WEEKLY MARKET DIGEST: FED QUESTIONS OPEN ENDED QE

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(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers.)  

BULLS TAKE CONTROL OF THE STOCK MARKET

February 22, 2013

Bulls have again taken control of the stock market this morning.  Futures have been steadily rising. Europe is up strong.  We will be carefully observing market internals on this bounce to give us data on what is next.

Gold futures are at $1574, silver futures are at $28.52, and oil futures are $92.72.

S&P 500 resistance levels are 1517, 1530, and 1537; support levels are 1500, 1480, and 1474.

DJIA futures are up 52 points.

 

FED QUESTIONS OPEN ENDED QE

February 21, 2013

FOMC minutes released yesterday afternoon show that there are serious questions within the FOMC about continuing with open ended QE.

It is no secret that markets have been addicted to QE.  Markets are rattled at the prospect of QE ending.

Our subscribers may recall that we provided the same insight, that the market caught on to yesterday, a little over a month ago.  This insight was the reason for  our cautious stance.

As always, we will continue to be ahead of Wall Street.

Markets remain overbought.  Any 5% to 7% pullback will be a buying opportunity.  If such a pullback occurs, and no other fundamental factors change, you will see many buy recommendations on the Real Time Feed.

Gold futures are at $1568, silver futures are at $28.58, and oil futures are $93.25.

S&P 500 resistance levels are 1517, 1530, and 1537; support levels are 1500, 1480, and 1474.

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DJIA futures are down 12 points.

 

A MINOR CRACK IN HOUSING STORY

February 20, 2013

One of the underpinnings of the current bull run in the stock market is that the housing market is improving.  TOL, a major luxury home builder reported worse than expected earnings this morning.

January housing starts came at 890K vs. 914K consensus.  January building permits came at 925K vs. 918K consensus.  These numbers are often revised at a later time. In any case, this is the first indication that the housing recovery may not be as robust as thought by some bulls.

Gold futures are at $1591, silver futures are at $29.01, and oil futures are $96.83.

S&P 500 resistance levels are 1530, 1537, and 1550; support levels are 1517, 1500, and 1480.

DJIA futures are up 3 points.

 

BULL RUN CONTINUES

February 19, 2013

Bull run in stocks continues but is long in the tooth.  It is best to stay cautious.

Gold futures are at $1609, silver futures are at $29.85, and oil futures are $95.65.

S&P 500 resistance levels are 1530, 1537, and 1550; support levels are 1517, 1513, and 1500.

DJIA futures are up 17 points.

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