Stocks & Commodities Get Smacked As USD Rallies
Stocks & Commodities Get Smacked As USD Rallies
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Stocks Rally on Election Day
Tuesday, November 2, 2010 Stock Market Commentary: Stocks rallied on Tuesday as the nation went to the polls. Volume patterns remain healthy as the major averages have now begun their 10th week of their ongoing rally. However, it is important to note that there have been an ominous number of distribution days that have emerged…
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Stocks End Flat Ahead of GDP Data
Heretofore, the action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) has been strong but the market action has been wide-and-loose which is not a healthy sign. The S&P 500 sliced below its two month upward trendline (shown above) which is not ideal. The next level of support for the major averages is their September highs, then their respective 200-day moving average (DMA) lines while the next level of resistance is their respective April highs. We have enjoyed large gains since the September 1st FTD and for the first time, the tape is getting sloppy. Trade accordingly.
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Stocks Mixed, Commodities Down; USD Up
Heretofore, the action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) has been strong but the market action has been wide-and-loose which is not a healthy sign. The S&P 500 sliced below its two month upward trendline (shown above) which is not ideal. The next level of support for the major averages is their September highs, then their respective 200-day moving average (DMA) lines while the next level of resistance is their respective April highs. We have enjoyed large gains since the September 1st FTD and for the first time, the tape is getting sloppy. Trade accordingly.