Dubai Penny Stocks Report
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DUBAI PENNY STOCKS REPORT November 21, 2009
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DJIA: 10,318.16 10-YR TSY: 3.35% CRUDE OIL: $77
COMP: 2,146.04 GOLD: $1,150.90 $USD INDEX: 75.58
S & P 500: 1,091.38 SILVER: $ 18.51 VIX: 22.19
“Each speculator must identify and do his/her own thing. Perhaps more importantly, they must stay out of someone else’s game. The market will tell its own story, and your only task is to hear it fast.”- Dr. Alexander Elder
US MARKETS:
Greetings stock fans. After starting the week with a positive bias and the tape finding strength throughout as all three major indices registered new year-to-date highs, on a ‘close’, US equities markets succumbed to selling pressure mid-week with Q3 earnings season in wind-down mode, as well as a benign economic calendar. In a nutshell, trade for the most part was slow/uneventful despite options expiry on Friday which proved lackluster and a non-event.
Nonetheless, as we’ve been noting to readers the past few weeks, the markets continue to demonstrate ‘constructive’ action and have, as of yet, to show any viable signs of change/alteration in trend (which remains higher), while the internals ‘appear’ to play ‘catch-up’ to the overall movement in the indices themselves.
Furthermore, we continue to witness the ‘stair-step’ pattern within the S&P 500 as the index continues to sport ‘higher lows and higher highs’ which remains encouraging from a technical standpoint, while the DJIA and large-cap’s lead the way with both the Spoo’s and COMP following the lead.
Thus, despite paring its early gains in trade last week and the tape finding selling pressure in the final three sessions, US markets finished the week of trade a ‘mixed picture’ and relatively unscathed, whereby the DJIA continues in its leadership role posting fractional gains, while both the Spoo’s and COMP closed out the week with fractional losses as the latter noticeably remains the ‘laggard’ in the group. Nevertheless, the SPX continues to grind into higher ground as evidenced by the chart below, as well as finding ourselves in the ‘seasonal’ favorable time of the year where spirits are festive, which ‘may’ just induce further upside momentum by week’s end after some ‘drifty/sideways’ action to start the week as the markets consolidate the recent thrust.
When observing the chart above, it’s evident that the trend remains higher, as well as the ‘staircase’ pattern intact with the index residing above its 20; 50 and 200-Day moving averages, respectively, which is indicative of the positive bias. On the other hand, we can see that relative strength has subsided for now and is turning slightly lower with its neutral RSI 54 reading. Furthermore, the MACD is beginning to show some signs of strain as it ‘appears’ headed for the 0 line. Taking both the relative strength and MACD posture into account, we suspect that we may experience a bit of chop-and-churn/consolidation in the days (Mon/Tues) ahead in order for the Spoo’s to ‘catch their breath’ before ‘potentially’ embarking on yet another assault at higher levels by week’s end (Wed/Fri) or, thereafter.
In any event, nothing has changed/altered our views of the past few weeks where we continue to witness improvement within the internals, as well as the primary trend, which remains higher, for now.
Therefore, until or unless such conditions should prove otherwise (the SPX recording a lower low), this tape remains ‘innocent until proven guilty’ and should be given the benefit of doubt.
Finally, this week is a shortened week of trade with US Markets closed on Thursday in observance of the Thanksgiving holiday and as a result, trading will be tapered and thin, which could produce some volatility, particularly Wednesday and Friday where it won’t take much to run the tape in either direction. Thus, should one choose to enter the fray, be prepared for ‘potentially’ whippy action due to light volume.
GLOBAL MARKETS:
Global markets/bourses continue to trade a ‘mixed picture’, particularly in Asia where some regions continue to display fairly healthy characteristics such as the Singapore Straits and Taiwan Weighted who both finished at higher levels in last week’s trade and perhaps more importantly, remain at the upper end of their respective ranges with the former ‘appearing’ ready to print new highs. As for the Shanghai Comp; BSE 30; Jakarta Comp and Seoul Comp, all finished on the plus side of the ledger, while the KLSE Comp closed the week of trade on a flat note. In Hong Kong, the Hang Seng finished a shade of crimson, while the Nikkei slid the ‘slippery slope’ and continues to act horrid from a technical perspective and ‘may’ just find the 9K level coming into play in the not too distant future as the index posted another round of losses this past week. As for ‘Down Under&rsqu
o;, both
the All Ordinaries and NZ 50 were met with selling pressure this past week closing with losses. While the latter continues to trade within its four month sideways channel, the former ‘appears’ to be forming some ‘Dandruff’ in that of a ‘potential’ H&S pattern, which requires further attention in the days/weeks ahead. Moving on to Europe, the CAC; DAX and FTSE posted modest losses across the board in last week’s action and continue to mimic the US with respect to direction. Thus, no significant changes from a technical view, albeit, the FTSE did print new year highs, while the CAC and DAX fell short of going ‘topside’ of the bar.
o;, both
the All Ordinaries and NZ 50 were met with selling pressure this past week closing with losses. While the latter continues to trade within its four month sideways channel, the former ‘appears’ to be forming some ‘Dandruff’ in that of a ‘potential’ H&S pattern, which requires further attention in the days/weeks ahead. Moving on to Europe, the CAC; DAX and FTSE posted modest losses across the board in last week’s action and continue to mimic the US with respect to direction. Thus, no significant changes from a technical view, albeit, the FTSE did print new year highs, while the CAC and DAX fell short of going ‘topside’ of the bar.
BONDS:
With equities markets finding selling pressure in the latter part of last week’s trade, “Treasury Land’ was the recipient of such funds where prices rose modestly with the yield on the 10-Yr closing out the week 8bps lower at 3.35% and well within our multi-month defined 3.2%-4% range. Until either end of the spectrum ‘gives’, continue to hit the snooze button!
METALS:
Two weeks ago we referenced the short-term overbought condition in Gold when we penned, “Although gold resides in overbought territory from a short-term technical perspective and ‘may’ require a bit of ‘backing-and-filling/consolidation’ in the days/ weeks ahead, the action in both metals remains constructive as the $USD helped the cause of both last week where it was ‘stuffed/rebuffed’ at our often noted declining 50-Day moving average at 76 and change.” Despite such conditions and lack of any meaningful pullback or consolidation, both Gold and Silver press forward as both metals put in yet another solid week of trade with ‘yellow metal’ printing new all-time highs and finishing out the week nearly 3% higher at $1,150.90, while “Hi-Ho Silver’ broke-out and went ‘topside’ of our noted $18.25 figure and closed out the week of trade with a
gain of
6.2% at $18.51. Interestingly, while the $USD attempted to muster some strength throughout this past week of trade, neither Gold nor Silver seemed concerned and went on their merry way. Could such behavior be suggestive of a ‘decoupling’ between both metals and the currency? Continue to monitor. In any event, the secular bull in both Gold and Silver remains alive and well despite short-term ‘frothy’ conditions which can persist longer than one may anticipate.
gain of
6.2% at $18.51. Interestingly, while the $USD attempted to muster some strength throughout this past week of trade, neither Gold nor Silver seemed concerned and went on their merry way. Could such behavior be suggestive of a ‘decoupling’ between both metals and the currency? Continue to monitor. In any event, the secular bull in both Gold and Silver remains alive and well despite short-term ‘frothy’ conditions which can persist longer than one may anticipate.
CRUDE OIL:
Last week, ‘black gold’ posted fractional gains, closing out at $77bbl, continuing to consolidate between our noted levels of 75 support and 82 resistance, as well as continuing to display healthy technical characteristics. Until either end of the range is ‘breached’ or ‘overcome’ on a ‘closing’ basis, we remain within the zone. In the meantime, relative strength is neutral with an RSI 49 reading, while the MACD resides below the 0 line, both suggestive of short-term indecision as crude trades pinched between it 20 and 50-Day moving averages. Therefore, continue to monitor our referenced levels for clarity in the days/weeks ahead.
CURRENCIES:
After breaching the 75 level on three occasions during last week’s trade, the $USD index managed to muster some strength in the latter part of the week and as a result, posted fractional gains, closing out at 75.58. With relative strength on the improve and residing at an RSI 49 read, as well as the MACD ‘appearing’ to turn its head up, postured on the 0 line, perhaps the ‘greenback’ is positioning itself for another attempt at the declining 50-Day moving average, now presently found at 76.30ish? Nonetheless, in order for the ‘buck’ to garner any significant mojo, not only will the index need to go ‘topside’ of its declining 50-Day at 76.30ish, yet perhaps more significantly, the re-capture of the 76.85 level, both on a ‘close’. Thus, should the index go ‘topside’ of its declining 50-Day, such development would be a positive, while a rec
apture
of the 76.85 figure would more than likely set the stage for further advance ,as well as a ‘potentially’ significant squeeze scenario. On the flip-side, should the ‘buck’ take out its recent lows (74.40ish) on a ‘close’, we would suspect further downside pressure, whereby the 71-72 zone would be ‘in play’.
apture
of the 76.85 figure would more than likely set the stage for further advance ,as well as a ‘potentially’ significant squeeze scenario. On the flip-side, should the ‘buck’ take out its recent lows (74.40ish) on a ‘close’, we would suspect further downside pressure, whereby the 71-72 zone would be ‘in play’.
US Markets:
Short-Term: Neutral- Mixed Signals-Consolidating/Improving
Intermediate-Term: Neutral- Ditto- Mixed Signals-Consolidating
Long-Term: Bullish- SPX 1,000 Has Been ‘Re-Captured’
(Yet, within the confines of a secular-Multi
Year Bear based on Weekly charts)
POTENTIAL INDICES SUPPORT/RESISTANCE:
SUPPORT RESISTANCE
DJIA: 10,192; 10,020; 9,916 10,440; 10,632; 10,834
COMP: 2,140; 2,110; 2,080 2,205; 2,240; 2,267
S & P: 1,085; 1,065; 1,045 1,115; 1,140; 1,168
To those readers in the US, Happy Thanksgiving!!
Have a profitable week of trade!!
Dubai Penny Stocks
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urges you to consult your own independent tax, business, financial and investment advisors. Investing in micro-cap and growth securities is highly speculative and carries and extremely high degree of risk. It is possible that an investor’s investment may be lost or impaired due to the speculative nature of the companies profiled. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be "forward looking satements". Fwd looking staements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks of uncertainties which could cause actual results or events to differ materially from those presently anticipated. Fwd looking statements in this action may be identified through use of words such as "projects",
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in these reports with independent research and other professional advice. All information on featured companies is provided by the companies profiled, or is available from public sources and Dubaipennystocks.com makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies. Dubaipennystocks.com, nor any of its affiliates are not registered investment advisors or a broker dealers. None of the materials or advertisements herein constitute offers or solicitations to purchase or sell securities of the companies profiled herein and any decision to invest in any such company or other financial decisions should not be made based upon the information provide herein. Instead Dubaipennystocks.com strongly urges you conduct a complete and independent investigation of the respective companies and consideration of all pertinent risks. Dubaipennystocks.com does not offer such advice or analysis, and Dubaipennystocks.com fu
rther
urges you to consult your own independent tax, business, financial and investment advisors. Investing in micro-cap and growth securities is highly speculative and carries and extremely high degree of risk. It is possible that an investor’s investment may be lost or impaired due to the speculative nature of the companies profiled. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be "forward looking satements". Fwd looking staements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks of uncertainties which could cause actual results or events to differ materially from those presently anticipated. Fwd looking statements in this action may be identified through use of words such as "projects",
"foresee", "expects", "will", "anticipates", "estimates", "believes", "understands", or that by statements indicating certain actions "may", "could", or "might" occur. Understand there is no guarantee past performance will be indicative of future results. In preparing this publication, Dubaipennystocks.com has relied upon information supplied by its customers, and press releases which it believes to be reliable; however, such reliability cannot be guaranteed. Investors should not rely on the information contained in this website. Rather, investors should use the information contained in this website as a starting point for doing additional independent research on the featured companies. The advertisements in this website are believed to be reliable, however, Dubaipennystocks.com and its owners, affiliates, subsidiaries, officers, directors, representatives and agents disclaim a
ny
liability as to the completeness or accuracy of the information contained in any advertisement and for any omissions of materials facts from such advertisement. Dubaipennystocks.com is not responsible for any claims made by the companies advertised herein.
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