David Moenning�s Daily State of the Markets: 11/14
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Bulls Salute our Veterans
Good Monday morning, and welcome back to the land of blinking screens. In what can only be described as a display of patriotism, the bulls saluted our nation�s veterans on Friday with a third straight day of gains. News and volume were both light and the bond market was closed on account of the Veteran�s Day holiday, but another decline in oil prices was enough to propel stocks modestly higher.
However, what is now being called the �year-end rally� may get a test in the near future as all of the major indices are rapidly bumping into various important resistance zones. While we normally don�t spend a lot of time yammering on about various points of support and resistance on the charts, the overhead resistance the market now faces is formidable. Thus, how the market responds will be critical in the bigger picture.
For example, the S&P 500 is faced with the daunting task of trying to exceed the year�s high water mark. The level, which resides just above the 1240 area, was established in late July/early August and then was approached again in September � which was a test that failed miserably.
Turing to this morning, there is no economic news to report until tomorrow when we will get the latest update on Retail Sales and the Produce Price Index. So far at least, things are fairly quiet. Oil is moving higher by $0.49 to $58.02, bond yields are steady at 4.56%, the dollar continues to rise, and stock futures are just below breakeven at the moment.
So with everyone back to work today, it will be important to see if the year-end rally can keep going, or if we will need to pause first.
Stocks "In Play" This Morning:
AEOS � Downgraded to hold at Lazard
GP � Agreed to be purchased by Koch for $13.2B
SUNW � Will introduce new chip today � Niagra will put 8 processors on a single chip
LOW � Reported $0.81 vs. $0.77
GOOG � Exploring Book Renting program
WMT � Reported $0.59 vs. $0.57, Revenues $75.4M vs. $76.3
DIS � �Chicken Little� tops at weekend Box Office
Disclosure: At the time of publication Mr. Moenning and/or related companies are long the following positions: none
To see David Moenning�s Trading Record, his (Strong Buy) List, or the rank for any Top Guns Stocks, visit: http://www.AnotherWinningTrade.com/SI
Good Monday morning, and welcome back to the land of blinking screens. In what can only be described as a display of patriotism, the bulls saluted our nation�s veterans on Friday with a third straight day of gains. News and volume were both light and the bond market was closed on account of the Veteran�s Day holiday, but another decline in oil prices was enough to propel stocks modestly higher.
However, what is now being called the �year-end rally� may get a test in the near future as all of the major indices are rapidly bumping into various important resistance zones. While we normally don�t spend a lot of time yammering on about various points of support and resistance on the charts, the overhead resistance the market now faces is formidable. Thus, how the market responds will be critical in the bigger picture.
For example, the S&P 500 is faced with the daunting task of trying to exceed the year�s high water mark. The level, which resides just above the 1240 area, was established in late July/early August and then was approached again in September � which was a test that failed miserably.
Turing to this morning, there is no economic news to report until tomorrow when we will get the latest update on Retail Sales and the Produce Price Index. So far at least, things are fairly quiet. Oil is moving higher by $0.49 to $58.02, bond yields are steady at 4.56%, the dollar continues to rise, and stock futures are just below breakeven at the moment.
So with everyone back to work today, it will be important to see if the year-end rally can keep going, or if we will need to pause first.
Stocks "In Play" This Morning:
AEOS � Downgraded to hold at Lazard
GP � Agreed to be purchased by Koch for $13.2B
SUNW � Will introduce new chip today � Niagra will put 8 processors on a single chip
LOW � Reported $0.81 vs. $0.77
GOOG � Exploring Book Renting program
WMT � Reported $0.59 vs. $0.57, Revenues $75.4M vs. $76.3
DIS � �Chicken Little� tops at weekend Box Office
Disclosure: At the time of publication Mr. Moenning and/or related companies are long the following positions: none
To see David Moenning�s Trading Record, his (Strong Buy) List, or the rank for any Top Guns Stocks, visit: http://www.AnotherWinningTrade.com/SI
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