Thursday, December 29, 2011 Stock Market Commentary: Stocks opened higher after the latest round of economic data was announced and an Italian bond auction came in below the worst case scenario that many pundits were worried about. From our point of view, Thursday marked Day 7 of the current rally attempt which means the window…
Monday, November 28, 2011 Stock Market Commentary: Risk assets surged across the world as rumor spread that EU officials were working on a new super deal to save the ailing Euro. Monday marked Day 1 of a new rally attempt which means the earliest a possible follow-through day (FTD) could emerge will be Thursday, providing…
Market Outlook- Market In A Correction:
From our point of view, the market is back in a correction now that all the major averages closed below their respective 50 DMA lines and important upward trendlines. Since the beginning of May, we have urged our clients and readers to be extremely cautious as the major averages and a host of commodities began selling off. Looking forward, the next level of resistance for the major averages is their recent lows (i.e. 1294 in the S&P 500) and then their respective 50 DMA lines. The next level of support is their longer term 200 DMA lines and then their March 2011 lows.
For those of you that are interested, the S&P 500 hit a new 2011 high on May 2, 2011. Two days later, on Wednesday, May 4, 2011, we turned cautious and said “The Rally Was Under Pressure” (read here). Then on Monday, 5.23.11, we changed our outlook to “Market In A Correction” (read here). On Monday June 6, 2011 we pointed out that the S&P 500 violated its 9-month upward trendline (read here) and reiterated our cautious stance. We have received a lot of “thank you” emails for being “spot on” in our cautious approach. We are humbled by your presence and very thankful for your continued support. If you are looking for specific help navigating this market, please contact us for more information.
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