August 29th 2011 Stock Market Recap

(With the new design I can now take advantage of 620px wide stock charts amongst other things. Also remember that comments are now enabled for every post moving forward so please feel free to share your market wisdom and any site feedback)

Speculation that further stimulus will be announced during the Fed’s September meeting caused a huge reversal Friday and followed through today as the market gapped and ran higher.

Volume was lower today but during snapbacks like these it is not uncommon by any means and should not be discounted. Newsletters like SentimenTrader have noted that investor sentiment has been overwhelming pessimistic which almost always precedes rallys.

Many names are on the run and should be on your close radar: TIF, APPL, BIDU, AMZN, CMG, HANS, GMCR, JVA, and PCLN to name a few. If you would rather invest in ETFs, check out my list of 83 different 2x and 3x long ETFs.

For those putting cash back to work on Friday and today, stay frosty out there. I will see you back here tomorrow night.

Trend Table
Trend Nasdaq S&P 500 Russell 2000
Long-Term Down Down Down
Intermediate Down Down Down
Short-term Up Up Up

(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend

*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.

Comments

  1. Posted by Devadas Nayak on August 30, 2011 at 12:42 am

    The New Look of your website suits your Methodology of “KISS”.
    Keep up the good work.
    Regards