After Nearly 10 Years of writing our daily stock market commentary, due to time constraints, this will become a weekly note-
Starting May 1, 2012.
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Tuesday, April 24, 2012
Stock Market Commentary:
Housing & Earnings Data Dominate The Headlines:
Stocks and a slew of risk assets opened higher on Monday as investors digested the latest round of economic and earnings data. A slew of earnings data was released which largely topped estimates. Meanwhile, the housing data was not ideal. The S&P Case-Shiller index, which measures home prices in 20 metropolitan areas around the country, fell for a sixth straight month. A separate report showed that new home sales plunged -7.1% which was the largest drop in almost a year and is not ideal for the ailing housing market, the jobs market, or the broader economy. The Conference Board said its consumer confidence index fell which is not ideal.
Market Outlook- In A Correction
From our point of view, the market is still digesting its strong move in Q1 of 2011. The major averages are currently struggling with their respective 50 DMA lines as investors digest a slew of earnings and economic data. As always, keep your losses small and never argue with the tape. If you are looking for specific help navigating this market, feel free to contact us for more information. That’s what we are here for!