10Mar2015 Market Open Commentary: Closing Market Commentary: Markets Open Down 1% Now Trading Sideways And High U.S. Dollar Detriment To Growth According To White House
Written by Gary
Averages open down as expected. DOW and small caps down 1% as volume remains moderate. The two main events of the day, namely the start of QE in the eurozone and also further tension surrounding Greece look to be more "slow burn" affairs
By 10:30 am the Apple Watch news does little to excite the Chinese and U.S. Small business confidence picks up in February. The White House admits that a strong U.S. Dollar is a headwind for growth.
Our medium term indicators are leaning towards Hold portfolio of non-performers and the session market direction meter (for day traders) is 32 % bearish. We remain mostly conservatively bullish, but with a bearish slant. I am very concerned any downtrend could get very aggressive in the short-term and any volatility may also promote sudden reversals that will only please the day traders. The SP500 MACD has turned down, but remains above zero at +6.02.
Having some cash on hand now is not a bad strategy as negative market changes are happening everyday. Many investors are starting to take in some profits from 'high-fliers' as a precaution and to build a better cash base for the 'dips'.
Investing.com members' sentiments are 75 % Bearish.
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