Nice start - 2011 gets off to a great start as we saw a sharp breakout above the recent tight trading range. The Dow gained 93-points and the other major indices all saw gains of between 1% and 2%... Market Commentary for 1/04/11 Current Daily Market Commentary
I don't know if I mentioned it previously, but I would have been surprised if the market didn't rally out the gate today. And while anyone can make a case that sentiment is flashing warning signs just about everywhere one looks, it's still a bull market and the trend is up. Breadth was very good today to boot.
Not that I think the market needed any reason to continue higher, but we did have some market data to support higher prices.
Construction spending in November
Well, the S&P 500 hit my upside target for this rally, which was 1275. I also mentioned that the target could be a moving target as we could see resistance when the S&P gets 125-points above the 200-day EMA, which is moving up every day, and it is currently 1152, so 1277 is the target, and this morning we've hit 1276.
I should sell, but I am going for another day (famous last words) since momentum is still strong and the 2nd trading day in January also has a strong historical
Tricky January - Last week saw very light holiday trading activity and the indices were mostly unchanged, that is except for the international stocks, which outperformed because of the recent weakness in the dollar... Market Commentary for 1/03/11 Current Daily Market Commentary
Happy New Year!
Here's the latest tracker charts for the first week of the new year.
The Top 50 are holding fast to a bullish position. These are generally not the folks who've been moving to cash the past week or so.
The Total Tracker shows a continued uptick in cash levels. That's a rise of 10% in the past 2 weeks.
I don't have much