logo
  Join        Login             Stock Quote

An Early Rebound for Stocks

 November 13, 2012 12:28 PM


(By Jordan Kahn) Stocks followed the overseas weakness and opened lower, but immediately bottomed and so far look to be staging a solid turnaround day.  We could use a strong day where the markets close at their highs.

There are still a few earnings reports trickling in.  Some stocks on the upside after reporting include HD. KORS, and TJX to name a few.  But earnings season is winding down.

The weakness started last night in Asia.  China fell -1.5% last night.  Japan reported a -4.1% drip in industrial production. 

Europe is also lower across the board this morning after the Eurozone meeting came up with few results and the decision regarding the next tranche of Greek aid will be delayed.  There is still lots of disagreement.  EU Pres. Juncker said Greece would be given two more years to get to 120% debt to GDP.  But IMF Director Lagarde publicly disagreed and said that the year 2020 is a more appropriate target.  Separately Germany's ZEW Economic Sentiment came in at -15.7, well below expectations of -9.8.

[Related -Old Bank's New Breakout has Big Rally Potential]

There were no big economic releases in the US this morning.

The dollar is a bit higher today, and commodities are flat to lower.  Oil prices are pulling back to $85 and gold prices are a bit lower near $1728. 

The 10-year yield is holding near 1.60%.  And the VIX is down another 3% after a big down day yesterday.  It is currently at 16.20 and sitting on its 50-day average.

Trading comment: I have been looking for an opportunity to get longer for a trade, but yesterday the market once again finished on a weak note.  I don't want to add any long ETFs until I see the market close at its highs for the day.  Maybe today will be that day.  The market is short-term oversold looking at a variety of technical indicators.  The SPX has also been hovering around its 200-day support for a 4th day and could be poised to bounce.  So that's what we are watching.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageOld Bank's New Breakout has Big Rally Potential

One of my favorite things to see in a long candidate is a pattern of beating Wall Street's earnings read on...

article imageIs The Stock Market's 5-Year Return A Useful Proxy For Valuation?

Tobin’s Q, a market-valuation metric, is back in the news, in part thanks to a widely read Bloomberg read on...

article image4 Dogs To Sell Immediately

Despite the chorus of analysts and investors calling for the long-awaited correction, the market is showing read on...

article imageThe Fed's Magical Mystery Tour

What's going on at the Fed? Notorious dove, Charles Evans of the Chicago Fed, gave a speech in read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.