Monday, November 15, 2010
Stock Market Commentary:
Stocks and commodities ended mixed as the USD advanced against the euro. Volume patterns remain relatively healthy as the major averages have now entered their 12th week of their ongoing rally. On average, market internals remain healthy evidenced by an upward sloping Advance/Decline line and the fact that new 52-week highs continue to easily outnumber new 52-week lows on both exchanges.
EU Debt Woes Continue To Weigh On Markets:
The “big” story that continues to weigh on the market is the ongoing geopolitical woes in Europe. Over the weekend, both the IMF and Irish government said Ireland does not need additional aid to stay solvent. In Italy, four top officials in Italian Prime Minister Silvio Berlusconi’s government, including a Cabinet minister, will resign today in a move designed to trigger early elections and topple oust the current regime. In the U.S., retail sales topped estimates in October, thanks in part to stronger auto sales. The news helped lift stocks and offset concern from a softer than expected mfg report from the NY region.
Market Action- Confirmed Rally, Week 12:
Heretofore, the action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) has been strong but the market action has been wide-and-loose which is not a healthy sign. The next level of support for the major averages is their October highs (SPX 1185-1190), then their respective 50-day moving average (DMA) lines. 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 End Mixed As US Dollar Rallies
Monday, November 15, 2010
Stock Market Commentary:
Stocks and commodities ended mixed as the USD advanced against the euro. Volume patterns remain relatively healthy as the major averages have now entered their 12th week of their ongoing rally. On average, market internals remain healthy evidenced by an upward sloping Advance/Decline line and the fact that new 52-week highs continue to easily outnumber new 52-week lows on both exchanges.
EU Debt Woes Continue To Weigh On Markets:
The “big” story that continues to weigh on the market is the ongoing geopolitical woes in Europe. Over the weekend, both the IMF and Irish government said Ireland does not need additional aid to stay solvent. In Italy, four top officials in Italian Prime Minister Silvio Berlusconi’s government, including a Cabinet minister, will resign today in a move designed to trigger early elections and topple oust the current regime. In the U.S., retail sales topped estimates in October, thanks in part to stronger auto sales. The news helped lift stocks and offset concern from a softer than expected mfg report from the NY region.
Market Action- Confirmed Rally, Week 12:
Heretofore, the action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) has been strong but the market action has been wide-and-loose which is not a healthy sign. The next level of support for the major averages is their October highs (SPX 1185-1190), then their respective 50-day moving average (DMA) lines. 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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