Good morning – its Monday March 7th, the 66th day of 2005. The week starts off rather quietly on the economic news front, building as the week goes on with the Federal Reserver “Beige Book”: on Wednesday and the dollar-moving Trade Balance report on Friday. In the meantime, company earnings reports and guidance take centre stage.
The US Dollar regained some of its steep losses against many currencies Friday, but it remains to be seen if the sell off at the close of last week marked a turn around event or a sign of future (continuation) direction. Its probable that we’ll have to wait until Friday’s Trade Balance report to find out.
US Market Calendar
- 3:00 pm: Consumer Credit – Jan.
- 5 & 10-year note auction announcement
- 3 & 6-month T-bill auction
Canadian Market Calendar
- 8:30 am: Building Permits – Jan.
Statistics for Friday March 4, 2005
| Symbols in Up Swings | 508 |
|---|---|
| Symbols in Down Swings | 256 |
| Up/Down Swing Ratio | 1.98 : 1 |
| Up Bars | 53% |
| Down Bars | 18% |
| Inside Bars | 19% |
| Outside Bars | 5% |
| Close > 20EMA | 70% |
| Close > 50SMA | 59% |
| Close > 200SMA | 65% |
| 20EMA > 50SMA > 200SMA (trend up) | 44% |
| 20EMA < 50SMA < 200SMA (trend down) | 21% |
Its been a while since we’ve seen most stocks making “up bars”. With major indexes regaining the 2005 highs we can be sure the emotional stakes are high here, with traders ready to bail the market if any weakness shows up. We’ve seen that movie before – perhaps this is the ‘Directors Cut’ with an alternate, surprise, ending?
Earnings and the Federal Reserve
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
05.03.07 08:39 #