Stock Market Summary
Monday, January 5, 2015
- Major market indices recorded a short term (daily to weekly) low on 12/16/14. It appears a short term high was recorded by those same indices last week.
- Stock prices were able to move sharply higher off the low before beginning their pullback last week.
- In 2014, all-time highs were recorded by the Dow Jones Industrial Average, S&P 500, Dow Jones Transportation Average, Dow Jones Utility Average and Russell 2000. These indices recorded all-time highs last week with the exception of the Dow Jones Transportation Average.
- The recent pullback in the stock market could have a little further to go, but nothing very significant to the downside is likely.
- Once the short term pullback is completed, the intermediate (weekly to monthly) market bias favors further all-time highs for the stock market.
Sources: bankrate.com, bloomberg.com, briefing.com, Dow Jones News, Financial Times, finviz.com, Investor's Business Daily, marketwatch.com, seekingalpha.com, Thomson Reuters/First Call, U.S. Dept of Treasury, yahoo.com and individual company web sites and press releases.
Leonetti & Associates, LLC views or opinions are as of a certain date and subject to change without notice. The material contained herein is for informational purposes only and obtained from sources we consider reliable. We make no guarantee as to its accuracy or completeness. References to specific securities and industries/sectors should not be considered recommendations to buy or sell any security or advisory service. Past performance is not a guarantee of future results.