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.
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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