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WALL STREET CRAPS STOCK MARKET OBSERVATIONS FOR MARCH 15, 2015

March 15th, 2015

craps front coverSTOCK MARKET OBSERVATIONS FOR March 15, 2015: The stock market reached an oversold condition in the majority of indicators on Wednesday March 11th. In the following days, the market traced out a zig-zag pattern that often precedes an advance. Barring any extreme bad news, the market favors a return to its previous highs. Most of the indicators listed below are coming off of their lows and are expected to return to the top of their oscillators – implying a retest of the old highs.

Key underlying market indicators show the following:

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ADVICE TO TRADERS AND INVESTORS: The stock market could spend a few more days retesting last Wednesday’s bottom before embarking on a retest of the old highs. Traders may consider taking new positions on any weakness in the beginning of the week with the intention of holding until it meets resistance near the old highs. A target date for the next high is around March 23rd. After that date, we could have another moderate decline on a failed retest of the old highs. Therefore, this next rally may serve more as a time to lighten up on long positions for longer term investors.

STOCKS NEAR OR AT THE BOTTOM: CVX, INTC, IBM, MSFT, MRK, PEP

EXCHANGE-TRADED FUNDS NEAR OR AT THE BOTTOM: SLV, CVY, GLD, XLB, XLE, XLU, TDIV

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