The major averages traded between positive and negative territory after consumer confidence and home prices topped estimates. Volume totals on the NYSE and on the Nasdaq exchange were reported mixed; higher on the Nasdaq and lower on the NYSE while advancers led decliners by about a 10-to-9 ratio on the NYSE and by about a 15-to-13 ratio on the Nasdaq exchanges. There were 44 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, higher than the 31 issues that appeared on the prior session. New 52-week highs outnumbered new lows on both exchanges yet again.
Housing & Consumer Confidence Top Estimates:
Housing stocks sold off after the S&P/Case-Shiller index of home prices was released. The 20-city home-price index unexpectedly rose +0.3% in January. The closely watched index tracks monthly changes of home prices in 20 metropolitan regions across the country and is used as a proxy for the underlying health of the residential real estate market. Elsewhere, the Conference Board released its consumer sentiment index which rose to +52.5 in March, up from +46.4 in February.
Overseas Economic Data Hurts Stocks:
Overseas, Standard & Poor’s cut Iceland’s currency’s credit rating as the small nation continues to make its way out of the worst economic crisis in several generations. In Europe, it was a bit disconcerting to see Greece only sell half the 12-year bonds needed to raise additional funds.
Market Action- Confirmed Rally:
The fact that there have only been three distribution days since the follow-though-day (FTD) bodes well for this nascent rally. It is also a welcome sign to see the market continue to improve as investors digest the latest round of stronger than expected economic and earnings data. Remember that now that a new rally has been confirmed, the window is open to proactively be buying high quality breakouts meeting the investment system guidelines. Trade accordingly.
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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 On Healthy Economic Data
Tuesday, March 30, 2010
Market commentary:
The major averages traded between positive and negative territory after consumer confidence and home prices topped estimates. Volume totals on the NYSE and on the Nasdaq exchange were reported mixed; higher on the Nasdaq and lower on the NYSE while advancers led decliners by about a 10-to-9 ratio on the NYSE and by about a 15-to-13 ratio on the Nasdaq exchanges. There were 44 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, higher than the 31 issues that appeared on the prior session. New 52-week highs outnumbered new lows on both exchanges yet again.
Housing & Consumer Confidence Top Estimates:
Housing stocks sold off after the S&P/Case-Shiller index of home prices was released. The 20-city home-price index unexpectedly rose +0.3% in January. The closely watched index tracks monthly changes of home prices in 20 metropolitan regions across the country and is used as a proxy for the underlying health of the residential real estate market. Elsewhere, the Conference Board released its consumer sentiment index which rose to +52.5 in March, up from +46.4 in February.
Overseas Economic Data Hurts Stocks:
Overseas, Standard & Poor’s cut Iceland’s currency’s credit rating as the small nation continues to make its way out of the worst economic crisis in several generations. In Europe, it was a bit disconcerting to see Greece only sell half the 12-year bonds needed to raise additional funds.
Market Action- Confirmed Rally:
The fact that there have only been three distribution days since the follow-though-day (FTD) bodes well for this nascent rally. It is also a welcome sign to see the market continue to improve as investors digest the latest round of stronger than expected economic and earnings data. Remember that now that a new rally has been confirmed, the window is open to proactively be buying high quality breakouts meeting the investment system guidelines. Trade accordingly.
Professional Money Management Services: Free Portfolio Review
Our skilled team of portfolio managers knows how to follow the rules of this fact-based investment system. If your portfolio is greater than $100,000 and you would like a free portfolio review, please Click Here to get connected with one of our portfolio managers. ** Serious inquires only, please.
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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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