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Wednesday, February 02, 2005
Market Recap
The winning streak continues for the major indices. They were up for the third day in a row despite the expectation of a planned interest rate hike that came today. The Dow gained +44 points, the NASDAQ gained +6 points, and the S&P gained +4 points. The Dow closed the day above its 50 SMA, turning bullish from its neutral condition yesterday. The Dow now joins the S&P in a bullish mode. The NASDAQ remains bearish, but hopefully it will trade up soon and turn its chart positive like the other two indices. These indices trade in sync most of the time so odds are that they will soon again. Let's hope the NASDAQ can trade up to the other two rather than the other two reversing and trading back down in the direction of the NASDAQ.
The Fed Said
The Fed announced that it was raising its target for the federal funds rate by .25 basis points. This is the interest that banks charge each other. This lending rate is now up to 2.5 percent. The rate was as low as 1.0 percent before the Fed started raising rates by .25 basis points in each of the last six consecutive meetings. Most market participants anticipated this rate hike, and as a result, the markets had a mute reaction to the news. The Fed kept their sentiment and comments in line with what they have been saying in the past. Many were expecting stronger words about future raises and when that did not materialize, the markets seem to like what they heard.
State of the Union
Tonight President Bush is giving his State of the Union address. This is one of those perennial evenings when some people are thankful for cable or satellite TV, so as not to have to listen to the President. Those unfortunate people are the ones that normally do not vote and do not care about the issues or the state of the union. They are also missing potential golden opportunities to capitalize on a possible chance to increase their financial situation. I always listen to the State of the union address. Not only do I want to know how our country is progressing in different areas, but I may have a chance to profit from what the president says. The President will normally tip us off on some possible hot sectors of the financial markets if you listen closely. He may talk about various subjects like defense, drugs, social security, taxes, stem cells, and any other topics that could lead some stocks higher in the future. I listen for these signals. I feel sorry for the people that do not care; they are missing out. While some are watching re-runs of the Brady Bunch in TV Land, we will be trying to figure out our next stock trade.
Please tell a friend about our service. As always, thank you for your support past, present, and future! We'll see you tomorrow evening.
Don't forget to check your short-term holdings and know when those companies are reporting earnings. Holding a stock through earnings is risky and I do not recommend it. You can always buy the stock back after the dust settles.
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