On Thursday, stocks tanked as the US dollar jumped and concern spread about inflation in China. The current crisis in the Middle East remains in flux which is putting upward pressure on oil and gold and downward pressure on equities. The benchmark S&P 500 is up nearly 100% from its March 2009 low, and still about -16% off its all time high from October 2007. On average, market internals remain healthy as the major averages bounced after finding support near their respective 50 DMA lines in late February and early March.
Jobless Claims & U.S. Trade Deficit:
Before Thursday’s open, the Labor Department said jobless claims rose by 26,000 to 397,000 last week. This topped the Street’s estimate of 376,000, and bodes poorly for the ailing jobs markets. Elsewhere, the Commerce Department said the U.S. trade deficit widened more than expected in January. Imports surged largely due to extremely high crude oil prices and overshadowed record exports. Imports rose +5.2%, which is the most since March 1993, while exports grew +2.7%.
Market Action- Market In A Correction; Week 28 Ends
The tech-heavy Nasdaq composite, Dow Jones Industrial Average, S&P 500, and the Philly semiconductor index ($SOX), and small cap Russell 2000 index, all violated their respective 50 DMA lines on Thursday which officially ended the current 28-week rally that began on the September 1, 2010 follow-through day (FTD). This underscores the importance of raising cash and playing strong defense until a new FTD emerges. If you are looking for specific help navigating this market, 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 Slice Below 50 DMA Line As Dollar Jumps
Thursday, March 10, 2011
Stock Market Commentary:
On Thursday, stocks tanked as the US dollar jumped and concern spread about inflation in China. The current crisis in the Middle East remains in flux which is putting upward pressure on oil and gold and downward pressure on equities. The benchmark S&P 500 is up nearly 100% from its March 2009 low, and still about -16% off its all time high from October 2007. On average, market internals remain healthy as the major averages bounced after finding support near their respective 50 DMA lines in late February and early March.
Jobless Claims & U.S. Trade Deficit:
Before Thursday’s open, the Labor Department said jobless claims rose by 26,000 to 397,000 last week. This topped the Street’s estimate of 376,000, and bodes poorly for the ailing jobs markets. Elsewhere, the Commerce Department said the U.S. trade deficit widened more than expected in January. Imports surged largely due to extremely high crude oil prices and overshadowed record exports. Imports rose +5.2%, which is the most since March 1993, while exports grew +2.7%.
Market Action- Market In A Correction; Week 28 Ends
The tech-heavy Nasdaq composite, Dow Jones Industrial Average, S&P 500, and the Philly semiconductor index ($SOX), and small cap Russell 2000 index, all violated their respective 50 DMA lines on Thursday which officially ended the current 28-week rally that began on the September 1, 2010 follow-through day (FTD). This underscores the importance of raising cash and playing strong defense until a new FTD emerges. If you are looking for specific help navigating this market, 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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