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 10-28-2009
The DOW was the only index to close positive Tuesday. It is holding at its short-term moving average at 9865. The NASDAQ closed at 2105, about five points above its support, and the S&P has another 12 points before it hits support at 1051.
The DOW got help from IBM doubling its share buy back program. In 1987 and 2003, IBM buying back its own shares sent a message to the street they thought their stock was cheap and halted those sell-offs.
Look for another day of little net change.
Most of the news (noise) this week has been too weak to move the market. As a result, traders are banking some profit. If the market offers a five to ten percent pullback, we will see buyers coming back in.
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