The Daily Stock Report April 8, 2009
The several days of selling was stopped today with buyers moving in mostly tech stocks. It looks like the pullback may be over and we are likely heading up to higher highs. Asian markets are up sharply tonight from 2.3 to 3.7% tonight and this will likely pull the US markets up at the open as well. If we get any more positive or “not so negative†economic news this week, the market should continue to move up.
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The current sentiment is that the market may absorb any bad earnings news to start the season next week. We already have seen some bad news that the stock market has not reacted near as negatively and actually turned out positive.
The short positions in the banking stocks that were re-opened are still going down slightly but could get some upward momentum if any positive news in this sector gets released.
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We had some very favorable news in the life insurance sector that speculation is that they will be able to access the TARP money (Troubled Asset Recovery Program). That caused a stop in PRU, Prudential. And this type of news in the life insurance sector could cause the banking stocks to really move up as well.
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Most stocks in the wish list and on the stock list below had nice reversals today with many of them up as much as 6%. Tomorrow many of these will see higher highs if the US markets follow the Asian markets that are up sharply tonight.
Oil index closed up 3.5% at $50.10. Same pattern of following the indices and likely continues to parallel the market. We already have seen some bad news that the stock market has not reacted near as negatively and actually turned out positive.
And this type of news in the life insurance sector could cause the banking stocks to really move up as well.
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