retail sales topped estimates and gold surged to a fresh all-time high. Tuesday’s volume totals were reported about even on the NYSE and higher on the Nasdaq exchange compared to Monday’s levels. Decliners led advancers by a small margin on the NYSE and on the Nasdaq exchange. New 52-week highs easily outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. There were 69 high-ranked companies from the CANSLIM.net Leaders List made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower than the 77 issues that appeared on the prior session.
Slower Growth in Europe Hurts Stocks:
Stocks in Europe were under pressure before Tuesday’s open after a report showed economic growth in the Eurozone was slowing. In the US, retail sales toppped estimates and rose by the largest pace in five months. The Commerce Department said total retail sales swelled by +0.4% following a revised +0.3% rise in July. This was the second consecutive monthly gain and bodes well for the economic recovery.
Market Action- Confirmed Rally:
Tuesday’s action was considered normal after Monday’s large move. Overall, the action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) remains healthy. Looking forward, the window is now open for disciplined investors to begin carefully buying high-ranked stocks again. It was encouraging to see a flurry of high-ranked leaders trigger fresh technical buy signals and break out of sound bases in recent sessions. All the major averages jumped above their respective 200-day moving average (DMA) lines today which is another encouraging sign. The next important level to watch for the major averages are their summer highs. It is important to note that approximately 75% of FTDs lead to new sustained rallies, while 25% fail. In addition, every major rally in market history has begun with a FTD, but not every FTD leads to a new rally. Trade accordingly.
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 Consolidate Monday’s Large Move
Tuesday, September 14, 2010
Stock Market Commentary
Stocks ended mixed after August’s retail sales topped estimates and gold surged to a fresh all-time high. Tuesday’s volume totals were reported about even on the NYSE and higher on the Nasdaq exchange compared to Monday’s levels. Decliners led advancers by a small margin on the NYSE and on the Nasdaq exchange. New 52-week highs easily outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. There were 69 high-ranked companies from the CANSLIM.net Leaders List made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower than the 77 issues that appeared on the prior session.
Slower Growth in Europe Hurts Stocks:
Stocks in Europe were under pressure before Tuesday’s open after a report showed economic growth in the Eurozone was slowing. In the US, retail sales toppped estimates and rose by the largest pace in five months. The Commerce Department said total retail sales swelled by +0.4% following a revised +0.3% rise in July. This was the second consecutive monthly gain and bodes well for the economic recovery.
Market Action- Confirmed Rally:
Tuesday’s action was considered normal after Monday’s large move. Overall, the action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) remains healthy. Looking forward, the window is now open for disciplined investors to begin carefully buying high-ranked stocks again. It was encouraging to see a flurry of high-ranked leaders trigger fresh technical buy signals and break out of sound bases in recent sessions. All the major averages jumped above their respective 200-day moving average (DMA) lines today which is another encouraging sign. The next important level to watch for the major averages are their summer highs. It is important to note that approximately 75% of FTDs lead to new sustained rallies, while 25% fail. In addition, every major rally in market history has begun with a FTD, but not every FTD leads to a new rally. Trade accordingly.
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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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