Dear Friends,
As mentioned in last article, after the Good Jobs Report last week starting from ADP employment and Non Farm Payroll, Dow will be moving towards 13000 and STI towards 3000. Today, we hit it!
Dow has broke 13000 and Nasdaq above 3000. I believe tomorrow STI might break 3000 again. It isn't coincidental that all seems to be on verge of breaking their resistances as STI follows US market closely!
Check out my article indicating the move up last week:
http://www.danielloh.com/2012/03/good-non-farm-payroll-beat-expectations.html
Today Dow got the help of a good Retail Sales Report, at least the market sees the good side of the retail sales report. As reported by Marketwatch, retail sales climbed the fastest in five months in February, as rising
gasoline prices weren’t enough to choke off U.S. consumers’ demand for
cars, clothing and other goods.
Honestly, Retail Sales report did not beat expectation, in fact it is below the forecast as given predicted by marketwatch. However I think we are greeted by the relief that the high Oil price did not cause retail sales to be missed badly.
Anyway, for this week, I believe the only way the market might be choked is on Thursday. There is a Philly Fed Manufacturing Index and Jobless claims coming up. As ISM isn't good, we should see how Philly Fed is this month. If it is good, Dow might be able to sustain itself above 13000 this week, which is good news.
Let us watch out on Thursday. Btw, Apple flying to $564 now, about to reach my target at $570 soon, and this stock is also pushing Nasdaq100 index and S&P500 index ahead, with its launch on 16th March! Anticipation of good sales is tremendous. I am hanging on to a $3000USD unrealised profit trading OPTIONS now ;) ... Go go go!
Happy Trading!
Daniel
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