Curt Renz Capital Resources

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Updated Monday through Thursday evenings following market days

 

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Our commentaries are provided as general information and not investment recommendations.  You are responsible for your own investment decisions.  Our opinions are based on historical research and data believed to be reliable.  There is no guarantee that results will be profitable.  We are not responsible for errors or omissions.  We may hold positions in vehicles that are mentioned.

The popular averages were shoved downward on Thursday by a much worse than expected unemployment report. That’s producing even greater concern about the upcoming earnings report season. Now some media pundits are talking about stocks moving beneath the March lows. Buyers may be scared away for a bit. But as I see the technical picture, the low is in place and the slightest positive news will get the uptrend back on course.

Above is the six-month chart of the Nasdaq 100’s exchange traded fund. In March the price dipped to levels last seen twelve years ago. The succeeding rally brought the price above both the 50-day and 200-day moving averages. Then the 50-day MA crossed the 200-day MA. That’s nice bullish confirmation. Early last week the price threatened moving under both of those averages, but it then bounced back upward. That’s another bullish sign. Concerns about the economy and earnings reports may keep investors on the sidelines for a while. Then I see them scrambling back in for a nice summer rally.