The stock market is higher again this morning, defying those who continue to call for a pullback. I have been talking about how even though the market had become overbought, instead of pulling back it mostly went sideways while the overbought condition got worked off. This was a positive sign, and as you can see in the chart below, the oscillator has confirmed the recent highs in the market by making a higher high.
“We are all faced with a series of great opportunities brilliantly disguised as insoluble problems.”
John W. Gardner: former secretary of health, education and welfare Read the rest of this entry »
The markets are mixed so far this morning, with the Nasdaq leading the broader market by a tad. Corporate newsflow has been relatively light, and there are no major economic reports to speak of.
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The market is nicely higher in early trading after a better than expected monthly jobs report. Nonfarm payrolls for February showed -36,000 job losses, but this is less than the consensus for -68,000.
The market finished on a solid note today, ahead of tomorrow’s widely anticipated employment report. There has been a lot of chatter that the number will be weaker than consensus. While that could hit the market short-term, I think the fact that it is being widely expected increases the prospect of a weak number already being priced in.
The market is getting a small bounce this morning on some solid economic news, and a rally in the euro after Greece announced its austerity plan.
“You have to trust in something: your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.”
Steve Jobs: Co-founder and CEO of Apple Inc. Read the rest of this entry »
Stock action continues to be solid, with more stocks breaking back above their 50-day averages, and also more stocks breaking out to new highs. The overall volume on the exchanges continues to be light, but that is just a yellow flag at this point.
The market is getting a nice bounce in early trading on this first day of the month, and also mutual fund Monday (where funds put new money to work). There was news over the weekend that a bailout is in the works for Greece, with German and French state-owned banks likely the buyers of the debt.
The market is pretty flat so far today, which is a bit surprising given the euro is bouncing, the dollar is lower, commodities are rising, tech is strong, and GDP was revised higher.
