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Todd Market Forecast for Tuesday Feb. 9, 2010
Available Mon- Friday after 6:00 p.m. Eastern, 3:00 Pacific.
DOW + 150 on 1700 net advances
NASDAQ COMP + 25 on 1100 net advances
SHORT TERM TREND Bearish
INTERMEDIATE TERM TREND Bullish
The market awoke to word that the EU, mainly Germany would bale Greece out in exchange for austerity measures. This sent the Euro up and the dollar down, which in turn pushed our stock market higher. Got that?
There was no official word however and there are also concerns that austerity measures could cause social unrest. And then there are also concerns about Portugal, Spain and Italy. It never ends.
A Morgan Stanley upgrade of Caterpillar, which surged 5 ½% also helped the bullish case on Tuesday.
Chart inserted by Moneytalks
Help may be on the way with sentiment also. When the CBOE put call ratio’s 5 day m.a. moves above 1.00, there is a tendency for the market to move higher. We can see this in the chart below.
The dollar’s drop helped push a rally in gold, silver, copper and crude oil. Bonds were down on the session.
BOTTOM LINE:
Our intermediate term systems are on a buy signal.
NEWS AND FUNDAMENTALS:
There were no important news releases on Tuesday. On Wednesday we get the trade deficit and crude oil inventories.
OTHER MARKETS
We’re on a buy for bonds as of Jan. 12.
We’re on a buy for the dollar and a sell for the Euro as of January 26.
We’re on a sell for gold as of Feb. 4.
We’re on a sell for silver as of January 21.
We’re on a sell for Copper as of Jan. 12.
We’re on a buy for crude oil as of Feb. 2.
We are long term bullish for all major world markets, including those of the U.S., Britain, Canada, Germany, France and Japan.
No guarantees are made. Traders can and do lose money. The publisher may take positions in recommended securities.
STEPHEN TODD – A SHORT BIOGRAPHY
Editor and publisher of the Todd Market Forecast, a monthly stock market
newsletter with an included nightly hotline.
Steve has published articles on the stock market in the following
publications: Barron’s, Stock Market Magazine, Futures Magazine, The
National Educator, and others.
His stock market commentary is heard on the following stations: CNBC,
Bloomberg, CNNfn, Associated Press Radio, Business Radio Network, CKNW in
Vancouver, British Columbia, KFWB, Los Angeles and ROBTV in Toronto,
Ontario.
RANKED # 1 – BY TIMER DIGEST
Timer Digest of Greenwich, CT monitors and ranks over 100 of the nation’s
best-known advisory services. If you have heard of an advisor, it is
likely that he or she is monitored and ranked by Timer Digest.
Once per year, in January, Timer Digest editor Jim Schmidt gives the
rankings for all services monitored for multi year time frames. We were
ranked # 1 for the past ten years at the end of 2003, 2004 and 2005. At
the end of 2006 we slipped to #3 and at the end of 2007, we were ranked #
5.
