Stocks soared on Tuesday as the US dollar plunged and central banks in Japan and Australia surprised the Street with their decisions on interest rates. Volume totals were reported higher on the NYSE and on the Nasdaq exchange compared to Monday’s session which signaled that large institutions were aggressively accumulating stocks. Advancers trumped decliners by over a 4-to-1 ratio on the NYSE and on the Nasdaq exchange, while new 52-week highs easily outnumbered new 52-week lows on both exchanges. There were 86 high-ranked companies from the CANSLIM.net Leaders List made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, up nicely from the 19 issues that appeared on the prior session.
Japan & Australia’s Central Banks Surprise Wall Street:
Overnight, the US dollar plunged after the Bank of Japan cut rates to zero, announced another round of asset purchases, and Australia’s central bank held rates steady. Both banks caught analysts off guard which sent stocks and a slew of commodities soaring in overnight trade. Stocks extended their rally after the ISM’s service index rebounded and topped estimates. The faster-than-expected report bodes well for the global recovery.
Market Action: Confirmed Rally:
The action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) has been very strong and stocks are simply pausing to consolidate their recent gains. It was encouraging to see the bulls show up and defend support (formerly resistance) in recent weeks. The next level of support for the major averages is their respective 200-day moving average (DMA) lines while the next level of resistance is their respective April highs. 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 Soar As Dollar Plunges
Tuesday, October 5, 2010
Stock Market Commentary:
Stocks soared on Tuesday as the US dollar plunged and central banks in Japan and Australia surprised the Street with their decisions on interest rates. Volume totals were reported higher on the NYSE and on the Nasdaq exchange compared to Monday’s session which signaled that large institutions were aggressively accumulating stocks. Advancers trumped decliners by over a 4-to-1 ratio on the NYSE and on the Nasdaq exchange, while new 52-week highs easily outnumbered new 52-week lows on both exchanges. There were 86 high-ranked companies from the CANSLIM.net Leaders List made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, up nicely from the 19 issues that appeared on the prior session.
Japan & Australia’s Central Banks Surprise Wall Street:
Overnight, the US dollar plunged after the Bank of Japan cut rates to zero, announced another round of asset purchases, and Australia’s central bank held rates steady. Both banks caught analysts off guard which sent stocks and a slew of commodities soaring in overnight trade. Stocks extended their rally after the ISM’s service index rebounded and topped estimates. The faster-than-expected report bodes well for the global recovery.
Market Action: Confirmed Rally:
The action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) has been very strong and stocks are simply pausing to consolidate their recent gains. It was encouraging to see the bulls show up and defend support (formerly resistance) in recent weeks. The next level of support for the major averages is their respective 200-day moving average (DMA) lines while the next level of resistance is their respective April highs. 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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