Good morning. Happy Friday.
The Asian/Pacific markets closed mostly up. South Korea dropped 1.8%, Japan rallied almost 3%. Europe is currently mostly up. Greece is down 1.4%, Austria, Switzerland and Amsterdam are performing the best. Futures here in the States point towards a flat open for the cash market.
The dollar is up. Oil is down, copper up. Gold and silver are down.
It’s been a good week. All the indexes pushed to new highs, and many stocks broke out and rallied nicely. There’s really nothing to complain about…unless you’ve in a state of denial and have not participated in the rally.
Wall St. doesn’t always make sense, and those who try to figure it out end up losing money or not making as much as they should. Sometimes you have to stop reading the press headlines and just go with the action. There will always be reasons a rally should run out of steam, and then two months later it’s up another 8% and all you’ve done is watch in disbelief.
I don’t know when the rally will end. By many measures the start of 2013 has been one of the best starts in several decades. Whether you look at the points gained, the number of up months, the lack of any meaningful pullback, it’s one of modern history’s best. when this happens, all analysis techniques cease working. The market has a mind of its own, and it’s best not to stand in its way.
Manage positions wisely. 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 (May 10)”
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“when this happens, all analysis techniques cease working.”
So on the $$$ Jason
The summer correction will start this month and will go to the 200 EMA by EOM Sept ’13, then a rebound to much higher numbers. SP at 2300 or so by year end ’13. No idea on gold. Does this mean the economy is healing? Probably not, but patched up until the next iteration in the debt saga; budget due Oct’13. May Congress suffer in hell.
Holy smokes…2300?
many are seeing a multi year ponsi jaws of death pattern that would coincide with that
but it can truncate and the top may be forming now
2300 would take massive european central bank QE—unlikly
t/a for the last 4 years has been unreliable and the cash market is controled by derivities
–next weeks opts ex—we needed some more retailer bulls –calls
we may be full up now
why is the market not controled by mr hindsight inds/charts
because the market looks to the future
central banks ect buy massive futures –derivitives–to control the market
telepathy -?
insider fed info-?
piviot points–?
short term daytrading-?
superb t/a-?
guess work_-?–well done