Stock Market
All comments and Stock Market Ananlysis are made by Guy Brumley. Guy has been trading the Stock Market daily since 1992.
Trading, evaluating stock prices and predictions
Stock Market Commentary 9-16-2009
The market continued its gains on Tuesday. This time Bernanke helped with his comment the recession “could be” over.
The problem with his statement is the recovery will be slow in coming and may not return to recent levels for years.
In the meantime, stocks are a no-brainer buy, at least until the DOW hits 9800. The channel (from 8800 – 9800), is still intact, and should make trading easy for the next two days, possibly through option expirations on Friday, and into next week.
I added to the MT position yesterday at 41.01. This morning there is a comment from the CEO that 80% of steel demand next year will be from China, so do not worry about the US economy. The 38% retracement for MT is at $49, and the 50% is at $60. Alcoa is back to $14, and FCX is $72, up $12 in 10 days.
This is easy.
Although, my experience has shown, “When trading gets too easy, it is time to take profits!”
Return to Previous Market Commentaries