Stock Market Analysis

Sunday, April 24, 2011

Had a Happy Easter Weekend?

Welcome back and I hope all of you had a Blessed Easter weekend!

The market had a great run last week primarily bolstered by a general sense of optimism ahead of the Easter weekend as well as technical support around the 30/50MA level.

However, the fundamentals does appear to be shaky again as last Thursday's Jobless claims and Philley Fed both turned up worse than expected with Leading Indicators only marginally better. This could lead to a slower week this week as investors digest these mixed data along with the Fed's announcement on Wednesday.

On the technical front, the Dow is still a distance from being short term overbought and short term bullish momentum continue to rise. Market continues to be upside inclined for now even though it would be more reasonable to expect a few sideways days from here after such explosive moves. Its time to spot good entry points and profit from this new leg up.
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