This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Finish Mixed; HP Weighs on Dow

Though she acknowledged the "post-election blues" continues, Mary Ann Bartels, head of U.S. technical analysis at Bank of America, said a year-end rally is "still a go" in commentary released Tuesday.

"The market is extremely oversold and with the seasonal positive bias in November and December we still expect a year-end rally. Regaining and holding the 200-day moving average is the first hurdle at 1382," said Bartels. "The next hurdle is getting above 1400-1405 and then 1430-1435 is needed to refresh the potential a sustained rally."

"But 2013 is setting up to be a volatile first half, in our view. A deeper correction is likely to occur due to the negative divergences still in place with market breadth and the transports," she added. "If 1346 does not hold the next levels of supports are 1325 to 1248."

The major U.S. stock averages soared Monday as better-than-expected housing market data gave extra mileage to a rally fueled by optimism over budget talks in Washington. Tuesday offered additional evidence of a housing market recovery.

The Census Bureau said that housing starts rose to a 894,000 annual rate in October from a downwardly revised 863,000 in September. It also reported that building permits fell to an annual rate of 866,000 in October from a downwardly revised 890,000 in September.

On average, economists were expecting housing starts of 840,000 and building permits of 865,000 for last month.

David Onyett-Jeffries, an economist at RBC Economics, said it "appears likely that the housing market will maintain this momentum during the coming months ... thereby supporting further increases in homebuilding and leading residential investment to make a positive contribution to the overall economy after acting as a drag in each of the last five years."

Earlier Tuesday, Richmond Federal Reserve Bank President Jeffrey Lacker, speaking in New York at the Shadow Open Market Committee's Fall Symposium, said that he is against the idea of linking labor market developments to the central bank's stimulus program because it could cause inflation levels to rise.

The FTSE 100 in London closed up 0.18%, while the DAX in Germany finished higher by 0.69%.
2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
INTC $29.14 0.31%
KKD $18.50 -0.38%
AAPL $114.64 -3.21%
FB $94.05 -0.10%
GOOG $630.13 -0.17%

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,093.32 -4.72 -0.22%
NASDAQ 5,105.5460 -9.8360 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs