8
Sep
Sep
Market Overcomes European Fears
Posted by
The market pushed higher today on the heels of what headlines claimed were subsiding fears over Europe! One day fear session and it’s over. The news that Portugal’s bond sale drew increased demand. Wow, glad that is over. The worry will be back, but hopefully it will remain only a worry. More to watch:
- Beige Book shows slowing growth in the summer. Wow – that was insightful! The important part of this news is there is still modest growth in the data. I find that important for the rally to continue into the fall for the broad markets.
- Ten year Treasury yield falls to 20 month low (2.67%) at the auction today! Demand remained strong for the paper which was a positive sign overall. The yield in the open market rose 5 basis points to 2.65%.
- Oil moved higher to $74.65 and XLE gained 0.7%.
- Gold down $2 to $1258 and GLD was flat. GDX was down 0.5%. Both remain at resistance and I am still looking for pullback within the uptrend.
- S&P 500 index still below the 1100 resistance. Still looking for a breakout move higher.
- Semiconductors remain weak and the outlook isn’t much better.
Still have to be patient short term as the trading range remains in play.
Category : Watch
- Bookmark :
- Digg
- del.icio.us
- Stumbleupon
- Redit it
Sorry, the comment form is closed at this time.
CHARTING BOOKS
FREE Workshops: 2011 Traders Expo Las Vegas November 16-19
ETF Strategies for Everyday Trading
Thursday, Nov 17th @ 10:15 - 11:00 am
Trading Tax-Deferred -
Maximizing The Benefits
Friday, Nov 18th @ 11:15 -12:00 am
Digging Into ETFs--Finding The Leaders
Saturday, Nov 19, 2011 | 8:00 am – 9:00 am
