Another good day in the offing, at least in early stock trading, as money managers continue to put money to work for investors. What other choice do they have ?
In two years, the S&P 500 has advanced 98 percent (Russell 2000 + 142 percent), and has done so in face of a formidable “wall of worry.”
Has anyone stopped to ponder where they would be today, if the meltdown that almost happened in 2008 and early 2009 actually happened - couldn’t be stopped ?
My guess is that a great majority of institutions and individual investors missed much of this bull market and are just now scrambling to get on board. At some point, we will have a climactic charge.
Brooksie’s Daily Stock Market Blog: An edge before the open.
Wednesday, March 30, 2011 9:24 am EDT
Nasdaq Comp.: 2756.89
Russell 2000: 829.49
Both the DJIA and S&P500 were able to punch through minor resistance yesterday – next challenge is more formidable resistance noted here on Monday at:
DJIA 12,390 – 12,320
S&P500: 1340 – 1335
Nasdaq Comp.: 2830 – 2750
Russell 2000: 838 – 830
The Russell 2000 and Nasdaq Composite are entering the lower end of these resistance zones today. Actually the Nasdaq has been lagging the other three. When I set these zones on Monday, I think I set Nasdaq a little low, should have been closer to 2800.
I am impressed with the intensity of this market, so far. There is enough uncertainty out there to give reason for buyers to step back for a clearer picture.
It is necessary to point out that as the market approaches its February peak, selling can be expected to increase. Volume will have to pick up from current levels if the market is going to be able to break to new highs without first some consolidation/pullback.
Q1 earnings will begin to flow in April. March’s ADP report today bode well for the job market as U.S. companies added 201,000 jobs. The increase was across the board with particularly good numbers for small business.
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