May 2009 - EquiTrend Market Watch

EquiTrend Market Watch

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Have You Seen This?

  • Consolidation continues

    In This Issue:

    Rally on hold...
    Leaders move up
    Earnings still weakening
    Builders get more optimistic but no support from data
    Elliott Wave SPX Perspective


    Quote of the week
    "I used to take $300 for the week -- that was walking- around money. Now I take $100 for the week. Forget about ordering sushi for lunch." Former Bear Stearns trader Guy Irace.

    Rally on hold...
    Now ten-weeks old, the rally spent a second consecutive week consolidating, with the standout exception of the emerging market ETF which moved more than 5% higher. Up more than 30% from its March 6 low, the S&P500 index is still 4% above its 50-day moving average....
  • Leaders languish...

    In This Issue:

    Rally backs off...
    Leaders languish
    Earnings continue to weaken
    Trade deficit rises, Treasury sales inch higher
    Market Yin and Yang
    Elliott Wave SPX Perspective


    Quote of the week
    "Even though economics is a very old subject, it has not truly come to grips with the main difficulty, which is the inordinate practical importance of a few extreme events." Benoit Mandelbrot (1983)

    Rally backs off...
    After nine weeks of gains, the rally finally came to an end this week with all-red across the board for the major indexes. Up 36% from its March 6 low last week, the S&P500 gave back 5% this week but the index is still nearly 6% above its 50-day moving average. And as we see below, earnings continue to decline...

    ...
  • Standing In Front Of A Train

    In This Issue:

    Rally blasts up...
    Leaders fall behind...
    An earnings-deficient recovery?
    Construction spending, ISM and jobs improve
    Last hurrah, then seven lean years?
    Elliott Wave SPX Perspective

    Quote of the week
    "In the U.S., the total market value of housing, commercial real estate, and stocks was about $50 trillion at the peak and fell below $30 trillion at the low.  The original $50 trillion of perceived wealth supported $25 trillion of debt.  This loss of $20-$23 trillion of perceived wealth in the U.S. alone is still enough to deliver a life-changing shock for hundreds of millions of people." 
    - Jeremy Grantham in the GMO Quarterly Newsletter May 2009

    Rally blasts up...
    This rally re-ignited to finish its ninth week of gains pushing the S&P500 up 36% from its March 6 low. More interesting perhaps is the fact that the SPX is showing its first gains for 2009. And stocks are even more overbought than there were last week....