Klein Market Summary-May 27th, 2013

Klein Market Summary

May 27th, 2013

 

Current Market Facts:

Technical Status

 Confirmed Uptrend Beginning Week 5
   

Other Observations

Last Wednesday’s big sell off quickly found support
   

Feel of the Market

Indices continue to show overwhelming signs of accumulation
   

Important Levels on Key Indices:

Index

Support

Last Close

Resistance

Nasdaq

3400

3459

3500

Nasdaq 100

2965

2991

3000

S&P 500

1600

1650

1700

 DJIA

15000

15303

15500

 

Market Interpretation:

While the major market indices have continued to power into new high ground, leading stocks have continued to work.  Throughout the year, we have seen large cap, liquid stocks drive the rally, with the DJIA driving most of the first quarter rally.  In the past 5 weeks, tech stocks such as GOOG have begun to show leadership.

Biotech has remained a leading group, even through the series of sector rotation that we have seen this year.  We have also seen financials lead.  Many other groups have seen one or two stocks become leaders, as the broad money flow into the market persists.

Joel’s Take:

This broad rally is in full force as leaders continue to trend higher, even despite a market blip, as seen last Wednesday.  While more Distribution at these levels could become problematic, the behavior of leading stocks remains robust, by and large.

  • The Klein Market Summary is a professional interpretation of the general stock market conditions that is updated on a weekly basis.  Joel T. Klein is the portfolio manager of the investment partnership Blue Diamond Capital, LP. He writes the summary using select technical and fundamental data.  The Klein Market Summary is not intended to provide investment advice of any kind, and is only provided for the entertainment of the reader.  It is typically updated Monday morning, weekly.  Please e-mail info@kleinasset.com, if you are interested in receiving this free weekly update.
  • Past performance is not a guarantee of future results.  Due to market volatility, a fund’s performance may fluctuate.  Current performance may be less than previous results.  An investment a hedge fund when redeemed, may be worth more or less than the original cost.  Information above is not a replacement for the Fund’s prospectus.  This webpage does not constitute any kind of offer or solicitation.  Additional information on investment objectives and policies is in the Fund’s prospectus.  Ask your representative for a prospectus.

 

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About kleinmarketforum

Klein Asset Management, LLC, formed in 2003, serves individual investors via a directional growth stock approach. When the market is in an uptrend, the firm seeks to exploit investment opportunities. When the trend is down or neutral, assets are protected. Klein Asset Management undertakes major market research projects. In many cases, these result in improved investment methods, which ultimately improve performance.

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