Stock Market Summary Tuesday May 1st 2012

Posted by Stephen Sutherland on Tue, May 01, 2012 @ 12:52 PM
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Yesterday's market action was positive.

On day four of a new rally attempt, the Nasdaq pulled back 0.7% in tame volume indicating reluctance to sell from institutional investors.

Although technically we did see a day of professional distribution on the S&P 600, when we look at the volume we find it coming in less than the previous days.

Another positive is both the Nasdaq and smallcaps remain above their 50 day moving averages.

The global materials sector matched the market and India and Russia beat the market. Leading stocks action was positive.

In summary even though the market appears to be getting back on its feet, I'd still like to see a successful follow through sometime this week.

Follow throughs with the highest chance of success occur on day's four to seven of a new rally attempt. Yesterday was day four which means today is day five.Please note past performance should not be used as a guide to future performance, which is not guaranteed. Investing in the Funds should be considered a long-term investment. The value of the investment can go down as well as up and there is no guarantee that you will get back the amount you originally invested.


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Topics: Stock Market Summary