Sterling Market Commentary for Thursday March 7th, 2013
A Look at the Market Since Our Last Blog: The overall market moved slightly higher yesterday in a relatively broad based move that saw the majority of the various sector indices I track move higher on the day as well. In the commodities, Oil was lower by $0.39 to $90.43 per barrel, and Gold was unchanged at $1,574 per ounce. In the grain markets, Wheat was sharply lower by $0.222 to $6.836 per bushel, and Corn was sharply lower as well by $0.204 to $6.884 per bushel, while Soybeans were slightly lower by $0.004 to $14.66 per bushel.
A Few Thoughts on the Upcoming Market: The overall trend of the market continues to be to the upside; and my number 1 rule of trends is that a trend remains in place until it is broken. With most of the major market averages setting new all-time highs, I thought now would be a good time to reiterate my upside target levels. Here are our near term upside targets for the major market averages.
The Dow Jones Industrial Average closed yesterday at 14,296.24 In the January 17th edition of the Sterling Market Commentary we stated an upside target on the Dow Jones Industrial Average of 14,677.92 on a closing basis.
The S&P 500 closed yesterday at 1,541.46 In the January 28th edition of the Sterling Market Commentary we stated an upside target on the S&P 500 of 1,575.21 on a closing basis.
The NASDAQ Composite closed yesterday at 3,222.37 In the January 30th edition of the Sterling Market Commentary we stated an upside target on the NASDAQ Composite of 3,514.77 on a closing basis.
The Dow Jones Transportation Average closed yesterday at 6,110.93 In the January 15th edition of the Sterling Market Commentary we stated an upside target on the Dow Jones Transportation Average of 7,197.77 on a closing basis.
Please note, that I am not expecting these indices and averages to go straight to our stated price targets, and there could be pullbacks along the way. Also, they may not all hit their stated price targets at the same time. What I am saying though, is that I am highly confident that I am highly confident that these indices and averages will hit their stated price targets on a closing basis over the course of the short to intermediate term; after which I believe there would be a reasonable chance of a pullback.
The Bottom Line: We are expecting the overall market to continue to move higher.