CIT Names John Thain CEO
Airtime: Mon. Feb. 8 2010 | 6:02 AM ET
Former Merrill Lynch CEO John Thain has been given the top job at CIT. Andrew Ross Sorkin, of the NY Times, and the CNBC news team discuss.
Airtime: Mon. Feb. 8 2010 | 6:02 AM ET
Former Merrill Lynch CEO John Thain has been given the top job at CIT. Andrew Ross Sorkin, of the NY Times, and the CNBC news team discuss.
Market Action: Price & Volume B+
As we know, the major averages topped out in October 2007 and then proceeded to precipitously plunge until they put in a near-term bottom in early March 2009. Since then, the market snapped back and enjoyed hefty gains which helped send the major averages to one of their strongest 18-month rallies in history. The small cap Russell 2000 Index was the standout winner, surging a whopping +117%. The tech-heavy Nasdaq Composite is a close second, having vaulted +100%before reaching its interim high of 2,535 on April 26, 2010. The benchmark S&P 500 Index raced+83% higher before hitting its near term high of 1,219 on April 26, 2010, and the Dow Jones Industrial Average soared +74% before printing its near-term high of 11,258 on April 26, 2010.
This data indicates that Monday, April 26, 2010 appeared to be a very important day for the market because that is the day that most of the popular averages printed their near-term highs and negatively reversed by closing lower from new recovery highs. In addition, after such hefty moves, the 11-18% pullback was healthy enough to help shake out the weak hands and send the major averages higher last month. However, if the 2010 lows are further breached, then odds will favor that even lower prices will follow. Allow us to be clear: the action since the July low has been robust, very healthy, and suggests the bulls are now back in control of this market. Trade accordingly. Never argue with the tape, and always keep your losses small.
Market Outlook- Confirmed Rally:
The major U.S. averages are back in a new confirmed rally and broke above resistance of their 6-week base. The benchmark S&P 500 index scored a proper FTD on Tuesday, October 18, 2011, i.e. Day 12, when it rallied over 2% on heavier volume than the prior session. The next important area of resistance is its longer term 200 DMA line. In addition, it is important to note that the bulls scored a victory since many of the major averages closed above their downward sloping 50 DMA lines for the first time since late July! Our longstanding clients/readers know, we like to filter out the noise and focus on what matters most: market action. If you are looking for specific help navigating this market, please contact us for more information.
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This data indicates that Monday, April 26, 2010 appeared to be a very important day for the market because that is the day that most of the popular averages printed their near-term highs and negatively reversed by closing lower from new recovery highs. In addition, after such hefty moves, a 10-18% pullback, if the indices can prove resilient enough to hold their ground near current levels, would be quite normal before the bulls return and send this market higher. However, if the 2010 lows are further breached, then odds will favor that even lower prices will follow. In addition, the downward sloping 50 DMA line undercut the longer-term 200 DMA line for many of the indices which is known as a death cross and is not a healthy sign. Trade accordingly. Never argue with the tape, and always keep your losses small.
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December 2010 Stock Market Commentary: The major averages surged in December and enjoyed double digit gains in 2010. Furthermore, the 18-week rally which was confirmed on the September 1, 2010 follow-through day (FTD) remains intact which is a healthy sign for 2011. Background: Before we address the current market outlook, it is important to step…
Art Cashin, head of floor operations at UBS, has the buzz from the NYSE.