Saturday, 20 February 2010

Weekly Wrap: Your source for stock, stock market, and stocks info

Weekly Wrap:

Stocks made an impressive move for the week. The S&P 500 finished up 2.85% for the week. I said in previous blog posts that I didn’t expect the market to break above the February 2nd highs. Well, all the major indexes and some of the international benchmarks (e.g. FTSE, Bovespa, Straits, etc.) broke above the high for the month as well. Stocks went up every single day, and are now on a nine-day run upwards from two Fridays ago. The breakout out to the upside clearly signals that the market may have the potential to rise higher and even rally to new highs. Last week was pretty lackluster on the news front except for the FOMC meeting and the Fed’s decision to raise rates. I tend to watch markets (i.e. looking on my screens) rather than read news or keep up with financial events. So when I found out that the Fed had raised by 0.25%, I was surprised that it must have had no effect on the market because I would have noticed it. When I see a big move up or down in the markets, I usually check Bloomberg to see what the news is. And it’s usually Fed minutes, non-farm payrolls, jobless claims, manufacturing data, or consumer sentiment that can cause sharp swings. It was a pretty boring week. I think that most stocks went up in general. If you were overly bearish coming into the week, you probably got killed because stocks moved higher all week. The market never seems to amaze me these days. Can the worldwide markets continue to move higher month after month? We'll see.

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