Sterling Market Commentary for Monday February 11th, 2013
A Look at Friday’s Market: The overall market moved moderately higher in a relatively broad based move on Friday that saw the vast majority of the various sector indices I follow move higher as well. The Dow Jones Industrial Average is just shy of its short term closing high set earlier this month, and the S&P 500 managed to close at a new high. It should also be noted that the NASDAQ 100 Index ‘NDX’ also set a new yearly closing high, and in the process completed the cup pattern that I discussed in the January 30th edition of the Sterling Market Commentary. As a result, I am now looking for the NASDAQ 100 Index ‘NDX’ to move towards the 3,514 level on a closing basis over the course of the next 6 to 9 months.
In the commodities markets, Oil was lower by $0.13 to $95.59 per barrel, and Gold was lower by $8.30 to $1.658.60 per ounce. In the grain markets, Wheat was lower by $0.030 to $7.532 per bushel, and Corn was lower by $0.014 to $7.074 per bushel, while Soybeans were lower by $0.140 to $14.384 per bushel.
A Few Thoughts on Monday’s Market: In looking at the charts from last week’s trading activity, I continue to see an upward bias to the overall market. I think we will most likely see a continued gradual movement higher. However, I do think there are significant headwinds that are going to come into play at some. It is just difficult to know exactly when.
The Bottom Line: I am continuing to expect the overall market to move sideways with an upward bias.
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