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The Dow Futures Report
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Earnings Trump 'Blue Book' and Housing Starts
Thu, Apr 17 2008, 08:16 GMT
by Carley Garner
**Read my article “Tips and Tricks” in this month’s bonus issue of Stocks and Commodities!!!
Stocks surprised many with a sharp rally into seemingly negative news. Following yesterday’s close, I was of the opinion that we were due for a small market bounce before resuming the down-trend. Today I am rethinking my assessment and am content to recommend clients to be on the sidelines (sorry to be such a bore but if your goal is to make money this is the best position to be in). Only time will tell if this rally is substantial, or simply a by-product of option expiration. Also leaving me somewhat hesitant to jump on the band-wagon is the idea that the equity market often suffers greatly in the week following the tax-deadline.
Poor housing starts, a Beige Book that should be renamed the “Blue Book” and unruly energy prices all seemed to be overshadowed by positive earnings. Positive numbers from firms such as Intel, JP Morgan and Coca Cola were able to trigger equity buying in the midst of what the bears may have believed was the “perfect storm” of negativity.
“You have a combination of JPMorgan and all these other strong earnings out there from a broad range of sectors, and that’s helping the buying we’re seeing,” said Todd Salamone the director of trading and vice president of research at Schaeffer’s Investment Research. He added, “There’s an unwinding of all the negativity that we saw ahead of the earnings season.”
Today’s close above 12,456 suggests that the June Dow is poised to move higher to 12,771….but I wouldn’t be willing to put my money where my mouth is. I do believe that we are in the vicinity of what 6 months from now will be looked at as a major low, but I am not convinced that the worst is over just yet.
Please note: A mini-sized Dow chart is used because it is better for charting purposes, but trade recommendations are based the full sized Dow unless otherwise noted.
Dow Recommendations...
**There is unlimited risk in naked option selling and futures trading
Position Trade – Flat
Please note: A mini-Nasdaq chart is used because it is better for charting purposes, trade recommendations will denote whether a mini or full sized contract should be used.
Nasdaq Recommendation
**There is unlimited risk in naked option selling and futures trading
Position Trade – Flat
Published on Thu, Apr 17 2008, 08:23 GMT
Archive
- US Equities higher on better than expected pending home sales
Published On Wed, Jun 3 2009, 07:52 GMT - Sustainability of funding for economic recovery comes into question
Published On Thu, May 28 2009, 06:04 GMT - US Stocks rally as consumers sense recession may be bottoming
Published On Wed, May 27 2009, 06:17 GMT - US Stocks fall
Published On Fri, May 22 2009, 06:52 GMT - US Stocks retreat from early gains
Published On Thu, May 21 2009, 06:39 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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