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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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Stocks Soar On Strong Earnings & Housing Data
Wednesday, April 20, 2011
Stock Market Commentary:
Stocks soared on Wednesday, confirming their latest rally attempt, after a several high-profile companies released stronger-than-expected Q1 results and existing home sales easily topped estimates. From our vantage point, the healthy action confirmed the current rally attempt as all the major averages and a host of leading stocks are back above their respective 50 DMA lines and are flirting with fresh recovery highs. Now that the market is back in a confirmed rally, odds favor higher, not lower prices lie ahead.
Strong Earnings, Central Banks, & Solid Housing Data Lift Stocks
Several high profile companies released stronger than expected Q1 results between Tuesday’s close and Wednesday’s open. International Business Machines Corp. (IBM), Intel Inc. (INTC), AT&T (T), Wells Fargo (WFC), and Yahoo! Inc. (YHOO), were among some of the companies which released solid Q1 results and set the stage for Wednesday’s strong rally. It was very encouraging to see all the major averages jump back above their respective 50 DMA lines on heavy volume. After Wednesday’s close, a slew of high-profile companies released Q1 results. Some well-known names were tech giants Qualcomm (QCOM) & Apple (AAPL), F5 Networks (FFIV), American Express (AXP), Chipotle Mexican Grill (CMG), and Amgen Inc. (AMGN). Their results will likely set the stage for Thursday’s action. Keep in mind that the stock market is closed on Friday for Passover and Easter.
In other news, Sweden and Thailand’s central banks raised rates overnight which sent the greenback tumbling as the U.S. Fed shows no signs of raising rates in the foreseeable future. Existing home sales rose last month which was the latest piece of stronger-than-expected data from the ailing housing market.
Market Action- Market In A Confirmed Rally
From our point of view, the market is back in “rally-mode” as all the major averages continue to trade above their respective 50 DMA lines and are flirting with their 2011 highs! In addition, leading stocks have held up very well even as the major averages slid below their respective 50 DMA lines in mid-April. If you are looking for specific help navigating this market, please contact us for more information.
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© ChartYourTrade | Contact us: website@chartyourtrade.com
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.
Charts and Data are courtesy of MarketSmith Incorporated. Join MarketSmith here.
Terms of Service