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The following is the last posted online market analysis:
You have to ask: is the economy good enough to support the kind of ebullience
we're seeing in the market these days? Does this kind of upward momentum
hold a day of reckoning sometimes soon? One thing's for sure, the pace of
the movement exceeds the norm and traders will want to consider a stop-loss
trailing their gainful positions.
The 1% gained this week in the DJIA is only slightly less than the previous
week, and the increase in high and low looks roughly the same. Long
portfolios are looking better than ever and reality tells us that profit-
taking might not be far off.
Not so Nasdaq this week whose gains are far more circumspect and
advancing a mere .58% with a point gain of 14.94 for the period. Its high at
2577.96 was higher; its low at 2510.57 only slightly better than the previous
week's, but essentially positive for the week, if modestly. Yet, its pattern
remains nicely, calmly, upwardly mobile for a 2nd 6-year record in a row.
We continue to be bullish but cautious in anticipation of a short term
correction.
Two weeks ago we said and again repeat:
Despite economic problems and weakness here and there, it would seem that the
financial house is not only in order, but healthy. Confidence, apparently,
reigns and long traders should takes much comfort and good profit from that.
Our analysis is updated weekly and generally appears early Saturday afternoon
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in 2006 Dow Jones +16.3% Nasdaq +9.5% (If there's such a thing as a "January Effect," this year's January end result would seem to predict a generally sidewise year with a slight positive bias.
Historical Highs:
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© 2006 Jules Brenner
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