www.toddmarketforecast.com
Todd Market Forecast for Tuesday, May 17, 2011
Available Mon- Friday after 6:00 P.M. Eastern, 3:00 Pacific.
DOW - 69 on 600 net declines
NASDAQ COMP + 1 on 600 net declines
SHORT TERM TREND Bearish
INTERMEDIATE TERM TREND Bullish
. Editor’s note. Remember, we are making a presentation at the Dallas Traders Expo on Saturday June 18. Admission is free, but you have to register. Follow this link. http://www.moneyshow...mp;scode=022343
There is a current discussion that the economic recovery is losing steam against the backdrop of the Fed’s winding down their QE2 stimulus program. Industrial production has been one of the bright spots in recent months was disappointing today.
Add to this, the fact that Greece is again occupying the minds of European policy makers and investors.
However, help may be on the way. There has been some internal strengthening. The major indices are well below the lows of early May, but the advance decline line is holding those levels. In addition, the put call ratio was high today and we are quite oversold. My best bet is that Wednesday will be higher, perhaps substantially.
The dollar dropped again, but again, that didn’t help gold and silver which were down. However, copper and crude oil were up. Bonds moved to the upside
BOTTOM LINE:
Our intermediate term systems are on a buy signal.
System 2 traders, we bought the E-mini futures contract at 1322.00 and the SSO at 53.23. Sell at the close on Wednesday.
System 7 traders are in cash. Stay there on Wednesday.
NEWS AND FUNDAMENTALS:
Housing starts came in at 523,000, less than the expected 570,000. Industrial production was flat. Expectations were for a rise of 0.4%. On Wednesday we get oil inventories and the FOMC minutes from their last meeting.
OTHER MARKETS
We’re on a buy for bonds as of May 5.
We’re on a buy for the dollar and a sell for the euro as of May 5.
We’re on a sell for gold as of May 5.
We’re on a sell for silver as of May 2.
We are on a sell for crude oil as of May 5.
We’re on a sell for copper as of May 5.
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, Associated Press Radio, Business Radio Network, CKNW in Vancouver, British Columbia, KFWB, Los Angeles and ROBTV in Toronto, Ontario.
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Once per year, in January, Timer Digest editor Jim Schmidt gives the rankings for all services monitored for multi year time frames. We were ranked ranked # 1 for the past ten years at the end of 2003, 2004 and 2005. At the end of 2006 we slipped to #3 and at the end of 2007, we were ranked # 5.
Our bond timing was ranked # 1 for 2007 and 2008. Gold timing was ranked #1 for 1997 and #2 for 2006.
For 2010, we were ranked the # 4 long term stock market timer.
TODD MARKET FORECAST
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