A Few Thoughts on Wednesday’s Market: In looking at the charts from yesterday’s trading activity I noticed that it looks like the NASDAQ 100 ‘NDX’ has entered an area of upside resistance that could be tough to get through. Additionally the very vast majority of the sector indices I track are not confirming the move higher by the Dow Jones Industrial Average. Granted I expect the NASDAQ to be higher today due to the incredible earnings by Apple, Inc. ‘AAPL’. However…………….
Tag Archive for Stock Market
Sterling Market Commentary for January 24th, 2012
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It should be noted that on Friday the Dow Jones Industrial Average closed Friday at 12,720.48 Last summer the Dow closed at 12,724.41 on July 21st, and at 12,719.49 on July 7th. This is significant because if we see the Dow Jones Industrial Average moves back lower from these levels, then we will effectively have put in place a “triple top,” which should be considered a significant point of upside resistance. It should also be noted that this move higher has not been confirmed by the either the……………………
September 9th, 2011
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The overall market moved moderately lower yesterday in a broad based move that saw the majority of the sector indices I track move lower on the day. The weakest sectors were the Broker/Dealers, Banking, Cyclicals, Insurance, Airlines, High Tech, Chemcials, and Pharmaceuticals. The rest of the sector indices I track moved lower as well with the exception of the Gold/Silver index which posted a small gain on the day.
Oil was lower by $0.29 to $89.05 per barrel, and Gold was higher by $40.30 to $1,855.20 per ounce. A friend of mine pointed out last night that every time the Bernanke speaks Gold rises by a minimum of $25 that day. Wheat was lower by $0.134 to $7.38 per bushel, Corn was lower by $0.14 to $7.34 per bushel, and Soybeans were lower by $0.024 to $14.18 per bushel.
Market Commentary – September 2nd, 2011
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A Few Thoughts Before the Open: The employment numbers released this morning were horrible. As a result we are looking at a sell off on the open. I’ve updated my support and resistance levels on some of the indices I…
Market Commentary – August 18th, 2011
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A Few Comments Before the Open: Early morning pre-open futures are indicating an almost 200 point drop in the Dow Jones Industrial Average. While this is obviously a big move, I would like to point out that a 200 point…
Market Commentary – August 15th, 2011
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A Few Thoughts After the Close: The overall market moved sharply higher yesterday in a relatively broad based move that saw basically every sector index I track move higher on the day. The strongest sectors were the N.A. Telecom, Banking, …
Market Commentary – August 10th, 2011
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A Few Thoughts Before the Open: Despite yesterday’s late market surge, the major market indices are still in an oversold position. I think we are in a position where we will continue to see several hundred point moves in the…
Market Commentary – August 9th, 2011
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A Few Thoughts Before the Open: It’s about 7:00am this morning and as I write put the finishing touches on this report pre-market futures are showing a bounce higher this morning, however that can change in a heartbeat now days. …
Market Commentary – August 5th, 2011
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A Few Thoughts Before the Open: With yesterday’s brutal move lower in the markets I am going to sit this morning out from a trading perspective; not because I am afraid of the market moving lower, but because I am…
Market Commentary – August 3rd, 2011
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A Few Thoughts Before the Open: In looking at the charts from yesterday’s trading activity of the individual stocks I have the following thoughts: Everything has a negative chart pattern. This doesn’t mandate an end to the world, but don’t…