The Nasdaq broke above it’s resistance of 1600. This is something it has failed to do four times in the last two months. It also broke above its descending 50-day moving average. Although the breakout was on low volume, it should bode well for the technical condition of the market. Other major indices also followed suit. Treasuries sold off today which is good indicator that investors are starting to take more risk. The clear leaders were commodities, energy and technology all of which were down significantly last year.
Allgen has been selling out of some bonds recently in order to reallocate back into the stocks.
Market Commentary by: Jason Martin CMT, CFP
The market started the day loaded with negative news. With the Bailout package failing and the corruption case pending in Illinois. The one bit of positive news today is that retail numbers came out higher than expectations the market reversed from a negative open to close in the green.
Market Commentary by: Jason Martin CMT, CFP of Allgen Financial Services, Inc.
Market had a chance to brake support which would have been a negative, but the market was able to hold support and close positive. Basic Materials lead the way.
Today a short term up trend was confirmed. The market went higher on news of the automobile bailout plan; moreover, more details came out over the weekend from the Obama administration regarding the stimulus package.
Friday December 5th, 2008
The market started negative on bad economic news, but reversed to close the week at a high point. Growth Sectors lead the way higher.
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