Stock Market Analysis

Monday, February 14, 2011

The Bull Continues...

As I said last week, the trend is our friend, so lets run with it. Indeed, the Dow gained yet another 1.5% week on week last week as economic indicators continue to pave the way for recovery.

Last week, retail sales and jobless claims both staged huge come backs. In fact, Jobless Claims turned in the lowest level in 2.5 years last week, paving the way ahead for better unemployment rate next month. This week will see the release of a slew of leading indicators for the ISM index; from Empire State Index on Tuesday to Leading Indicators and Philley Fed on Thursday (see Stock Market Calendar).

The Dow continues to climb in short term overbought condition with no signs of weakening yet. As such, there is no strong reason not to expect a higher week next week. Immediate resistance level at about 12,600 with immediate support at about 12,000. Lets continue to run with the bulls.
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