The markets are rallying today on the back of China's official Purchasing Managers' Index. This economic number came in better than expected and has the SPDR S&P 500 ETF (NYSEAMEX:SPY) trading at $132.71, +1.39 (+1.06%). The markets are still stuck below the master resistance level of $133.30 on the SPY. This level represents major resistance on the markets.
Anyone who tells you they know what the stock market will do in the short term is either a fool or a liar. This is NOT true for long periods of time.
The PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) made a new 52 week high by $0.06 today. This minor high is also known as a classic double top. The technology index fell sharply off that level and is now trading near the lows of the day. The chart below shows the key support and resistance levels on an intra day basis. In addition, the chart shows the 20, 50 and 200 moving averages on a 10 minute time frame. Amazon.com, Inc. (NASDAQ:AMZN) reports earnings today after the market closes. This will have an impact on technology stockst tomorrow.
Retirement Investing Carnival with submissions from 19 different Blogs.
The Idiot Proof Portfolio is a simple low cost, low maintenance, easy to understand approach to investing.
The markets pushed into the master $133.30 level on the SPDR S&P 500 ETF (NYSEARCA:SPY). This level was given to members weeks ago as the probable short term top on the market. Sure enough, this level was hit early in the trading day and the markets reversed immediately. Obviously, shorts were taken and are in the money already. A negative close today would solidify a short term market top.
Key valuation ratio (ROEV) is validated by back testing as an outstanding tool for comparing and evaluating individual stocks.
Return on Enterprise Value (ROEV) is a stock valuation ratio that can be useful for comparing the values of different companies. It is simply cash flow divided by enterprise value. Net Cash Flow is net profit plus amounts charged off for depreciation, depletion, and amortization.
How your money is invested, its asset allocation and consistent rebalancing will be the most important decision you'll make as an investor.
Lowe's Companies, Inc. (NYSE:LOW) has made a major move on the daily chart into a double top from 2011. This level should be significant resistance and a good shorting opportunity. The double top level is at $27.50. The stock made a low in August 2011 at $18.07. Since then, it has jumped 50%. A pull back is likely at this double top.
Gareth Soloway
InTheMoneyStocks.com
Recent comments
1 year 13 weeks ago
1 year 13 weeks ago