Online Trading Blog

The Week Ahead: Job losses continued to mount after September showed an additional 95,000 people lost employment net of the private sector's small gain. A couple of retail sales reports including the Redbook numbers will be out by Tuesday after the Columbus Holiday on Monday. The MBA Purchase Applications figures on Wednesday will provide a peak at coming home sales. The International Trade report and the Producer Price Index are released Thursday. Multiple reports arriving on Friday include: the Consumer Price Index, Retail Sales, Consumer Sentiment, and Business Inventories.

Stocks to Watch: With grain prices on the rise, agricultural related companies have been some of the best performers including Agrium (AGU) and CF Industries (CF) both hitting 52 week highs. On the other hand companies that buy loads of grains and meat are on the decline such as Tyson Foods (TSN) which was down 8% on big volume and Smithfield Foods (SFD) which was down 7%. The hedge fund Pershing Square now holds close to a 17% stake in JC Penney (JCP) and 11% in Fortune Brands (FO) as both companies reached 2010 highs.

Special Note: The major indexes have now surged up 5 of the last 6 weeks despite a declining 5 day moving average of the advanced decline line and a sliding relative strength indicator. Most of the technical and sentiment extremes noted over the past month are still in effect. The disparity between the weak fundamentals the economy is exhibiting and market performance is expanding. This behavior typically pre-stages a period of high volatility for share prices.

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