Friday, July 16, 2010 Stock Market Commentary: Friday’s plunge negated the week’s gains as investors digested a slew of economic and earnings data. As expected, volume was reported higher than Thursday’s session on both exchanges due to options expirations. There were only 4 high-ranked companies from theCANSLIM.net Leaders List that made a new 52-week high and appeared…
The major averages spent the first two weeks of July rallying from extremely oversold levels before encountering stubborn resistance near their moving averages and downward trendlines. We have seen stocks fail at resistance multiple times since the two month downtrend began in late April. The major averages are at a critical inflection point: either break above resistance or rollover and begin another downtrend.
Discussing the SEC’s landmark case against Goldman Sachs, with Andrew Ross Sorkin, NY Times; Jim LaCamp, Microportfolio Advisors; Joseph Grundfest, former SEC commissioner and CNBC’s Kate Kelly.
Discussing Bank of America’s quarterly results, with Brian Moynihan, Bank of America president & CEO.
Homeowners struggling to pay their mortgages are letting homeowners associations fees slide, and now HOAs are fighting back and foreclosing. Tom Skiba, of the Community Associations Institute; Bill Davis, an attorney; and CNBC’s Diana Olick discusses this trend.
Looking forward, the window remains open for disciplined investors to carefully buy high-ranked stocks. Since the current rally began on July 1, the major averages have rallied on suspiciously light volume but has improved in recent sessions. It is ideal to see volume expand as the major averages break above resistance and see a new batch of high ranked leaders trigger fresh technical buy signals. These latest improvements are helping to confirm this nascent rally and provide a reassurance that odds are more favorable for successful investing using the fact-based system.
Kathleen Murphy, president of Fidelity Personal Investing, shares her tips on playing this volatile market.
Breaking news on the state of the labor market and inflation, with the CNBC team.
The uncertainty of the econoic recovery in Europe and the States has created some to worry about a double-dip, with Mark Mobius, Templeton Asset Mgmt.
Insight on JPMorgan’s business and earnings, with Dick Bove, Rochdale Securities.