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Daily Stock News  Stock Market

More Strength to Come?

We had an oversold market at the opening of the session. Then, there was some merger activity that caused an upmove. Greek banks received some funding. China’s market was up almost 5%, and finally, over the weekend, Barron’s...

August 14, 2015•
Stephen Todd
•

Dividend Digest 275, August 12, 2015

We had an oversold market at the opening of the session. Then, there was some merger activity that caused an upmove. Greek banks received some funding. China’s market was up almost 5%, and finally, over the weekend, Barron’s recommended the buying of commodities, specifically gold and crude oil. The latter obviously helped gold and oil shares.

Screen Shot 2015-08-14 at 1.32.36 PM

On the other hand, volume was very low, which indicated short covering instead of serious accumulation. Also, the calendar from now into October is historically weak.

Five day RSI for the S&P 500 curled up from an oversold condition. This normally results in further strength.

Stephen Todd, Todd Market Forecast, www.toddmarketforecast.com, 909-338-8354, August 10, 2015
Stephen Todd
Stephen Todd
Since 1984, Stephen Todd has been the editor and publisher of the Todd Market Forecast, a monthly newsletter with emphasis on the stock market, but also with sections about gold, oil, currencies and bonds. Mr. Todd spent a number of years as an engineer in a steel mill before becoming a stock broker with a number of firms, including E.F. Hutton, Bache and Paine Webber. He has published articles on the economy and the stock market in Barron’s, Stock Market Magazine, Futures Magazine, The National Educator and others. His stock market commentary is heard on CNBC, Bloomberg, Associated Press Radio, Business Radio Network, CKNW in Vancouver, British Columbia, KFWB, Los Angeles and ROBTV in Toronto, Ontario.
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