Major averages finished up yesterday, though in the lower half of their trading ranges, on lower volume. Overnight, the Bank of Japan did not change its stance on QE but did upgrade its economic assessment.
Bonds and precious metals remain in downtrends as the yield curve continues to steepen. With the Dow Industrials almost at 20,000 and other indices on the rise, the market continues to telegraph better economic times ahead. Of course, that still remains to be seen as the QE issues are still prevalent. So while markets are forward looking, dont let that create complacency. Keep stops tight and risk to a minimum by buying on constructive weakness.
Long-time VoSI Focus List name Nvidia (NVDA) has pushed beyoind the $100 price level, and as we discussed in our weekend Focus List Review, a break above the $100 "Century Mark" could be tested on the long side, using the $100 level as a tight selling guide. This morning Goldman Sachs put the stock on their Focus List, which strikes us as a bit late, but it has the stock gapping up nearly four points this morning. IF long NVDA, keep tight trailing stops.
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