Klein Market Summary-July 8th, 2013

Klein Market Summary

July 8th, 2013

 

Current Market Facts:

Technical Status

 Correction Beginning Week 4

Other Observations

Leading stocks are trending higher, or basing constructively, overall

NASDAQ has gapped up 3 times in recent sessions

Feel of the Market

Markets are finding close support and trading in tight ranges

Important Levels on Key Indices:

Index

Support

Last Close

Resistance

Nasdaq

3400

3479

3488

Nasdaq 100

2951

2963

3000

S&P 500

1600

1632

1654

 DJIA

15000

15136

15340

 

Market Interpretation:

The NASDAQ Composite has risen in 7 out of 8 sessions, including three gaps higher.  This market action has been echoed on the S&P 500 as well.  Recent and new leading stocks are finding support broadly.  While the rally in housing stocks seems to be over for now, and some Biotech leaders have seen extensive Distribution, most other leaders remain under Accumulation.

The market remains a short-term correction, so far.  With the Fed forecasting a gradual reduction of its Quantitative Easing in coming months, the U.S. stock markets seem to remain the prime global destination for capital.  The markets are primed for a Follow-Through Day.

Joel’s Take:

This is not a market to turn your back on – preparation remains key.  With many leading stocks working, it is tempting to consider buying, at this point.  Such a decision must be made with the knowledge that the market direction remains uncertain, and hence the odds of success are reduced.  Still, new positions could make sense, if exposure is limited until headway is made.

Many leading stocks are trending higher, breaking out, or basing tightly: XONE, TSLA, NFLX, LNKD, SPWR, CREE, QIHU, KKD, GNRC, COG, SSYS, JAZZ, V, MA, PCLN, and GOOG.

  • 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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