Stock Market
All comments and Stock Market Analysis are made by Guy Brumley. Guy has been trading the Stock Market daily since 1992.
Trading, evaluating stock prices and predictions
Stock Market Commentary 12-02-2009
The Dow hit the high end of the pennant at 10501, and closed slightly below it at 10471. A nice 126-point gain.
The dollar continued its weakness with the current support at 73.64. The Australian bank rose rates for the third time since September, by another .25% to 3.75%.
The ADP employment number is due at 7:15 CST, if it is positive the market could make a significant upside breakout. More likely, the number will be “less bad” and the indexes will meander throughout the day.
Gold is on the run. 1500 looks just around the corner.
The market advance/decline ratio was 4/1. Of the 100 stocks, I monitor daily, only 14 were lower at the end of the day.
The volatility index dropped 10% to 21.92. This is called the fear index, and is at its lowest level in 12 months.
The stocks mentioned yesterday, APWR -1.00, QLTI +.09, RINO -.99, WCRX +.94, and CAAS +1.16.
The market remained in the pennant Tuesday, allowing the 126 point gain to be counted as “noise”. It looks like it is ready to move higher on the any positive news.
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