Stocks Give Up Some Gains
Stocks are slightly lower on Thursday, not surprisingly after
the two-day run-up. The
Market Bias page shows a number of bearish signals for today,
including multiple CVR sell signals. However, with the market
trading back above the 200-day MA, these signals suggest now may
be a good time to lock in recent gains.
The
Stock Indicators page further reinforces the view that the
market is currently overbought, with very few stocks appearing on
the bullish lists, while the bearish lists are full of potential
candidates.
Goldman Sachs and Bear Stearns reported earnings today, along
with AG Edwards (see below).
The U.S. dollar sunk to a new low versus the euro, gold is
posting its biggest gains in 7-months, and crude oil is at a
record high.
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Market Snapshot
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