The major averages soared on the first trading day of the month after news broke that Greece will bailout. Volume totals on Monday were reported lower on the NYSE and on the Nasdaq exchange compared to Friday’s levels. Advancers led decliners by about a 3-to-1 ratio on the NYSE and by over a 2-to-1 ratio on the Nasdaq exchange. New 52-week highs easily trumped new 52-week lows. There were only 18 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower than the 38 issues that appeared on the prior session. A healthy crop of new leaders making new highs bodes well for any market rally.
Greece Bailout, Healthy Earnings & Economic Data Lifts Stocks:
Over the weekend, news broke that the EU will spend $146 billion to bailout Greece. The news sent the EU plunging as fear spread that other EU nations might also need assistance. In the US, billionaire investor, Warren Buffett defended Goldman Sachs Group Inc. (GS) at his annual shareholders meeting in Omaha. Last year, Buffett invested $5 billion in the investment bank and said the bank should not be blamed for losses on lousy mortgage bets. Elsewhere, US manufacturing grew at the fastest pace since 2004 and personal income and spending also rose which helped lift stocks. Approximately +78% of the S&P 500 companies that have reported their Q1 results have topped estimates which bodes well for the economic recovery.
Market Action- Confirmed Rally:
It is important to note that the major averages have been steadily rallying since early February and a pullback of some sort should be expected. The increasing number of distribution days is putting pressure on this 10-week rally. However, the fact that the market continues to shrug off most of the negative data bodes well for the bulls.
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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 Jump After Greek Bailout
Monday, May 3, 2010
Market Commentary:
The major averages soared on the first trading day of the month after news broke that Greece will bailout. Volume totals on Monday were reported lower on the NYSE and on the Nasdaq exchange compared to Friday’s levels. Advancers led decliners by about a 3-to-1 ratio on the NYSE and by over a 2-to-1 ratio on the Nasdaq exchange. New 52-week highs easily trumped new 52-week lows. There were only 18 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower than the 38 issues that appeared on the prior session. A healthy crop of new leaders making new highs bodes well for any market rally.
Greece Bailout, Healthy Earnings & Economic Data Lifts Stocks:
Over the weekend, news broke that the EU will spend $146 billion to bailout Greece. The news sent the EU plunging as fear spread that other EU nations might also need assistance. In the US, billionaire investor, Warren Buffett defended Goldman Sachs Group Inc. (GS) at his annual shareholders meeting in Omaha. Last year, Buffett invested $5 billion in the investment bank and said the bank should not be blamed for losses on lousy mortgage bets. Elsewhere, US manufacturing grew at the fastest pace since 2004 and personal income and spending also rose which helped lift stocks. Approximately +78% of the S&P 500 companies that have reported their Q1 results have topped estimates which bodes well for the economic recovery.
Market Action- Confirmed Rally:
It is important to note that the major averages have been steadily rallying since early February and a pullback of some sort should be expected. The increasing number of distribution days is putting pressure on this 10-week rally. However, the fact that the market continues to shrug off most of the negative data bodes well for the bulls.
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 $250,000 and you would like a free portfolio review, 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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