Opening Market Commentary For 04-09-2014
Premarkets were trading up at +0.20% and rose another +0.05% when the US Mortgage Application report fell to 1.6% down from 1.2% this morning.
Markets gaped upwards on the opening sending the NASDAQ to +0.55%, the DOW to +0.44% and the SP500 to +0.30% on low volume. It first appears investors are not buying this bullish move by the 15 minute mark the large caps were melting off the morning opening highs in a steady fashion. By 10 am the averages had reversed direction once again, but the trend was slightly negative.
Read at DailyFX, “I feel like this market’s on crazy pills; this among chief reasons. RT @SaraEisen: Greek 10 year yield falls below 6% first time in 4 years.”
For reasons that are purely profit, but unethical, the crooked manipulators are pumping this market upwards – be ready for a sudden reversal, it is coming.
By Steve Goldstein
WASHINGTON (MarketWatch) — Markets risk “disappointment” in an environment of rising interest rates unless equity valuations become better supported by rising earnings, capital investment, and aggregate demand, the International Monetary Fund said Wednesday as part of its global financial stability report.
The IMF said U.S. equity prices are in line with the long-term trend on price-to-equity ratio but looks stretched on the Shiller P/E ratio, which takes into account 10 years of earnings.
The report more broadly said financial stability has improved in advanced economies, as the IMF continued to express concern on the impact the Federal Reserve’s less-accommodative policies will have on emerging markets.
I would advise column readers to watch the NASDAQ carefully.
A Technical Look at the Nasdaq Composite
Apr 08, 2014 Floyd Flannigan
A Technical Look at the Nasdaq Composite
Since most of the hysteria of the last few days seems focused on the Nasdaq Composite, I would expect the other indexes to follow the Comp if the overall situation continues to deteriorate.
