Is the Market Ready to Push Higher in March
The market turned
red yesterday. And if I didn't know any better, I would say that sellers
developed their first resistance area, 1335. That is an important
progression for the bears, and it could set the groundwork for a larger
move down.
At this point, the bears have been unable to take out a support
level. That feebleness has gone on for 6 months. Seriously, the bears
have not taken a support level away from buyers since August.
TradeMaster
subscribers were
able to nail down outstanding gains over that time largely because we
were able to stick with the bullish rally that started in late August.
Even though a lot of traders were skeptical of that rally and repeatedly
called for a reversal, we stayed long and strong.
That’s because, quite simply, I know what to look for before a
rally reverses.
And now, I am going to share some of his trend-following secrets in
a special video seminar. It’s called How to Trade with the Trend
for Maximum Profits. It will air this Friday, March 4, at 6
pm ET. And best of all it’s completely FREE for TradeMaster
Forecast readers.
Asian indices tanked last night. And Europe is
faltering this morning. In Europe, PPI came in smoking hot, and that's
not good before the ECB announces rates Thursday. A rate hike is
improbable, but their could be a voice of tightening from the central
bankers tomorrow.
Inflation continues to rear its ugly face globally, and the market
is finally being impacted by it. That is everyone except the U.S. where
inflation doesn't exist. Right Ben Bernanke. The price of food, energy
and materials is soaring because of increased demand, not loose policy,
right Bernanke.
Price increase aside, jobs continue to be added in the U.S.
Although the government may have to scale back on payrolls, the private
industry has begun to pick up its recent hires. The report this morning
showed that 217,000 jobs were added last month. That is an increase from
the 189,000 added in January, and surpassed estimates of 165,000 in
February. The official government nonfarm data and rate come out Friday,
but based on today's data it could beat to the upside.
Of course, the market doesn't want more employment; more U.S. jobs
means less Ben Bernanke dollars, and more administrative
expenses.
Watch
List
The TradeMaster Daily
Stock Alerts watch list is
bullish again - and this time it's oil. For a full list of our trades and
video of our current stock watch list CLICK.
