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Negative Reversal From Resistance; Stocks Give Back Earlier Gains
Heretofore, the action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) has been strong but the market action has been wide-and-loose which is not a healthy sign. The S&P 500 sliced below its two month upward trendline (shown above) which is not ideal. The next level of support for the major averages is their September highs, then their respective 200-day moving average (DMA) lines while the next level of resistance is their respective April highs. We have enjoyed large gains since the September 1st FTD and over the past two weeks, the tape remains somewhat sloppy. Trade accordingly.
Adam Sarhan Reuters Gold Quote
“Once the 50-day average is broken on a weekly basis, it a first sign of weakness and that the trend may be changing,” said Adam Sarhan at Sarhan Capital.
CIT Names John Thain CEO
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.
A Brief History of The Global Economy
LIKE THIS? JOIN OUR FREE NEWSLETTER Has copper lost its importance? The basic premise is that for the past few years, copper and other industrial metals, no longer play a critical role for global economic growth. Don’t take my word for it; the proof is in the charts. Since 2011, copper prices have been…
Is The Market Expensive?
I’m frequently asked: Is the Market Expensive? Value is Subjective: I believe the answer is very subjective. My standard response is: “Value, like beauty, is in the eye of the beholder.” -Adam Sarhan P/E Ratio: The P/E ratio is a common ratio used to measure a market (or stock’s ) value. The ratio is derived…
German Investor Sentiment Falls
German investor sentiment fell sharply in August, according to the ZEW index Tuesday. Frieder Mokinski from ZEW, Carsten Brzeski from ING Bank and Dan Greenhaus from Miller Tabak & Co. consider the outlook.