Weekly Results:
S&P 500 919.14 +3.47%
NASDAQ 1,774.33 +4.67%
Russell 2000 501.58 +4.23%
MSCI Emerging Markets 33.02 +4.44%
In the spring months, markets showcased some stability in a post panic period. Participants continue to witness the first recovery phase from dislocated ranges. This is visible in the behavior of Commodities, stocks and interest rates. Key indicators are recovering uniformly just like the synchronized declines of 2008. In the past three months, S&P 500 is up nearly 25% catching the attention of sideline investors. Since late December, Crude is up over 100 % and US 10 Year Treasury Yields rose nearly 84%. Interestingly, headline and legislative worries may not reflect sharp upside moves. So far this year, speculators have shown high tolerance for “risky” assets.
Levels:
S&P 500 [919.14] Intermediate-term improvement following March lows. Near-term pause developing between 880-920.
Crude [$66.31] Solid uptrend. Approaching next key resistance near $70 last reached in November. Positive momentum following a break above 200 day moving average.
Gold [ 975.50] Nearing a key psychological level at $1000. February highs of 989 is worth watching closely from a technical perspective.
DXY – US Dollar [80.43] Index is down over 11% after peaking in March 2009. Nearing key support around 80.
US 10 Year Treasury Yield [3.44 %] Multi-month rise is pausing. Lase few days, a sharp decline from highs of 3.74%. The sustainability of this trend will be tested in weeks ahead.
Meanwhile, investors weigh the creditability and sustainability of this inevitable bounce. Beyond performance, the long term outlook of credit conditions and government debt seem unresolved. In fact, charts suggest a pause in appreciation of risky assets and broad US indexes. Similarly, the downgrade of United Kingdom’s sovereign rating and GM’s bankruptcy can quickly change sentiment. Therefore, early summer sets the stage for possible sell-offs.
Commodities, Emerging Markets and Technology lead this current rally. Perhaps, leadership is shifting towards groups with less exposure to credit risk. On the other hand, interest rate sensitive themes such as Financials and Utilities are underperforming year to date. Once again, credit worries resurface. At this stage, taking speculative positions can be costly given increase in P/E ratio to 15.5 from 13.1. (Robert Shiller of Yale) Buying at current prices appears expensive especially for bargain hunters and value seekers. That said, momentum chasers and optimists face a decision between profit taking versus adding on pullbacks.
"Deleveraging means paying down debt instead of paying out dividends or buying in stock. Indeed, as the pick-up in equity financing indicates, it means issuing new shares. 'The growth rate in of earnings per share thus is likely to be worse than that indicated by profit margins alone,"(Smithers & Co)
Dear Readers:
The positions and strategies discussed on MarketTakers are offered for entertainment purposes only and are in no way intended to serve as personal investing advice. Readers should not make any investment decision without first conducting their own thorough due diligence. Readers should assume the editor holds a position in any securities discussed, recommended or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in anyway, considered liable for the future investment performance of any securities or strategies discussed.
Monday, June 01, 2009
Monday, May 11, 2009
Weekly Results:
S&P 500 929.23 +5.89%
DJIA 8,574.65 +4.41%
NASDAQ 1,739.0 +1.15%
Russell 2000 511.82 +5.10%
MSCI Emerging Markets 31.30 +7.94%
Simply, an euphoric market reaction where surprises in expectation carry a heavier weight than headline concerns. Economic and corporate data alone does not fully reflect sentiment among participants. The market reminds us that unfathomable rewards are available during periods of panic. Yet, another twist and turn awaits when focus shifts away from headline worries. Although, policymakers are credited for market stabilization, another bubble might be forming given the increased supply of government securities. At this point, monitoring those dynamics can provide a better read on upcoming sentiment.
The performance of an equally weighted S&P 500 index reflects additional strength than visible in regular charts. In fact, on a relative strength basis, a bottoming process began to develop in late November. Similarly, US 10 year Treasury Yields and Crude are nearing annual highs which affirms a recovery process from previously dislocated financial markets. Clearly, 2008 presented a historic like sell-offs and panic driven responses. Now, a restoration process is in full gear especially with improving credit conditions.
Further demand for risky assets?
A similar messages are transmitted in equity, currency and fixed income markets. Investors continue to place their chips towards riskier assets. Clearly, greater willingness for risk and a rotation out of safe havens. For example, rise in US treasury partially signals less demand for government secured instruments. Also, Gold’s decline in the first quarter showcases less interest for exposure in a safer asset. From a currency standpoint, declining dollar is inversely correlated to equity markets.
S&P [929.23] Approaching a key target near 200 day moving average (954.80). New trading range forming between 840-980 range.
Crude [$58.63] Trading near annual highs which stands at $58.75. Since March 2009, Oil is outperforming Gold while lagging behind stock market returns.
Gold [ $907] Attempting to reaccelerate at current levels. Early indication of basing at $880 following multi-week declines from annual highs.
US 10 Year Yield [3.29%] A 5+ month upside move in yields. Major resistance at 3.50% which is near the average trading lever for 2008.
DXY – US Dollar Index [ 82.52] An 8% decline since March 4 highs. Index continues to underperform while making new annual lows.
Landscape and investor minds:
Now, investors are forced to either believe in the recent trend or take the opposite side of this optimism. In many ways, an inflection point is long awaited. Yet, timing is tricky and emotional. Some are frustrated after waiting for pullbacks to accumulate at cheaper prices. On the other hand, short players are not sensing adverse moves in momentum especially when gauging psychology. Picking themes in risky sectors has certainly been profitable. Based on current levels, aggressively buying here may not fit the optimal risk/reward set up. At this stage, this trade feels less appealing and more of the “herd like” approach.
Long-term investors are digesting the fundamental climate while estimating true strength of this market. Fear driven observers remain skeptical. Nonetheless, there are enough speculators seeking opportunities while cautiously awaiting the faith of volatility. In reality, not many participants are confident in understanding government intervention, reasons behind cycle breakdown and the lag effect of policies. Finally, taking a neutral stance is an option as well.
S&P 500 929.23 +5.89%
DJIA 8,574.65 +4.41%
NASDAQ 1,739.0 +1.15%
Russell 2000 511.82 +5.10%
MSCI Emerging Markets 31.30 +7.94%
Simply, an euphoric market reaction where surprises in expectation carry a heavier weight than headline concerns. Economic and corporate data alone does not fully reflect sentiment among participants. The market reminds us that unfathomable rewards are available during periods of panic. Yet, another twist and turn awaits when focus shifts away from headline worries. Although, policymakers are credited for market stabilization, another bubble might be forming given the increased supply of government securities. At this point, monitoring those dynamics can provide a better read on upcoming sentiment.
The performance of an equally weighted S&P 500 index reflects additional strength than visible in regular charts. In fact, on a relative strength basis, a bottoming process began to develop in late November. Similarly, US 10 year Treasury Yields and Crude are nearing annual highs which affirms a recovery process from previously dislocated financial markets. Clearly, 2008 presented a historic like sell-offs and panic driven responses. Now, a restoration process is in full gear especially with improving credit conditions.
Further demand for risky assets?
A similar messages are transmitted in equity, currency and fixed income markets. Investors continue to place their chips towards riskier assets. Clearly, greater willingness for risk and a rotation out of safe havens. For example, rise in US treasury partially signals less demand for government secured instruments. Also, Gold’s decline in the first quarter showcases less interest for exposure in a safer asset. From a currency standpoint, declining dollar is inversely correlated to equity markets.
S&P [929.23] Approaching a key target near 200 day moving average (954.80). New trading range forming between 840-980 range.
Crude [$58.63] Trading near annual highs which stands at $58.75. Since March 2009, Oil is outperforming Gold while lagging behind stock market returns.
Gold [ $907] Attempting to reaccelerate at current levels. Early indication of basing at $880 following multi-week declines from annual highs.
US 10 Year Yield [3.29%] A 5+ month upside move in yields. Major resistance at 3.50% which is near the average trading lever for 2008.
DXY – US Dollar Index [ 82.52] An 8% decline since March 4 highs. Index continues to underperform while making new annual lows.
Landscape and investor minds:
Now, investors are forced to either believe in the recent trend or take the opposite side of this optimism. In many ways, an inflection point is long awaited. Yet, timing is tricky and emotional. Some are frustrated after waiting for pullbacks to accumulate at cheaper prices. On the other hand, short players are not sensing adverse moves in momentum especially when gauging psychology. Picking themes in risky sectors has certainly been profitable. Based on current levels, aggressively buying here may not fit the optimal risk/reward set up. At this stage, this trade feels less appealing and more of the “herd like” approach.
Long-term investors are digesting the fundamental climate while estimating true strength of this market. Fear driven observers remain skeptical. Nonetheless, there are enough speculators seeking opportunities while cautiously awaiting the faith of volatility. In reality, not many participants are confident in understanding government intervention, reasons behind cycle breakdown and the lag effect of policies. Finally, taking a neutral stance is an option as well.
Monday, May 04, 2009
Market Notes | May 4, 2009
Weekly Results:
S&P 500 877.52 +1.30%
DJIA 8,212.41 +1.69%
NASDAQ 1,719.20 +1.47%
Russell 2000 486.98 +1.72%
MSCI Emerging Markets 28.99 +4.19%
Recent optimism
In this recent rally, global investors increased overall desire to speculate. Investor psychology and Federal Reserve actions provide clues to this multi-week recovery. Volatility remains in a six month downturn. Similarly, treasury yields continue to rise. Both factors confirm early optimism and suggest market stabilization. The shift towards risky assets benefits higher beta groups. For example, consumer, commodities and interest sensitive themes resulted in higher absolute returns. In addition, positive technicals in Technology and Consumer Discretionary indicates clues to new cycle leaders.
So far in 2009, NASDAQ is up 9% and few points removed from its 200 day moving average. That said, Gold peaked in late February 2009 and US Dollar topped in early March 2009. This illustrates an early rotation out of “safe” areas. Similarly, healthcare and staple witnessed sharp sell-offs. Now, the faith of this relationship (risky vs. defensive) will be tested on pending economic data and earnings announcements. Nonetheless, odds are increasing for a broad market pullback.
Clearly, a reshuffling period for managers and participants. Intervention and unclear guidance from policymakers create a semi-defined trend. Importantly, the Federal Reserve language determines investor psychology. At this point, anxiety is less visable but economic outlook is mixed. Therefore, one can expect more short-term oriented trading with higher turnover. At the same time, patience is required for value seekers especially when evaluating groups related to credit.
Macro Levels:
S&P 500 [877.52] Recent uptrend is approaching resistance levels between 880 and 960 (near the 200 day moving average).
Crude [$53.20] Positive trend intact as the index remains above $48. Crude closed below previous highs of $54.66 reached on March 26.
Gold [$884.50] A 3+ month downtrend continues as Gold broke below $900. Mostly a sell-off driven by a movement towards risky assets.
DXY – US Dollar [84.54] Nearly, a two month decline following a 1 + year run that began in March 2008.
US 10 Year Treasury Yield [3.16%] Broke above 3% and heading towards 50 day average of 3.34%. Yields bottomed at the end of 2008. Investors await for the second stage of rising yields.
Dear Readers:
The positions and strategies discussed on MarketTakers are offered for entertainment purposes only and are in no way intended to serve as personal investing advice. Readers should not make any investment decision without first conducting their own thorough due diligence. Readers should assume the editor holds a position in any securities discussed, recommended or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in anyway, considered liable for the future investment performance of any securities or strategies discussed.
Monday, April 27, 2009
Weekly Results:
S&P 500 866.23 -.39%
DJIA 8,076.29 -.68%
NASDAQ 1,694.29 +1.27%
Russell 2000 478.74 -.13%
MSCI Emerging Markets 27.83 -.54%
Overall Picture:
Investors strive to decipher polices and regulatory decisions. Even Friday’s document on the health of US financial system is not enough to explain long term solutions. Through this maze, earnings point to an upside quarterly surprise. So far, 67% of companies have reported numbers above analyst expectations. (Bespoke Investment). Maybe, this makes sense following a historic downturn and ongoing economic concerns that led to lower expectations. Challenges in the current landscape go beyond declaring a directional wager. Specifically, long-term investors look to grasp mixed economic data, gauge sentiment among partakers and speculate on pending catalysts. Interestingly, Federal Reserve guidance is a topic of key consequence for equity and currency observes. Clearly, an increasing demand for further clues given side way price patterns of S&P 500 index and Crude. Simply, majority players are reluctant to add at current levels despite recent shift towards risky assets. A pause in this rally now sets the stage that tests buyer conviction.
Picking Spots:
Upcoming earnings ought to shape stock-specific reactions. Perhaps a time to Identify themes for the next cycle based on lessons from previous turnarounds. For example, isolating between innovative and resource groups might present opportunities. That said, headlines are difficult to ignore even for those contrarians. As a new administration marks the completion of 100 days; the blurry economic climate takes center stage. Yet, when spotting leading groups housing and interest sensitive themes are prime candidates. A step back, reminds us that Financials offer the highest risk/reward in the marketplace. This week, S&P/CaseShiller Home Price Index along with FOMC comments serves as key catalyst for speculators.
“And in the housing sector, the declines in sales and construction of single-family homes have abated in the past couple of contrarians months--in part, perhaps, because of the low levels of mortgage interest rates and the greater affordability of housing. As demand firms, and once inventories of houses and a broad range of goods are brought into line with sales, economic activity should begin to stabilize.” (Speech from Federal Reserve Vice Chairman Donald L. Kohn)
MACRO LEVELS:
S&P 500 [866.23] Index keeps hovering in a tight range around 800-900. Since October 2008, directional trend is unclear given a range between the 50 and 200 day moving average.
Crude [$51.55] Trying to re-accelerate after bottoming earlier this year. Near-term support is around $46.
Gold [$907.50] Developing strength in the last few weeks. Odds appear favorable for a recovery. Next key target is annual highs of $989 reached in February 2009.
DXY – US Dollar [84.71] 2+ month of declining trend which suggests an early decline. Approaching an inflection point as index nears 84. Further economic data can provide clues for an unambiguous reaction.
US 10 Year Yield [2.99%] Once again, yields are nearing the 3% range. Specifically, 3.04% marked annual highs in February.
Dear Readers:
The positions and strategies discussed on MarketTakers are offered for entertainment purposes only and are in no way intended to serve as personal investing advice. Readers should not make any investment decision without first conducting their own thorough due diligence. Readers should assume the editor holds a position in any securities discussed, recommended or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in anyway, considered liable for the future investment performance of any securities or strategies discussed.
Monday, April 20, 2009
Market Outlook | April 20, 2009
Weekly Results :
S&P 500 869.60 +1.52%
DJIA 8,131.33 +.59%
NASDAQ 1,673.07 +1.24%
Russell 2000 479.37 +2.39%
MSCI Emerging Markets 27.98 +1.63%
A game of expectations:
Another positive week for global markets as fear slowly evaporates. This rally is mostly driven by earnings and ongoing six week momentum. Recent optimism is fueled by participants expecting results better than analyst estimates. At the same time, those chasing returns are gaining further conviction. Financials reported a pleasing quarterly outcome. In addition, improving technicals and less market turbulence justify the recent upside move. Nonetheless, this inevitable recovery is due for a pause.
Buying Dynamics:
In terms of leading groups, Homebuilders are nearing their 200 day average faster than other groups. Increase in home sales and appreciation in Housing Market Index (HMI) hint of an early turnaround. At the same time, Real Estate state stocks are cheap attracting long term investors Yet it seems too premature to declare that the downtrend is nearing an end. Therefore, expectations continue to drive price moment than actual fundamentals for weeks ahead.
“Analysts have cut estimates for 772 companies in the S&P 1500 and raised estimates for 290 over the last four weeks. This works out to a net of -482, which represents 32.1% of the Index - the highest level since late September. " (Bespoke –April 2009)
Macro Clues:
The US dollar peaked on March 4th. Two days later, the S&P 500 bottomed at 666. Now, investors are wondering if the US Dollar declines along with interest rates and commodities. Perhaps, this trend creates a favorable environment for equities. Basically, this showcases an expansion in risk appetite.That said, credit conditions for most companies are deteriorating. At early glance, investors dismissed cooling economic data from China. One interpretation suggests that most buying is due to speculation. Similarly, mixed economic data can . In other words, recent trends are not fully defined from a long-term perspective.
“The smart money has not moved back into the market since the financial collapse of 2008. This suggests that the smart money is viewing the current rally that began on March 9 as a bear market rally." (Chartoftheday.com)
Macro Levels:
S&P 500 [869.60] Approaching a key level around 900 after surpassing 50 day average of 791.
Crude [$50.33] Several months of a sideway pattern where the 200 day average stands at $72.
Gold [$870] Two month decline trigged after Gold reached annual highs in March. Longer term uptrend remains intact with major support at 840.
DXY – US Dollar [85.98] Index continues to maintain its relative strength despite recent pullbacks.
US 10 Year Yield [2.94%] Yields are struggling to move above 3%. In upcoming days, observers closely watch to see potential trend reversal.
Dear Readers:
The positions and strategies discussed on MarketTakers are offered for entertainment purposes only and are in no way intended to serve as personal investing advice. Readers should not make any investment decision without first conducting their own thorough due diligence. Readers should assume the editor holds a position in any securities discussed, recommended or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in anyway, considered liable for the future investment performance of any securities or strategies discussed.
Monday, April 13, 2009
Market Outlook | April 13, 2009
Weekly Results:
S&P 500 856.56 +2.66%
DJIA 8,083.38 +1.32%
NASDAQ 1,652.54 +3.11%
Russell 2000 468.20 +4.0%
MSCI Emerging Markets 27.53 +2.79%
Semi-defined uptrend:
As earnings season approaches, observers seek a balance between optimism and weakening fundamentals. Since the start of the year, reported economic numbers led to upside surprises. Perhaps, the surprise element serves as a key catalyst for upside moves. In upcoming weeks expectations can shape stock and index performance. Similarly declining volatility creates an increase in risk appetite. The VIX (Volatility index) has sharply fallen from turbulent and extreme levels. In addition, some macroeconomic issues remain unsettled. More clarity is required on regulatory changes, pending bailouts and emerging political tension. Combining these factors partially explains a semi-defined uptrend within a bear market.
Four recent economic data points (ISM data, New Home Sales, Existing Home Sales, and Non Farm Payroll) were all spun by Wall Street as if they were positive; if you dug beneath the headlines to review the actual data, they were all terrible. (Barry Ritholtz - April 12th, 2009)
Innovative Themes:
Leadership in Small Cap and Technology present bullish potential. So far this year, NASDAQ is up 4.8% and Semiconductor index is higher by 20%. Few interpret this as an early indication of a recovery in technology after multi-year underperformance. On the other hand, the Biotech Index (IBB) has yet to participate in the recent recovery.
Some optimists are not fully convinced on the upside potential of Technology and Healthcare. Sharp sell-offs in the past 6 months contribute to this skeptical view. On a relative basis, commodity linked groups are poised for pullbacks. For example, Gold has reached elevated levels and Crude remains in a cycle downturn. Meanwhile, credit related themes are too risky and speculative. That said, innovation based themes in technology and healthcare appear favorable. At this point, additional clues are needed to examine sustainability of core fundamentals. Most pundits and investors are eager to make directional and timely bets. Nonetheless, identifying themes and changing dynamics can be more rewarding.
Macro Levels:
S&P 500 [856.56] Index holding above 800 which signifies a psychological point. Technical indicators suggest next upside potential is around 1000. Overall uptrend is unclear despite recent market recovery.
Crude [$52.24] Long-term charts point to an established downturn. Recently, buyers showed interest around $40 but now the commodity is overbought. A move close to $60 can provide a better gauge of investor attitude.
Gold [$880.50] Multi-week declines after peaking on February 20th at 989. Strong support around $840.
DXY – US Dollar [85.78] Intermediate term momentum is positive. Index is on the brink of retesting highs from March 2009.
US 10 Year Yield [2.91%] Tight trading range forming between 2.60-3%. Yields have failed to break above 3% several times in 2009.
Dear Readers:
The positions and strategies discussed on MarketTakers are offered for entertainment purposes only and are in no way intended to serve as personal investing advice. Readers should not make any investment decision without first conducting their own thorough due diligence. Readers should assume the editor holds a position in any securities discussed, recommended or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in any Publish Postway, considered liable for the future investment performance of any securities or strategies discussed.
Monday, April 06, 2009
Market Outlook | April 6, 2009
http://markettakers.blogspot. Psychological puzzle: A Psychological puzzle as investors' fear appears to evaporate at least temporarily. Usually, most investor seek dramatic indicators for a turnaround. Nonetheless, price action suggests that key participants are willing to speculate in aggressive areas. In fact, riskier assets have risen sharply especially in retail, technology and commodity based groups. Now, the sensible question calls for one to measure risk/reward opportunity of adding long positions. The current move in US equities presents a uniform upside participation in various stocks which implies favorable odds for a bullish run. In addition, stock market behavior generally looks ahead of weak economic data. Headline economic numbers reiterated weakness. That said, select economic areas are showing slight improvements such as manufacturing and construction. Most financial headlines focused on G20 meeting, Federal reserve actions, role of US Dollar and changes in accounting standards. These factors have yet to showcase clarity in overall fundamental picture. Basically, more follow-through is required to reach a defined trend that goes beyond speculative behavior. Bear market optimism : Price behavior alone does not tell the full story. At this juncture of a sharp rally, participants attempt to weigh mixed headlines and cycle behaviors. A quick reminder: “ There were six bear-market rallies during that stretch, with returns of more than 20%, each one fueling a sense of renewed optimism. Yet each counter-trend rally ultimately fizzled-out and unraveled, before market indexes skidded to new lows.” Richard Russell (Dow Theory Letters). Pattern reminders: Recent history reminds us that the previous bull cycle started in March which marked a bottom. In fact, on March 12, 2003 the S&P bottomed at 788. Amazingly, that behavior compares to this year’s lows of 666 reached on March 9th. Perhaps a coincidence or a seasonal matter. Nonetheless, a striking parallel even for the casual observers. Similarly, a long-term chart showcases 800 level as a key technical point for S&P 500. The “800 level” marked the tech bullish run of 1997 and trigged the recent bullish run led by China, Credit and Crude in 2003. Message from Emerging Markets: In these early stages, global equities are pointing to growing optimism. Inflow into emerging markets increased by $1 billion and Asian countries issued debt totaling above $176.3 billion. In other words, select data points confirm increasing confidence. "Emerging-market governments and companies borrowed more in international bond markets this week than at any time in the past two years” (Bloomberg, Laura Cochrane) Strength in global equities closely coincided with weakness in US Dollar. Gains in Canadian and Australian Dollar are noticeable. Again, this fits the theme and movement towards risky assets which is reflected in stocks of related to materials. Currency and commodity indicators sever as a barometer for risk appetite. EEM (Emerging Market Fund) demonstrates a bottoming process that began six month ago after holding above $20. IMF decisions severed as an upside catalyst to an index that continues to maintain relative strength. Interestingly, in the past 6 months the VIX (Volatility Index) has declined by 55% which reiterates the point that investors are overcoming irrational worries. Perhaps, the next major concern can focus on investor complacency rather than fear. Macro Levels: S&P 500 [842.50] Extreme lows in early March triggered an early recovery phase. Holding above 800 (near 50 day moving average of 790) can encourage a bullish bias. Crude [$52.51] Bottomed three times around $32-35 range and stabilizing at current levels. Interestingly, heavy resistance at $60. Gold [ $905] Approaching multi –year highs of $1011 reached in late March 2008. Nearing overbought conditions and few points removed from previous highs of $989 from earlier this year. Investors attentively await further confirmation. DXY – US Dollar [84.16] Annual trend remains positive. A range-like behavior forming between 82-86 in the past six months. This suggests a near-term pause in US Dollar appreciation. US 10 Year Yield [2.88%] Demonstrating strength above 2.60%. Solid uptrend forming since lows of 2.03%. Despite a 14 basis points weekly increase, uptrend in yields is set to pause. This week, the Federal Reserve plan to purchase additional debt. Long Speculative Ideas: CREE (Cree Inc): Demonstrating relative strength since August 2008. Poised for an upside run based on strong fundamentals. Price declines can offer buying opportunity between $24-26 range. NLY (Annaly Capital Management) : Despite recent dividend cut the company offers promising entry point given changes in financials. Core earnings remain solid given investment in government guaranteed securities. A test of major support at $12, presents an entry point especially for longer-term participants. YGE (Yingli Green Energy): After underperforming broad equity markets, the stock is attempting to bottom. Early stages of recovery with next key technical point at $8.83 (200 day moving average). Presents exposure to emerging markets and growth in alternative energy. Recent improvements in financial access along with support from Chinese government generates promising outlook. The positions and strategies discussed on MarketTakers are offered for entertainment purposes only and are in no way intended to serve as personal investing advice. Readers should not make any investment decision without first conducting their own thorough due diligence. Readers should assume the editor holds a position in any securities discussed, recommended or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in any Publish Postway, considered liable for the future investment performance of any securities or strategies discussed.
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