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Friday, September 03, 2010
What To Look For Friday- September 3, 2010
After Wednesday's follow-through day that signaled a new market-uptrend from the Nasdaq, and Thursday's additional gains and positive data releases, we should finish out the week strong on Friday - depending on the data releases. Another beat in the labor sector via the Employment Situation report will definitely cause indexes to soar, even if the IFG Non-Manufacturing Index report is negative. It both reports are positive, we will definitely see a large run-up in fast trade.
Thursday's Market Recap - September 2, 2010
Thursday was flat for most of the day until a late rally caused the major indexes to close up nearly 1%. Jobless claims dropped for a second week in a row, and pending home sales rose unexpectedly along with a surprisingly positive release regarding retail sales. Economic data was positive across the board, and the market trended fractionally up throughout the majority of the day, rallying late to close at session highs. Both fundamental and technical indicators are bullish, and this correlation is important as it often determines the strength of any trend - up or down.
Our own equities all went up as well. Chipotle (CMG) continued to impress as it tacked on another 3 percent today in heavy trade. Our other positions rose as well, and are looking very ripe for what is hopefully a new, strong uptrend.
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