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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Stocks Overcome Earlier Weakness To Close Higher
Posted on 11/29/2006 05:51 AM | Link | Post Comment
The major averages opened lower but spent most of Tuesday's session edging higher, repairing the early losses and finishing with small gains. The volume totals were very near Monday's totals on the NYSE and Nasdaq exchange. Breadth was positive as advancers led decliners by nearly a 2-to-1 ratio on the NYSE, however advancers led by only a 16-to-15 margin on the Nasdaq exchange
The standout gainers today were the Oil Services ($OSX +2.32%) and Integrated Oil ($XOI +1.74%) indexes. Additional positives included the Healthcare ($HMO +1.11%), Broker/Dealer ($XBD +0.55%), and Networking ($NWX +0.47%) indexes. Most of the tech sector finished with modest losses, with the Semiconductor Index ($SOX -0.54%) a relative laggard, and very small losses for the Internet ($DOT -0.17%), Software ($GSO -0.10%), Biotechnology ($BTK -0.09%) indexes. The major averages made little headway as modest losses in the Retail Index ($RLX -0.34%) and Bank Index ($BKX -0.19%) offset some of the positive action in other areas.
Earlier this year, world stock markets had big crashes. These affected every major financial market, and at the time, gold rocketed to its mid 700 level.
Russian, Middle Eastern, resource nation, some Asian markets, all crashed.
Right now, Middle East stock markets are crashing again, and oil billionaires are fleeing into gold, buttressing that price, and of course oil is showing some signs of renewing strength. This is a principal reason why gold is detaching from the CRB, though that is not completely finished.
I want to own gold for the long run… and right now, the best way to own gold is through graded pre-1933 U.S. gold coins. Your downside is limited, as they've fallen closer to their melt value than they've ever been.
From Dr. Brett:
Market Summary:
The market moved lower on Tuesday, before rallying through much of the afternoon. We closed above the day's average price of ES 1386, continuing the short-term downtrend. The Power Measure ended solidly positive, reflecting late buying. We saw net buying in both the large caps, with the Institutional Composite at +344, and in the broad market, with the Adjusted TICK at +226. Demand rose to 68; Supply fell to 75. New 20 day highs dipped to 638; new 20 day lows rose to 816. Institutional Momentum recovered to -240, with 4 stocks in uptrends, 9 in downtrends, and 4 neutral. Once again, as long as we continue to make daily price lows and expand the number of stocks registering new 20-day lows, the short-term trend remains down.
Market Expectations:
Hints of Weakness:
A number of sectors have not broken their May highs. Those include Defense ($DFX); Cyclicals ($CYC); Energy ($IXE); Housing ($HGX); Networking ($NWX); Semiconductors ($SOX); Dow Transports ($TRAN); Small Caps ($SML); and Mid Caps ($MID).
Meanwhile, yields continue to fall, with the 30-year bond dipping below 4.6%, while 3 month bills are at 4.905%. The dollar is approaching multi-year lows in the Dollar Index.
The standout gainers today were the Oil Services ($OSX +2.32%) and Integrated Oil ($XOI +1.74%) indexes. Additional positives included the Healthcare ($HMO +1.11%), Broker/Dealer ($XBD +0.55%), and Networking ($NWX +0.47%) indexes. Most of the tech sector finished with modest losses, with the Semiconductor Index ($SOX -0.54%) a relative laggard, and very small losses for the Internet ($DOT -0.17%), Software ($GSO -0.10%), Biotechnology ($BTK -0.09%) indexes. The major averages made little headway as modest losses in the Retail Index ($RLX -0.34%) and Bank Index ($BKX -0.19%) offset some of the positive action in other areas.
Earlier this year, world stock markets had big crashes. These affected every major financial market, and at the time, gold rocketed to its mid 700 level.
Russian, Middle Eastern, resource nation, some Asian markets, all crashed.
Right now, Middle East stock markets are crashing again, and oil billionaires are fleeing into gold, buttressing that price, and of course oil is showing some signs of renewing strength. This is a principal reason why gold is detaching from the CRB, though that is not completely finished.
I want to own gold for the long run… and right now, the best way to own gold is through graded pre-1933 U.S. gold coins. Your downside is limited, as they've fallen closer to their melt value than they've ever been.
From Dr. Brett:
Market Summary:
The market moved lower on Tuesday, before rallying through much of the afternoon. We closed above the day's average price of ES 1386, continuing the short-term downtrend. The Power Measure ended solidly positive, reflecting late buying. We saw net buying in both the large caps, with the Institutional Composite at +344, and in the broad market, with the Adjusted TICK at +226. Demand rose to 68; Supply fell to 75. New 20 day highs dipped to 638; new 20 day lows rose to 816. Institutional Momentum recovered to -240, with 4 stocks in uptrends, 9 in downtrends, and 4 neutral. Once again, as long as we continue to make daily price lows and expand the number of stocks registering new 20-day lows, the short-term trend remains down.
Market Expectations:
Hints of Weakness:
A number of sectors have not broken their May highs. Those include Defense ($DFX); Cyclicals ($CYC); Energy ($IXE); Housing ($HGX); Networking ($NWX); Semiconductors ($SOX); Dow Transports ($TRAN); Small Caps ($SML); and Mid Caps ($MID).
Meanwhile, yields continue to fall, with the 30-year bond dipping below 4.6%, while 3 month bills are at 4.905%. The dollar is approaching multi-year lows in the Dollar Index.
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