The CRB TrendTrader report is Long the Stock Indices across the board with new long positions established on Friday in the S&P 500, Nasdaq-100 and Dow Jones.
See full position report below.
Remember - day traders work for the markets - Trend Traders let the markets work for them, the Trend is your friend!
The CRB Futures Market Service is one of the oldest and most respected market letters in the industry since 1934.
U.S. Stock Market
March S&Ps this morning are trading up +0.90 points. The US stock market last Friday rallied the entire day and finished just below its high (Dow Jones +1.17%, S&P 500 +1.40%, Nasdaq Composite +1.48%). The S&P 500, Dow Jones and Nasdaq Composite all rose to 1-1/2 month highs. Bullish factors for stocks included (1) increased confidence that the economic recovery is strengthening after Feb nonfarm payrolls fell less than expected (-36,000 versus expectations of -63,000), (2) the unexpected rise in Feb manufacturing payrolls which posted their first back-to-back monthly increases for the first time in nearly 4 years (+1,000 versus expectations of -18,000), (3) the stronger-than-expected Feb unemployment rate (unchanged at 9.7% versus expectations of +0.1 to 9.8%), (4) strength in energy and raw material producers after commodity prices rose on optimism a strengthening global economy will increase demand for raw materials, and (5) the unexpected increase in Jan consumer cr edit (+$5.0 billion versus expectations of -$4.5 billion), which is positive for consumer spending.
Bearish factors for stocks included (1) the prediction from Oppenheimer that Fannie Mae and Freddie Mac may force banks to buy back $21 billion of home loans this year as part of a crackdown on faulty mortgages which could cost US banks $7 billion of losses when those loans are returned and get marked down to their true values, (2) comments from Chinese Premier Wen Jiabao who warned of "latent risk" in China's banks, which raises speculation that the Chinese government will continue to rein in bank lending that could slow the Chinese economy and dampen the global recovery, and (3) the 8 bp rise in the yield on the 10-year T-note to a 1-week high of 3.70%, which increases the cost of capital for consumers and businesses.
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About CRB
The Commodity Research Bureau has been leading the world in commodities research and analysis since 1934. Based in Chicago, Illinois, the firm has been the innovator of the CRB Indices, as well as the publisher of the CRB Yearbook, Encyclopedia, CRB Price Charts, TrendTrader and Futures Market Service newsletters.
About CRB TrendTrader
In 1963, the Commodity Research Bureau developed a computerized trading system for the purpose of removing the emotional human element from market forecasting. Since then, countless trading programs, timing theories, and techniques have been designed and popularized by an even wider universe of individuals and companies for the purpose of "beating" the futures market. Yet, today, CRB's TrendTrader remains one of the oldest and most respected technical daily market letters.
TrendTrader system analyzes four different technical studies to categorize markets as trending up, sideways, or down. These four studies are a combination of moving average, price volatility, market momentum, and various time cycles. Support and resistance levels are recalculated daily and serve as "stops" when the market is in a trend phase and mark the breakout levels for new up or down trends when markets are in a sideways mode.
The system is for medium to long-term trading and is designed to maintain positions throughout minor and medium-term corrections. TrendTrader tracks over 79 markets, including foreign exchange (FX), stock indices, interest rates, metals, energies, grains, meats, foods & fibers and exchange traded funds (ETF).
