(RTTNews) - Stocks have shown a strong upward move over the course of the trading day on Friday, with the major averages adding to the gains posted in the previous session. The strength in the markets comes on the heels of some better than expected economic news.
Before the start of trading, the Commerce Department released a report showing a smaller than expected decrease in durable goods orders in the month of March, although the report also showed a downward revision to the increase in orders seen in February.
While a separate Commerce Department report showed a modest decrease in new home sales in the month of March, the annual rate of new home sales came in well above economist estimates due to an upward revision to February sales.
The upward move reflects significant strength that has emerged in a variety of sectors, with gold, networking, oil service, and housing stocks turning in some of the best performances. On the other hand, brokerage, railroad, and computer hardware stocks are bucking the uptrend.
The major averages have moved roughly sideways in recent trading, hovering near their best levels of the day. The Dow is currently up 93.18 at 8,050.24, the Nasdaq is up 27.68 at 1,679.89 and the S&P 500 is up 10.44 at 862.36.
9 thoughts on “Stocks Holding Onto Strong Gains In Late Morning Trading - U.S. Commentary”
Ben, didn't I just write that I don't trade the news? Thanks but not thanks for your advice.
To Robert and Darren, I am just an outsider like you and I don't claim to be a good trader or investor. But, maybe I can give you helpful advice because I have followed the markets for quite some time.
It is common knowledge that the professionals do not trade in reaction to news events. Reacting to news is a recipe for consistently losing money, because by the time news is out, the insiders have already made their money and are looking to get out. Professionals have no opinion of the market and don't argue with the tape. My advice is to try to do the same and just go with the flow. Don't think in terms of forecasting the future (that's an amateurs game). Try to come up with trades that have a neutral stance (if it goes up you make money, if it goes down you also make money). Someone just posted an article on this site called "How To Buy A Stock For A 15-20% Discount." You should read that article, because it has an example of a good trade on BAC.
... that's right nothing else matters but price. I don't even watch CNBC anymore.
I have not been able to figure out how to make money based on news events. I have been able to make money based on price pattern so my primary focus is price.
These "better than forecast" numbers come out , its as corrupt as Al Capone cheating on his income . Ford lost 1.5 billion but this is "better than forecast" so the stock goes up . Durable goods goes down .8 better than projected down 1.2 . Last month durable goods were up (but revised down ) so "who in the hell" forecast durable goods to be down 1.2 . This game is fixed ,designed to fool the stupid unsuspecting investor and that includes the "so-called" profesional .Wall street and the government has rigged this game and when the market finally finds its true value which is significantly lower than it is now I hope the american people revolt big time .
THANKS FOR THE INFO.
IF POSSIBLE CAN YOU CHECK OUT PGYC.PK. THEY WERE SUPPOSE TO BE BOUGHT AND HAVE AN OFFER ACCORDING TO DTC. HOWEVER, NOTHING CAN BE VERIFIED SUCH AS THE BUYER OR THE OTHER COMPANIES PGYC IS SUPPOSE TO BE DOING BUSINESS WITH.
PRICE PER SHARE IS $0.42 CENTS WITH A SPECIAL ROYALTY OF $0.02 CENTS NEVER MENTIONS FOR HOW LONG THE ROYALTY WILL LAST.
PGYC WANTS SHAREHOLDERS TO VOTE AND HAS SET A DATE TO CLOSE FOR MAY 22ND, 2009 BUT NO COMMUNICATION AS HOW MANY VOTES, WHEN THE TENDER SHEET WILL BE MAILED ETC. WHEN YOU CALL CANADA YOU DO NOT FIND ANYONE FROM PGYC TO TALK TO ONLY FRENCH AND THAT IS AN ANSWERING MACHINE.
Not seeing any new news about PGYC. I did put that symbol in my news portfolio, so if any offer is accepted I should receive an alert.
Thanks for your comment.
Director of News Business Development
INO.com & MarketClub
when the good news .......when are we going down.....
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