www.toddmarketforecast.com
Todd Market Forecast for Tuesday March 15, 2011
Available Mon- Friday after 6:00 P.M. Eastern, 3:00 Pacific.
DOW - 138 on 1750 net declines
NASDAQ COMP - 34 on 1450 net declines
SHORT TERM TREND Bullish
INTERMEDIATE TERM TREND Bullish
I think chances are good that we saw a bottom today and unless there is some sort of new nuclear crisis in Japan, the market should rally for a few days.
Take a look at the chart below. We had a high volume reversal (arrows). We can see this better with the NASDAQ Composite. Normally, this kind of chart action is indicative of a trading low.
Look at the high volume days that we’ve circled and then look directly above at the charts of both indices. Bottoms tend to be associated with lows.
The Federal Reserve’s FOMC announcement contained no negative surprises and this helped add bullish sentiment to the late trading.
The dollar was higher. Gold, silver and crude oil dropped. Copper was higher as were bonds.
BOTTOM LINE:
Our intermediate term systems are on a buy signal.
System 2 traders are in cash. Stay there for now.
System 7 traders are long the SPY from 131.83. Hold this position and let’s add another at the opening on Wednesday.
NEWS AND FUNDAMENTALS:
The Empire State Manufacturing Survey came in at 17.5, better than the expected 16.0. The Housing Market Index was 17, greater than last month’s 16. On Wednesday we get housing starts, the PPI and oil inventories.
OTHER MARKETS
We’re on a buy for bonds as of February 11.
We’re on a buy for the dollar and a sell for the euro as of March 10.
We’re on a buy for gold as of February 3.
We’re on a buy for silver as of February 1. .
We’re on a sell for copper as of March 10.
We’re on a buy for crude oil as of March 4.
We are long term bullish for all major world markets, including those of the U.S., Britain, Canada, Germany, France and Japan.
STEPHEN TODD
A SHORT BIOGRAPHY
Editor and publisher of the Todd Market Forecast, a monthly stock market newsletter with an included nightly hotline.
Steve has published articles on the stock market in the following publications: Barron’s, Stock Market Magazine, Futures Magazine, The National Educator, and others.
His stock market commentary is heard on the following stations: CNBC, Bloomberg, CNNfn, Associated Press Radio, Business Radio Network, CKNW in Vancouver, British Columbia, KFWB, Los Angeles and ROBTV in Toronto, Ontario.
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