April 9, 2010

Monster Market Review:

U.S. stock futures pointed slightly higher in the final session of the week, with markets on course to extend the previous session’s retail-sales-inspired gains.

 

U.S. markets reversed early losses to close higher on Thursday after upbeat sales results from many retailers produced the largest increase in monthly sales since 1999. The Dow Jones Industrial Average closed up nearly 30 points, the S&P 500 Index rose around 4 points and the Nasdaq Composite gained 5.7 points.

Friday’s main economic data will come after markets open with the release of wholesale inventories data for February at 10 a.m. Eastern time.

The dollar remained relatively steady ahead of the data, edging up 0.3% against the yen at 93.71 yen, while slipping marginally against the euro.

Crude-oil prices rose, with the May-dated light crude contract up 70 cents at $86.09 a barrel. Gold futures also rose, hitting their highest level since the middle of December. Gold for April delivery hit an intraday high of $1,157.90 in electronic trading on Globex.

European shares climbed Friday with the German DAX 30 index up 0.8% as investors shifted their focus to the evidence of growing U.S. consumption, though worries about Greece still hung over the markets. Asian stock markets also traded mostly higher, with Japan’s Nikkei 225 Average rising 0.3%.

Monster Portfolio Weekly Review:

We are enjoying another strong week here.  We closed 4 winning trades and booked 1 loss thus far.  KEY was unfortunate as the stock fell quickly yesterday at the open but quickly recovered.  The remainder of the portfolio looks good and today we may book a few more profits.  Positions that may see there targets met today are MS, MTW, PNK, and RF. 

Regional banks remain strong and this morning across the board all regionals are pointing to a positive start.  We have RF & C and both should perform well. Right now we have no positions even close to there stops – so we are fine there.

Today we will look to add a new trade or two so please be ready for new signals.