Money.CNN.com Restarting the rally
by ShepWave.com
Posted: 12/4/2005 15:15 EST
| After rising for 5 weeks, blue chips took a breather last week. What's in store in the week ahead? | ||||||||||||||||
NEW YORK (CNNMoney.com) - A more than five-week stock market rally hit some resistance last week, but the week ahead could potentially restart the market's motor, analyst argue. "I think odds are we'll move higher in the week ahead," said Jim Melcher, founder and president at Balestra Capital. "There's a lot of liquidity, it's what's buoying the markets, it's what's distorting the market, and it tends to move prices up." However, he cautioned that with the S&P 500 up around 5 percent in the past month, there is the risk that some investors -- particularly the big institutional investors -- will want to cash out a bit. "I think at this point you could see the hedge funds try to grab some profits, though at the same time, it's important to bet on higher gains in December," he added.
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| Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA. |
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