Good morning. Happy Tuesday.
7 of 9 down days has reversed course and turned into 6 consecutive up days. The Dow registered a new high yesterday; S&P is within 8 points of its high; the Russell and Nas have some catching up to do.
The last couple weeks we got warning signs the market’s strength was waning, and those signs did push the market lower for two weeks. Now it’s onward and upward. Here’s the SPX weekly. The overall uptrend has always remained in place; that thin trading area continues to sit just overhead.
I’ve talked numerous times the last month about how a weak dollar helps the stock market. Here’s the chart. The dollar registered a new low yesterday and clearly remains trending down.
Some work still needs to be done. The banks and semis are well off their highs (relative to the Dow and SPX). The small caps need to improve. But so far, not bad. The bulls are resilient. They took two weeks off and have now regained control. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers
0 thoughts on “Before the Open (Nov 10)”
Leave a Reply
You must be logged in to post a comment.
looked at charts Monday night. The ossicilators are diverged in the strong indexes. SOX and BKX are not leading – are still low – the DOW is leading. Are charts still relevant? Or is it that they are all that we have?
William…I’m not sure what’s relevant today. The market seems to have a master plan. It’s gonna do what it wants, and the charts seem to have less influence.