Monday, May 09, 2011
Stock Market Commentary:
Stocks and a host of commodities rallied after last week’s week-long “Flash Crash.” From our vantage point, the market rally remains under pressure due to the lackluster action in the major averages and so many leading stocks.
Stocks Rally As Jobs Related Bounce Continues
Stocks and a host of commodities rallied on the first day of the week, rebounding from last week’s very sharp sell off. It was encouraging to see a slew of leading stocks hold up rather well during lat week’s sell off ranging from: AAPL, NFLX, BIDU, PCLN, GMCR, MCP, & AMZN.
Market Outlook- Rally Under Pressure
From our point of view, the market rally is under pressure which suggests caution is paramount at this stage. Looking forward, the next level of support for the major averages are their respective 50 DMA lines. The rally remains in tact as long as support holds. If you are looking for specific help navigating this market, please contact us for more information.