Stocks Edge Higher On Solid Economic Data
Thursday, December 16, 2010
Stock Market Commentary:
The major US averages continued trading in a relatively tight range as a flurry of headlines crossed the wires. Market internals remain healthy, evidenced by an advancing advance/decline line and an expanding number of stocks reaching new 52-week highs. However, volume patterns are not ideal which weighs on this market.
Spain’s Bond Auction & US Economic Data:
Spain’s bonds slid, sending the 10-year yield up four basis points to 5.56%, after the country sold 2.4 billion euros of 10-year and 15-year bonds at an auction on Thursday. The Bank of Spain said that the results were just below a maximum target of 3 billion euros. In the US, the Labor Department said jobless claims unexpectedly fell by -3,000 to 420,000 last week. Elsewhere, the Commerce Department said, housing starts swelled to a 555,000 annual rate last month which was 3.9% higher than October’s level. Finally, the Federal Reserve Bank of Philadelphia’s general economic index rose to 24.3 which topped the median forecast of 15, as orders and the factory workweek rose.
Market Action- Market In Confirmed Rally Week 16
It is encouraging to see the bulls show up and defend the 50 DMA lines for the major averages. The market remains in a confirmed rally until those levels are breached. The tech-heavy Nasdaq composite and small-cap Russell 2000 indexes continue to lead evidenced by their shallow correction and strong recovery. Put simply, stocks are strong. Trade accordingly. If you are looking for specific high ranked ideas, please contact us for more information.
Are You Looking For Someone To Manage Your Money?
Our Private Wealth Management Services Can Help You!
Sarhan Wealth Management provides both global macro and equity only consulting services to high net worth and institutional clients around the world. For years, our clientele has participated in the firm’s objective market-based outlook, which has one primary goal: to provide robust trading ideas across all asset classes. Since 2004 we have outperformed the S&P 500 on a regular basis. These results are based solely on our weekly research. All our historical data is available upon request.
How we can improve your performance:
- Achieve better results in the market by working with an objective third party.
- Provide you with sound buy/sell ideas in real-time.
- Provide objective feedback on your investment ideas and market outlook.
- Contribute profitable ideas to your investment committee (if applicable).
- All investment ideas are fully transparent, unbiased, and based on market action, not opinions.
- Help create uniformed structure within your organization.
