Thursday, February 3, 2011
Stock Market Commentary:
Stocks ended relatively flat after geopolitical woes continued for a 10th day in Egypt and the latest economic and earnings data topped estimates. The fact that the major averages bounced back sharply earlier this week illustrates how strong this market actually is.
Jobless Claims And Service Index:
Before Thursday’s open, the Labor Department said jobless claims jumped 51,000 to 454,000 last week. In other news, factor orders rose +0.2% in December and the ISM’s service index rose to 59.4, topping the Street’s estimate. This was the fastest increase for the service index since August 2005. A slew of earnings came out without any major ground breaking headlines to report. At this point, all eyes are on Friday’s jobs report and the ongoing geopolitical turmoil in the Middle East.
Market Action- Market In Confirmed Rally; Week 23
It was encouraging to see the bulls show up and defend the major averages’ respective 50 DMA lines as this market proves resilient and simply refuses to go down. 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. 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 Quiet Ahead of Jobs Report
Thursday, February 3, 2011
Stock Market Commentary:
Stocks ended relatively flat after geopolitical woes continued for a 10th day in Egypt and the latest economic and earnings data topped estimates. The fact that the major averages bounced back sharply earlier this week illustrates how strong this market actually is.
Jobless Claims And Service Index:
Before Thursday’s open, the Labor Department said jobless claims jumped 51,000 to 454,000 last week. In other news, factor orders rose +0.2% in December and the ISM’s service index rose to 59.4, topping the Street’s estimate. This was the fastest increase for the service index since August 2005. A slew of earnings came out without any major ground breaking headlines to report. At this point, all eyes are on Friday’s jobs report and the ongoing geopolitical turmoil in the Middle East.
Market Action- Market In Confirmed Rally; Week 23
It was encouraging to see the bulls show up and defend the major averages’ respective 50 DMA lines as this market proves resilient and simply refuses to go down. 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. 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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