Weekly Market Newsletter October 18, 2010
The Week Ahead: With the second quantitative easing program by the Fed on the way, currency markets have seen many imbalances as most foreign currencies rise against the falling dollar. This situation may be addressed on Friday as G20 finance ministers and bank governors meet in Seoul, South Korea. The first two notable reports on Monday are the Industrial Production number and the Housing Market Index. The Housing Starts figures get attention on Tuesday and the Fed's Beige Book on Wednesday. Two additional reports on Thursday include Jobless Claims and Leading Indicators for the economy.
Stocks to Watch: Bank stocks continued to slide against the market's trend. Bank of America (BAC) had its rating cut by S&P do to foreclosure concerns and J.P. Morgan (JPM) is reviewing its foreclosure procedures. Capital One (COF) nosedived 7.6% as it increased the amount of credit balances it does not expect to collect on. Technology stocks continued to soar with Google's (GOOG) better than expected earnings and Apple Computer (AAPL) due to report after Monday's close. Seagate Technology (STX) was approached to go private by a potential buyer and the stock shot up 22%.
Special Note: The number of S&P 500 stocks now above their 50 day moving average is just under 93% about where this percentage was at the April high. Also keep in mind that the Daily Sentiment Index (trade-futures.com) has also reached the same levels as the April high for both the S&P 500 and Nasdaq at a bullish 92% and 90% respectively. Being bullish near term is a crowded trade. Another noteworthy point is that despites technology's rapid ascent some of the generals have been noticeably lagging such as Cisco Systems, Intel, and Microsoft among others which are all down for the year.
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Stocks to Watch: Bank stocks continued to slide against the market's trend. Bank of America (BAC) had its rating cut by S&P do to foreclosure concerns and J.P. Morgan (JPM) is reviewing its foreclosure procedures. Capital One (COF) nosedived 7.6% as it increased the amount of credit balances it does not expect to collect on. Technology stocks continued to soar with Google's (GOOG) better than expected earnings and Apple Computer (AAPL) due to report after Monday's close. Seagate Technology (STX) was approached to go private by a potential buyer and the stock shot up 22%.
Special Note: The number of S&P 500 stocks now above their 50 day moving average is just under 93% about where this percentage was at the April high. Also keep in mind that the Daily Sentiment Index (trade-futures.com) has also reached the same levels as the April high for both the S&P 500 and Nasdaq at a bullish 92% and 90% respectively. Being bullish near term is a crowded trade. Another noteworthy point is that despites technology's rapid ascent some of the generals have been noticeably lagging such as Cisco Systems, Intel, and Microsoft among others which are all down for the year.
Check out NobleTrading's new earnings calendar, upgrades and downgrades, and analyst coverages.
Click Here To Open An Account
NobleTrading.com Offers Online Stock Trading, Online Options Trading,
Online Futures Trading, Online Forex Trading
Worldwide Brokerage Service, Day Trading Brokerage
posted by NobleTrading at
9:59 AM
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