This Stock Market Hours Report is brought to you by Jason Ng, Founder, Master ‘O’ Equity
Yes, more reasons to be optimistic as Retail Sales beat every single estimate down wallstreet (and mine!)! Instead of turning up negative as expected, retail sales numbers ended up positive instead, refuting the outlook that consumerism is shrinking. Certainly the stimulus package that was signed today could have helped as well. Continuous good news is what every rally need and so far this week, it has really been that way. My only concern is a technical one. The rally so far over these 3 days have occurred with declining volume, indicating a gradual loss of interest in this rally and is definitely not a good sign this early in the rally. Apparently, there is still a lot of hesitation and uncertainty in the market and when we look at the whole picture carefully, nothing that started this bear market have been resolved or looks like getting resolved at all. I would maintain that this is another relieve rally and that it might still go down pretty soon and test the Jan lows.
The Dow continued to power ahead on very weak volume and lousy internals with plenty of good stocks and bullish signals moving lower instead of higher. The Star Trading System seems to think that the market could go higher just a few days more and are preparing us for it today. Lets hope we get something today.
Thought For The Day : “Some people just don’t get it.”
