Good morning. Happy Wednesday.
The Asian/Pacific markets closed mixed. India dropped 1.3%, Japan rallied 3%. Europe is currently mixed. The Czech Republic is down 1.1%, Austria is up 2.1%. Futures here in the States point towards a positive open for the cash market.
The dollar is down slightly. Oil and copper are down. Gold is down, silver up.
The market dropped on Monday and then recaptured most of the gains on Tuesday. Yesterday was a good performance for the bulls because moving above resistance and then dropping back into the consolidation pattern increased the odds of a false breakout. When the bulls needed to step up, they stepped up. But it’s not enough. I’m not convinced. The long trend is solidly up – it takes weeks and sometimes months for the long term trend to change. In the intermediate term I’m less confident of the upside. There are too many indicators not supporting the price action. There are too many groups not matching the movement of the indexes. And of course the small caps are lagging.
I like the market overall, but over the next couple weeks these divergences have to negated or else we’re likely to get a correction. The market can correct with price (the market will drop) or time (the market will continue moving sideways).
We should find out soon what the market’s next trending move is going to be. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers
0 thoughts on “Before the Open (Apr 3)”
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Look at the weakness of the Russel vs the NASDAQ. Not a time to be long in my book.
Today is not a day to trade anyway.
Neal…trends last months and sometimes years…I’m ok being a little late getting in because I can still nail a big chunk in the middle.
And for an individual stocks, I don’t care about the first 10-15% or the last 10-15%…I’m just trying to get the 70% in the middle.
I’m ok using what you call a lagging indicator.
Neal, for some of us, trading is a business, and businesses have expenses. Simple as that. If I pay a couple % of my profits in commissions etc each year, so be it. It’s a cost of doing business – no different than a golfer buying golf balls or a carpenter buying a hammer.
i am affraid to have to inform all that the world is now entering a BEAR market–no bull
and we are currently in the stage of rigamortis
as each world index drops off to the downside,then we will get around to usa,which is relativly insignificant in the global outlook,especially considering europe and australia
australia being the canary in the coal mine of china
daytrade the world and get insights never drempt possible
Neither can you continue to hurl insults Neal. You really are becoming even more pathetic especially when you said you’d refrain from posting your nasty barbed comments. You really are disgraceful and I’d like to reinforce that sarcasm is the lowest form of wit. Your arrogance is now only surpassed by your ignorance.
Up or down, doesn’t matter. Traders don’t care what direction the market goes. There are flat and dull periods, but overall money can be made in any market.