Good morning, today is options expiration which generally means a volatile day. This morning some news reports come out such as the US Inflation or CPI report. Also Canadian factory sales fell 7% in March. The auto companies, continue to close dealerships and GM may go into bankruptcy in order to avoid lawsuits related to the closures. After hitting the $60/barrel mark, oil has pulled back and is attributed to speculation rather than supply and demand factors. The Canadian dollar remains at the $0.85 US mark. Six US Insurance companies will be receiving TARP funds. Also, the risk of deflation appears to be greater than inflation as well as US prices continue to decline.
The DAX is negative this morning and so are the futures, indicating a negative open. The market condition scans are showing a weak bias to the downside and the market bias indicators are neutral, indicating a choppy indecisive day.
Index | Change | %Change | Level | Phase |
TSX | +139.69 | +1.44% | 9849.20 | Recovery |
DJIA | +46.43 | +0.56% | 8331.32 | Recovery |
Nasdaq | +25.02 | +1.50% | 1689.21 | Recovery |
SP 500 | +9.15 | +1.04% | 893.07 | Recovery |
Russell 2000 | +8.89 | +1.88% | 480.71 | Recovery |
NYSE | +66.98 | +1.18% | 5733.45 | Recovery |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral bias but more positive momentum than negative momentum
Energy: moderate
Primary Trend: Remains down to sideways
Sector | Phase |
Consumer Staples | Recovery |
Healthcare | Recovery |
Technology | Recovery |
Utilities | Recovery |
Energy | Recovery |
Financials | Recovery |
Industrials | Recovery |
Materials | Recovery |
Consumer Discretionary | Recovery |
Source: Telechart
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