The Golden Sunrise
The essential morning read for investors!
Today’s Golden Sunrise
Friday, April 16th
Hours of research consolidated for you
Good news only..
- New Highs(52week) on the S&P500, the Russell 2000, the DJIA
- New Highs on Transports, the Comp, the NDX
- IBD reports 868 New Highs, 10 New Lows equates to positive experiences for Yankee fans vs. Mets fans (GK,EH among the readers)
- Record number of consecutive days closing above the 10day moving average since records began being kept in 1957 (let that soak in—10 days is very short and means we are in the sharpest upmove in decades)
- IBD’s Stocks UP shows an average rating of 96 and 48 out of 50 hitting new highs yesterday..
- A rated accumulation stocks soared by 133 to 992..big % up!
- Put/Call ratio at .53, a new 12 month low..
- GE reported this morning and crushed estimates earning .21/sh vs. .16est
- Bank of America reported over 3x+ vs. an estimate of .08
- New home starts were up sharply this morning by almost 10% over expectations and permits (starts to come) were also a plus
So, what’s UP?
- Not Asia..all 8 big markets were down last night
- Japan, HongKong , Shanghai and India were down for the week which is very weak in this massive upsurge
- Not Europe—FTSE, DAX and CAC all negative
Intuitive Surgical, which had been up 16% in 5 days, reported $2.12 per share vs. an estimate of $1.68 and surged to $400/sh After-hours, reversing 30 bucks and finishing at $380..379 right now pre-market
Google reported $5.04 billion in revenue up 24%, profits of $1.96 billion (nice 40% profit on revenue—astounding!)..$6.76/sh vs. $6.60 and dropped $30 bucks into the $570 range
I am going to post one chart today…it feels a lot like the q4 reporting season where the market had been rising for 9 weeks off the November 2nd lows and surged when the early reports came out. Company after company then showed sterling results but with the early showings from INTC, etc everything in the space had already moved on the news..3 down weeks into early February and we are 9-10 weeks into another steep climb.
ISRG and GOOG may be showing us the expectations are already beyond the pale.
Retail had 67 new highs yesterday on a day when the jobs report came in at 484,000 new claims for the week, up 24,000 jobs lost over the prior week and far higher than the improved number 0f 440k that was expected.
Foreclosures in q1 were up 16% year over year to 257,944..maybe the homeless are buying rain gear and blankets to generate retail sales.
Be greedy when others are fearful, be fearful when others are greedy- Warren Buffet (he’s done ok)
You decide…the apex of this triangle is going one direction or the other..note the symmetry between the two.
A pullback would be very healthy and might bring in the volumes needed to build a long-term, sustainable base … this said when market leaders continue to expand (IBD A group) and rise in price.
Mr. Market will provide the answers…our job is to ask questions.
JohnR.
Goldensurveyor.com
Golden Sunrise is the Golden Surveyor’sbroad-based market and world view.
Written daily 4am-7am by markets information specialist GS John!
