Bullish Week On Wall Street After all was said and done the bulls emerged victorious last week, defended support and regained control of the market. On a weekly basis, the S&P 500 (SPX) enjoyed a large positive and outside reversal – both healthy signs. A positive reversal occurs when the asset opens lower and closes higher. This…
Stocks Fell In January Stocks fell for the week and month as global fears remained front and center and earnings mostly upbeat. The big story for the month was manic action from global central banks. In January, we saw the Swiss National Bank (SNB) shock markets when they did a 180 in policy and removed their…
The Central Bank Put Is Alive & Well Stocks snapped a three week losing streak and the benchmark S&P 500 jumped and closed above its 50 day moving average line for the first time since early January (healthy sign). Buyers returned after the European Central Bank (ECB) announced that they will print $60B euros a…
Central Bank Madness Hurts…Capital Markets Stocks fell for a third consecutive week as deflation and global economic malaise weight on asset classes across the globe. On Thursday, the Swiss National Bank (SNB) shocked markets and did an about face when they stopped pegging their currency to the euro. This sent caused an immediate panic in…
U.S. Economy Continues To Get Stronger, Not Weaker It was a bumpy week on Wall Street but after all was said and done the bulls emerged victorious. Stocks fell hard in the beginning of the week, bounced hard in the middle of the week, and were down for most of Friday but rallied and closed…
Stocks Pullback On Shortened Holiday Week Stocks fell last week causing the S&P 500 to pullback to its 50 DMA line and the small cap Russell 2000 to negate its latest breakout. Energy prices continued to implode last week as sellers remain in clear control. Separately, the US dollar soared to a 9 year high…
Rally Continues On Wall Street Stocks continued to rally last week, helping the small cap Russell 2000 to jump to fresh record highs. On Christmas day, China’s central bank eased lending requirements which was viewed as another (bullish) step to stimulate their economy. The big news last week came from the natural gas market, not…
The US dollar dominated the headlines on Thursday, and sent a slew of dollar denominated assets lower (mainly stocks and commodities). The major averages continued pulling back from important resistance levels and appear to be headed for support (just above their respective 50 day moving average lines). Until either support or resistance is breached, expect this bracketed (sideways) action to continue.
The major averages advanced on Wednesday as the greenback slid to a 14-year low against the yen after the latest round of economic data was released. As expected, volume, a critical component of institutional demand, was lower than Tuesday’s levels ahead of the the Thanksgiving day holiday. The stock market will be closed on Thursday and is slated to close early on Friday (1pm EST) in oberservence of the holiday. Advancers led decliners by over a 2-to-1 ratio on the NYSE but trailed by a narrow margin on the Nasdaq exchange. There were 22high-ranked companies from the CANSLIM.net Leaders List making a new 52-week high and appearing on the CANSLIM.net BreakOuts Page, higher from the 12 issues that appeared on the prior session. In terms of new leadership, it was encouraging to see new 52-week highs outnumber new 52-week lows on the NYSE and Nasdaq exchange.
Monday’s (11.16.09) after market report analyzes the important events of the day.