Stock Market Commentary for March 8-12
What a positive stock market we had in the past week and this was topped off by a better than expected US Employment report. The jobs report showed job losses fewer than expected and it caused the market to rally higher. Based on the market’s upward movement in the past few weeks, we are seeing an overbought market meaning that buyers of stock are overwhelming the sellers. In this scenario, for smart traders, it’s time to lighten the buying and start looking to sell off your positions.
If you missed the stock market’s upward movement in the past few weeks then I would be careful in buying this market. As well, baring any significant surprises in the stock market, it will be a very slow trading week. There are however two important US Economic data set to be released this week. We have US Retail Sales and US Consumer Sentiment released on Fri March 12. Other than that, we’ll be keeping an eye on the Greece financial crisis.
We will be on the sidelines this week watching as we don’t see anything that is considered a good opportunity. The market is way overbought but we don’t want to short this strong market. If we see any opportunities, be sure to visit our blog daily for any updates.
Mike
