Markets continue to lack energy, with a mild up day yesterday. Research in Motion (RIM.TO, RIMM) handily beat earnings expectations, but due to lower guidance, the stock sold off in after-hours trading. It will be interesting to see if the stock recovers today or continues to drift downwards. Canadian retail sales fell by 0.8% in April.
Futures this morning are positive along with the DAX, indicating a positive open. The market bias indicators and the market condition scans continue to show neutral signals with bulls and bears at an impasse.
| Index | Change | %Change | Level | Phase |
| TSX | +55.39 | +0.55% | 10121.50 | Bullish |
| DJIA | +58.42 | +0.69% | 8555.60 | Recovery |
| Nasdaq | -0.34 | -0.02% | 1807.72 | Bullish |
| SP 500 | +7.66 | +0.84% | 918.37 | Accumulation |
| Russell 2000 | +2.45 | +0.48% | 509.48 | Accumulation |
| NYSE | +41.65 | +0.71% | 5906.20 | Accumulation |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral bias
Energy: weak
Primary Trend: sideways
| Sector | Phase |
| Consumer Staples | Recovery |
| Healthcare | Recovery |
| Technology | Bullish |
| Utilities | Recovery |
| Energy | Accumulation |
| Financials | Recovery |
| Industrials | Recovery |
| Materials | Recovery |
| Consumer Discretionary | Recovery |
Source: Telechart
Posts
No comments:
Post a Comment