The Nasdaq (pictured below) successfully bounced off its support at 1600. Another positive note is that the 50 day moving which has been descending since June of last year has turned and it’s currently trending upward. Going forward if the market continues to go higher the 50 day moving average should act as support for the market if it is healthy. Other major indices showed similar attributes. The leading sectors today and recently have been materials, energy, builders and some select technology.
Allgen Financial Services, Inc. has been picking up some commodity stocks over the last couple of weeks, and most recently we started getting into a major infrastructure builder. A lot of the stocks in these areas are trading at an extreme value and should benefit from the Obama stimulus package.
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