Consolidation a Bullish Signal

marketing_silliness (Photo credit: jeffreypriebe)

It was another mixed day on Wall Street, with the major market averages once again trading near breakeven for a second-straight day. The earnings news was generally good today, while the jobs market continues to show some progress. Meanwhile, we would view the recent market consolidation as a bullish signal. The Chinese Advertising Stocks Index was the top performing tickerspy Index on the day, led by Charm Communications (CHRM) with a 16% gain. The Semiconductor Fabricator Stocks Index was the day's worst performing tickerspy Index, with Tower Semiconductor(TSEM) down -14%. Stocks ended the day mixed, with the Dow the lone loser, down -11 points to 13,165. The S&P edged up 1 point to 1,403, while the Nasdaq added 7 points to 2,019. Oil inched up 1 cent to $93.36 a barrel, while gold rose $4.20 to $1,620.20 an ounce. In economic news, initial jobless claims fell by -6,000 to 361,000 last week. Economists had expected 367,000 jobless claims last week. The four-week moving average now resides at 368,250 claims. ... Continue to read.

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