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Thursday, December 19, 2024

I Predict A Stock Market Rise For Thursday

Courtesy of John Nyaradi.

I predict a stock market Rise on Thursday due to investor sentiment regarding unemployment claims and earnings reports

stocks, ETF, Daily Market Wrap, SPX, SPX Chart, NYSEARCA:DIA, NYSEARCA:SPY, NASDAQ:QQQ, NYSEARCA:IWM, NYSEARCA:USOI predict a stock market rise on Thursday, due to current investor sentiment regarding the new unemployment claims report and earnings reports released by Wall Street giants Ford (NYSE:F), 3M (NYSE:MMM) and United Airlines (NYSE:UAL) this morning.

Stock markets slumped into the red yesterday after a new S&P 500 (NYSEARCA:SPY) record on Monday, with the S&P 500 (NYSEARCA:SPY) losing .47%, the Dow Jones Industrial Average (NYSEARCA:DIA) losing .35%, the NASDAQ 100 (NASDAQ:QQQ) losing .57%, and the Russel 2000 (NYSEARCA:IWM) losing .42%.

Monday was the last day I wrote a stock market prediction article, and I barely called a correct day with a .01% rise out of the S&P 500 (NYSEARCA:SPY) and a .15% rise for the NASDAQ 100 (NASDAQ:QQQ).  I was incorrect with the Dow Jones Industrial Average (NYSEARCA:DIA) and the Russel 2000.  Despite Monday and Tuesday’s relief rally after last week’s Congressional upheaval, I am not surprised that markets dumped yesterday, considering how high the S&P 500 (NYSEARCA:SPY) finished compared to historic levels.

For Thursday, I predict a stock market rise because of the positive jobs report and earnings reports released this morning.  According to the Department of Labor, jobless claims fell by 12,000 for the 3rd week of October, and Wall Street favorites Ford (NYSE:F), 3M (NYSE:MMM) and United Airlines (NYSE:UAL) all reported positive Q3 earnings reports.  Although a drop of 12,000 jobless claims to 350,000 total claims is not a good number and although the earnings reports were positive, these bits of news are likely to sway investor sentiment into the green for today.

From a technical perspective, the S&P 500 (NYSEARCA:SPY) may be facing a correction, as the RSI has begun to dip, despite an incredibly robust MACD.  Although the bulls still appear to be in charge, the 9 day MACD has started to dip as well, suggesting an overall change in momentum.  If alleged “good” news continues to spew out from Wall Street however, we could be seeing higher prices ahead:

SPX10242013

chart courtesy of stockcharts.com

Internationally, the Nikkei 225 Index (NYSEARCA:FXY) finished in the green with a .42% rise and the Hang Seng (NYSEARCA:EWH) lost .42%.  European markets are currently trading in the green at the time of this writing, with the FTSE 100 (NYSEARCA:EWU), DAX (NYSEARCA:EWG) and CAC 40 (NYSEARCA:EWQ) all suggesting a green day on Wall Street today.

US Future Markets are also trading in the green as of the time of this writing, further suggesting the positive investor sentiment on Wall Street this morning.

The VIX Index (NYSEARCA:VXX) suggests a negative stock market today, as the VIX added an additional .68% to finish at 13.42 yesterday.  The merchant of fear appears to be getting fearful again, which suggest more negative equity market prices ahead.

Click here to learn more about John’s book and for a free membership to Wall Street Sector Selector

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