Market Direction: BULLISH alert issued 11/23/2012
Similar to a clump of well kneaded dough, the market continues to rise posting significant gains thus far in the month of January. Last week the Dow rose 1.8 percent, the S&P 1.1 percent and the Nasdaq 0.5 percent. The markets continued ascent can be attributed to efforts by congress to temporarily address the debt ceiling, better than expected earnings and positive data suggesting the housing recovery is well on the way.
All these factors suggest generally most investors are risk on. In spite of the extreme bullishness, $tockMarketDirection cautions as we have had a significant bullish run since posting our bullish posture alert and with the market at such frothy levels, we suggest some profit taking or tightening of stops may be prudent at this time.
This will be a busy week for economic reports which include: Consumer confidence (1/29), GDP (1/30), Initial Claims (1/31) and unemployment and non-farm payroll (2/1).
All these factors suggest generally most investors are risk on. In spite of the extreme bullishness, $tockMarketDirection cautions as we have had a significant bullish run since posting our bullish posture alert and with the market at such frothy levels, we suggest some profit taking or tightening of stops may be prudent at this time.
This will be a busy week for economic reports which include: Consumer confidence (1/29), GDP (1/30), Initial Claims (1/31) and unemployment and non-farm payroll (2/1).
$tockMarketDirection maintains a Bullish Posture. We strongly encourage our many bloggers/followers to monitor positions closely, exercise proper money management strategies and to monitor $tockMarketDirection for ALERTS that we may issue advising of a change in our current bearish posture. Cha-ching.
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