This Day On The Street
Continue to site right-arrow
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 Under $10 with 50-100% upside potential - 14 days FREE!

3 of 4 Indexes Make It to the Upside This Week

Stocks in this article: LIVE

NEW YORK (TheStreet) -- The U.S. stock indexes finished off the holiday-shortened trading week with three of the four indexes on the upside. The S&P 500, Nasdaq and the Russell 2000 finished the week on the upside but the DJIA closed Thursday trading with a loss.

The Nasdaq finished at 4095.52, up 9.29 points on Thursday and up 95.79 points for the week. The Russell 2000 finished up 26.46 points to close at 1137.90 and the S&P finished up 49.16 for the week, closing at 1864.85. The DJIA finished down 16.31 points on Thursday, but up 381.79 points for the week, closing at 16408.54.

The S&P and DJIA continue to be Trend Bullish while the Nasdaq and Russell 2000 indexes are Trend Bearish from a three-month or more time frame. The volume on Thursday was the lowest of the entire week. That was not totally unexpected as traders made for a long holiday weekend.

So the question is, where do the markets go from here come next week? I am of the belief that the markets will have a selloff in the early part of the week. There was not much buying power behind this massive move to the upside this week, according to my internal algorithm numbers. The selloff last Thursday and Friday, a week ago, had much more force to the downside than this four-day up move this week.

We will know soon enough if this bullish trend move in the DJIA and S&P was for real or just a relief rally from the Trend Bearish condition. The fact that the Nasdaq and Russell 2000 have not joined the DJIA and S&P is of concern. Again, we cannot have two different stock markets. Thus, be careful and patient next week as we sort out this holiday-shortened trading week that we just finished.

Earnings season is in full force right now. We are getting a mixed bag with winners and losers. Keep in mind the Nasdaq and Russell 2000 are still down for the year, with both indexes negative by more than 6%. The utilities and commodities stocks lead to the upside. Thus, there are many crosscurrents going on. However, we are not receiving much help to the upside from the growth leaders. That is always a concern going forward.

I once again finished this trading week in cash after selling my Live Deal (LIVE) position that I purchased at the end of trading on Wednesday. The gain was massive as the shorts came in to cover their positions. A great way to finish the trading week with a winning percentage of over 90% since our inception last July at our website.

At the time of publication the author had no position in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs