pecial offer from Mark Leibovit for Money Talks only: The intense analysis of Gold in the 10-12 page The VR Gold Letter is right now 75% off for the first month or $29.95 (regularly $125.00 a month). The weekly VR Gold Letter focuses on Gold and Gold shares.Go HERE and use the Money Talks promo code CBC12210
Ed Note: Partial comment on stocks from Mark’s Platinum service
STOCKS – ACTION ALERT –
As I mentioned in the Post-Market commentary, the first trading day of the month was predictably positive. Overall, sentiment still appears to be skewed to the negative, so despite historical precedent for a retracement in March, we have to keep out wits about us in that the opposite may occur instead. Today is ‘Turnaround Tuesday’, so my general expectation is for a retracement. But, absent increasing downside volume, the retracement could be minor. Regardless, I am current in cash for my trading positions. Overall, I remain on my ‘Buy’ signal, until we get a significant sign of a trend change.
The stock market rallied yesterday as merger activity, including the sale of American International Group’s Asia operations, brightened sentiment. Economic news was mixed yesterday with income and spending both rising, but incomes came in weaker than expected. The ISM index also showed an expanding economy, but this too was below expectations. Construction spending declined more than expected. But traders focused on the M&A activity, pushing the Dow up 78.53 to 10403.79, the S&P up 11.22 to 1115.71, and the NASDAQ up 35.31 to 2273.57.
We saw an across the board rally yesterday, though Financials (XLF +0.27%) lagged far behind the other sectors. Financials are underperforming as they remain exposed to bad debt over in Greece.
The broad indexes, such as the S&P 500, are back above their 50-day moving averages, a bullish sign if the market can stay over them. Meanwhile, the small and mid-cap indexes are nearing their recovery highs, as is the Dow Transportation Average.
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Special offer from Mark Leibovit for Money Talks only: The intense analysis of Gold in the 10-12 page The VR Gold Letter is right now 75% off for the first month or $29.95 (regularly $125.00 a month). Go HERE and use the Money Talks promo code CBC12210
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