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Author Topic: Market Commentary - Jan 27, 2011  (Read 709 times)
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Capitalist Pig
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Posts: 17830

« on: 2011 Jan 27, 08:57:23 pm »

There were some nice earnings numbers today, which seemed to lift the market. So much so that the unemployment numbers were pretty much shrugged off. This morning's report stated that new unemployment claims for the week jumped to 454,000 - way above last week's 403,000. The pending home sales report also had positive news that sales of used homes (that weren't counted in yesterday's new home sales report) were up 2%.
Let's look at today's numbers:

US Dollar ETFGoldSilverDow 30S&P 500
22.34-0.20%  1279.30-2.47%  26.76-2.37%  11,989.83+0.04%  1,299.54+0.22% 

Silver and gold resumed their downtrend, while the S&P 500 closed just an inch shy of 1,300. Again, the Dow traded above 12,000 intra-day, but closed slightly below. Round numbers like these have important places in traders' psychology. Back in the early 1980s, a Dow of 2,000 was called the grave in the sky because the Dow would keep approaching it, then fail to break through. So we'll have to wait and see if the market can push through the 12,000 and then use it as support in the future. There is a lot of concern out there that we are experiencing a "melt up" on very little buying that can be subject to swift and vicious corrections.

Happy trading!

Neal McSpadden
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