The major US averages rallied smartly on Monday and hit new recovery highs after spending a few weeks in a tight trading range. Heretofore, market internals remain healthy evidenced by broad leadership, favorable volume patterns, a rising advance/decline line, and a healthy number of new highs on both major exchanges.
Economic Data, Fed Minutes, & Geo Political Woes Dominate The Headlines:
Stocks slid on Tuesday after a Pakistani Governor was shot by his bodyguard and US factories unexpectedly rose in November. US factory orders rose thanks in part to solid gains for capital equipment and strong exports. The Commerce Department said factory orders rose + 0.7% which easily beat the Street’s estimate for a -0.1% decline. The report also showed that orders for capital goods rose +2.6%. The Fed released the minutes of their last meeting which supported QE II and left the door open for additional economic stimulus. Overseas, A prominent Pakistani politician from the ruling People’s Party was assassination by his bodyguard. The politician recently spoke out against the country’s controversial blasphemy laws which is a clearly a controversial and sensitive topic.
Market Action- Market In Confirmed Rally Week 19
It is encouraging to see the bulls show up in November and defend the 50 DMA lines for the major averages. The market remains in a confirmed rally until those levels are breached. The tech-heavy Nasdaq composite and small-cap Russell 2000 indexes continue to lead evidenced by their shallow correction and strong recovery. However, it is important to note that stocks are a bit extended here and a pullback of some sort (back to the 50 DMA lines) would do wonders to restore the health of this bull market. Put simply, stocks are strong. Trade accordingly. If you are looking for specific high ranked ideas, 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 Pullback After Monday’s Strong Open
Tuesday, January 4, 2011
Stock Market Commentary:
The major US averages rallied smartly on Monday and hit new recovery highs after spending a few weeks in a tight trading range. Heretofore, market internals remain healthy evidenced by broad leadership, favorable volume patterns, a rising advance/decline line, and a healthy number of new highs on both major exchanges.
Economic Data, Fed Minutes, & Geo Political Woes Dominate The Headlines:
Stocks slid on Tuesday after a Pakistani Governor was shot by his bodyguard and US factories unexpectedly rose in November. US factory orders rose thanks in part to solid gains for capital equipment and strong exports. The Commerce Department said factory orders rose + 0.7% which easily beat the Street’s estimate for a -0.1% decline. The report also showed that orders for capital goods rose +2.6%. The Fed released the minutes of their last meeting which supported QE II and left the door open for additional economic stimulus. Overseas, A prominent Pakistani politician from the ruling People’s Party was assassination by his bodyguard. The politician recently spoke out against the country’s controversial blasphemy laws which is a clearly a controversial and sensitive topic.
Market Action- Market In Confirmed Rally Week 19
It is encouraging to see the bulls show up in November and defend the 50 DMA lines for the major averages. The market remains in a confirmed rally until those levels are breached. The tech-heavy Nasdaq composite and small-cap Russell 2000 indexes continue to lead evidenced by their shallow correction and strong recovery. However, it is important to note that stocks are a bit extended here and a pullback of some sort (back to the 50 DMA lines) would do wonders to restore the health of this bull market. Put simply, stocks are strong. Trade accordingly. If you are looking for specific high ranked ideas, 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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