23 Mar
Daily Market Commentary

Stocks Edge Higher On Stronger Than Expected Housing Market

Tuesday, March 23, 2010
Market Commentary:

The major averages ended higher after stronger-than-expected data was released from the ailing housing market. Volume totals were higher compared to Monday’s totals on both major exchanges. Advancers led decliners by over a 2-to-1 ratio on the NYSE and by a 2-to-1 ratio on the Nasdaq exchange. There were 77 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, higher than the 45 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.

Stronger Than Expected Housing Data Lifts Stocks:

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22 Mar
Daily Market Commentary

Stocks Rally After Health Care Passes

Monday, March 22, 2010
Market Commentary:

The major averages ended higher as the dollar fell after Congress passed the historic health care bill.  As expected,  volume contracted compared to Friday’s options inflated levels on both major exchanges. Advancers led decliners by nearly a 2-to-1 ratio on the NYSE and the Nasdaq exchange. There were 45 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, higher than the 37 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.

The Finances Of The Health Care Bill – Explained:

Late Sunday night, the US House of Representatives passed the historic health-care bill which will allow uninsured Americans to get medical coverage and add a whopping $940 billion in debt over the next decade. To pay for the plan, in 2013 the government wants to initiate new Medicare taxes on individuals who earn more than $200 thousand dollars a year and joint filers who earn more than $250 thousand dollars a year. Taxes will increase to 2.35% from 1.45% and a new 3.8% tax on unearned income such as dividends and interest will be created. Finally, there will be an excise tax of 2.3% on sale of medical devices.

Market Action- Confirmed Rally: 1 Distribution Day

The fact that there has only been one distribution day since the FTD bodes well for this nascent rally. It is also a welcome sign to see the market continue to improve as investors digest the latest round of stronger than expected economic and earnings data. Remember that now that a new rally has been confirmed, the window is open to start buying high quality breakouts. Trade accordingly.
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19 Mar
Daily Market Commentary

Week In Review: Stocks Edge Higher

Friday, March 19, 2010
Market Commentary:

The major averages ended higher this week and hit fresh multi month highs.  As expected, volume totals were reported higher on the Nasdaq exchange and on the NYSE compared to the prior session due to Friday’s quadruple witching session. Decliners led advancers by nearly a 3-to-1 ratio on the NYSE and by nearly a 2-to-1 ratio on the Nasdaq exchange. There were 37 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower than the 46 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.

Monday & Tuesday: Stocks Advance As Fed Holds Rates Steady

On Monday, stocks ended mixed as rumor spread that the Chinese or Indian Central Bank would raise rates in the near future. On Tuesday, the US Fed decided to hold rates steady near record lows and reiterated their stance to keep rates low as the economy continues to recover. Elsewhere, February housing starts were reported slightly better than expected, even though starts declined –5.9% from January.  Prices of goods imported into the U.S. in February fell more than forecast.  Health care stocks overcame modest pressure after House Speaker Nancy Pelosi said there will be enough votes in the House to pass health care reform.  Meanwhile, European markets advanced as European leaders worked out a plan for emergency aid to Greece if needed.  

Wednesday- Stocks Rally As Inflation Remains Low:

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18 Mar
Daily Market Commentary

Investors Digest A Slew Of Economic Data

Thursday, March 18, 2010
Market Commentary:

The major averages traded between positive and negative territory for most of the day after the dollar rose and investors digested a slew of economic data. Volume totals were reported lower on the Nasdaq exchange and on the NYSE compared to the prior session. Decliners led advancers by more than a 22-to-15 ratio on the NYSE and by a 5-to-4 ratio on the Nasdaq exchange. There were 46 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower than the 77 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.

Fed: To Raise, or Not To Raise, That Is The Question:

The dollar rallied after speculation increased that the Federal Reserve will raise its discount rate in the near future. The discount rate is the rate the Fed uses to charge banks for direct loans and was last raised after the market closed on Feb. 18, 2010. The Fed raised its discount rate by a quarter percentage point to +0.75% and said the move would encourage banks to rely more on money markets for short-term liquidity needs which would help stimulate the financial system.

Investors Digest A Slew of Economic Data:

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17 Mar
Daily Market Commentary

Stocks Rally As Inflation Eases

Wednesday, March 17, 2010
Market Commentary:

Stocks rose, sending the Dow Industrial average and the benchmark S&P 500 index to a fresh 18 month high and the Nasdaq composite rose to a fresh 19 month high after the latest round of healthy economic data was released. Volume totals were mixed; higher on the Nasdaq and lower on the NYSE compared to the prior session. Advancers led decliners by nearly a 3-to-1 ratio on the NYSE and by a 8-to-5 ratio on the Nasdaq exchange. There were 77 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.netBreakOuts Page, up from the 54 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges. The number of new highs on the NYSE jumped to  the highest level since 2005 which is a very healthy sign. 

Healthy Economic Data From Across The Globe:

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16 Mar
Daily Market Commentary

Stocks Edge Higher After Fed Holds Rates Steady

Tuesday, March 16, 2010
Market Commentary:

The benchmark S&P 500 index jumped to a fresh 17-month high after the Federal Reserve decided to hold rates steady and pledged to keep rates low as the economy continues to improve. Compared to the prior session, volume rose on the NYSE and Nasdaq exchange which was a welcomed sign. Advancers led decliners by a wide margin on both exchanges which was another healthy sign. There were 54 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, up from the 43 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.

Economic Data: Housing Starts Top Estimates

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15 Mar
Daily Market Commentary

Stocks End Mixed Ahead Of Fed Meeting

Monday, March 15, 2010
Market Commentary:

The major averages ended mixed as concern spread that China and India may begin seeking measures to curb their robust economies as inflation picks up. Compared to the prior session, volume fell on the NYSE and Nasdaq exchange. Decliners led advancers by a 11-to-8 ratio on the NYSE and by a 16-to-11 ratio on the Nasdaq exchange. There were 43 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, down from the 58 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.

US Dollar Up; Stocks & Commodities Mixed:

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12 Mar
Daily Market Commentary

Stocks End Week Higher

Friday, March 11, 2010
Market Commentary:

The major averages jumped to a new recovery high on the second week of the confirmed rally. Volume was very light which was not an encouraging sign as the major averages rallied. Advancers led decliners for most of the week and new 52-week highs again overwhelmingly trumped new lows on both exchanges which is a strong sign of accumulation.

Monday- Wednesday:

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11 Mar
Daily Market Commentary

Stocks End Higher On Light Volume

Thursday, March 11, 2010
Market Commentary:

The major averages edged higher after China said inflation jumped last month and mixed economic data was released. Volume totals were reported lower than the prior session on both major exchanges. Advancers led decliners by a 23-to-15 ratio on the NYSE and by nearly a 15-to-11 margin on the Nasdaq exchange. There were 35 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, down from the 50 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.

Chinese Inflation:

Overnight, China said inflation rose +2.7% in February, up from +1.5% in January. For the past few months, China has taken several steps to curb inflation and its robust economy. Their actions sent stocks lower as many people were concerned about what the ramifications would be for the ongoing economic recovery. Therefore, the higher reading on inflation could cause China to raise interest rates which could inturn hinder the economic recovery. 

Mixed Economic Data- Weekly Jobless Claims & Trade Data: 

In the US, two important economic reports were released: weekly jobless claims and the latest trade data. The Labor Department said weekly jobless claims fell by 6,000 to 462,000 which was a positive sign. Elsewhere, the Commerce Department said the trade deficit contracted in January due to a large drop in imported oil and cars. The report also showed that US exports slid -0.3% which was concerning because the drop in overseas sales could slow the recovery.

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10 Mar
Daily Market Commentary

10th Anniversary Of The 2000 Dot-Com Bubble

Wednesday, March 10, 2010
Market Commentary:

US stocks ended higher on the tenth anniversary of the 2000 dot-com bubble. Volume, a critical gauge of institutional demand, was reported mixed compared to the prior session; higher on the Nasdaq exchange and lower on the NYSE. Advancers led decliners by a 2-to-1 ratio on the NYSE and by nearly a 2-to-1 margin on the Nasdaq exchange. There were 50 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, down from the 62 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.

10 Years Since The 2000 Top!

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