Stock Market Summary Thursday May 10th 2012

Posted by Stephen Sutherland on Thu, May 10, 2012 @ 11:49 AM
describe the image

Yesterday's market action was neutral.

For a second day in a row, the Nasdaq found support at 2900. Once again the tech heavy index bullishly reversed its downtrend during the session but still managed to end the day with a small loss.

It's now tested 2900 three times since the 6th of March and the more times an index or stock tests a price point which proves to be successful, the price area strengthens in terms of support. This means for now 2900 appears to be a solid floor for the Nasdaq and for now an ideal point for institutional investors to load up on stock.

The S&P 600 also has plenty of support just below where its currently trading.

The global materials sector, India and Russia all underperformed. Leading stocks behavior was neutral.

Even though the market is weak, it looks like we may have found a floor just below where we are currently trading. As I mentioned yesterday, what is happening right now is perfectly normal and natural. Correction periods always pass and as long as you have faith and patience you'll be fine.


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.


ISACO was established in 2001 by brothers Stephen and Paul Sutherland and is the first financially regulated firm to offer adventurous ISA and SIPP investors a unique personal investment service that shares on a daily basis our star-performing investor’s thoughts, personal insights and investment decisions.

Clients enjoy being informed throughout the year what ‘best of breed’ funds our premier investor currently owns, when he’s buying and when he’s moving into the safe harbour of cash – helping clients enjoy more control, manage their portfolio more effectively and benefit from the potential of outstanding long-term returns.

For more information about ISACO and our Investment Guidance Service, please read our free brochure.

If you have any questions or thoughts on the points covered in this post, please leave a comment below or connect with us @ISACO_ on Twitter.


Topics: Stock Market Summary