The Fed Prepares to Goose the Markets

Posted by Todd Market Forecast

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STOCKS: Another Tuesday another rally marking the 19th consecutive up session for that day.

    Today we were helped by comments by two regional Fed Presidents who assuaged investor fears that QE may be winding down. Also, Goldman Sachs increased their year end target from 1575 to 1750. 

     On Wednesday Bernanke speaks before the Joint Economic Committee of Congress and it’s doubtful that he will say anything bearish.

GOLD:  Gold had been down over 20, but came back to close down only $4. Not bad chart action.

CHART: Yes, we are very overbought, but the S&P 500 keeps making a series of ascending tops and ascending bottoms. As long as this continues, the uptrend is intact.

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DOW                                                    + 52 on 200 net advances

NASDAQ COMP                                + 6 on 150 net advances

SHORT TERM TREND                      Bullish

INTERMEDIATE TERM TREND      Bullish

TORONTO EXCHANGE:                  Toronto was up 129.            

S&P\TSX Venture Comp:                 The Venture Comp rose 5.                                               

BONDS:                                               Bonds rebounded slightly.                                

THE REST:                                          The dollar was up. Silver, copper and crude oil were down somewhat.                     

BOTTOM LINE:                                   Our intermediate term systems are on a buy signal.

 

TODD MARKET FORECAST           Stock Market, Gold and Bond Advice

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