Klein Market Summary-September 16th, 2013

Klein Market Summary

September 16th, 2013

 Current Market Facts:

Technical Status

Confirmed Rally – Beginning Week 11

Other Observations

NASDAQ has hit new highs

Leadership continues to trend higher

Feel of the Market

Fed tapering may begin shortly

Important Levels on Key Indices:

Index

Support

Last Close

Resistance

Nasdaq

3694

3722

3732

Nasdaq 100

3149

3178

3189

S&P 500

1627

1690

1700

 DJIA

14760

15381

15658

Market Interpretation:

The NASDAQ confirmed that the uptrend has been intact, as leading stocks have demonstrated, and recent breakouts have confirmed in recent weeks.  While the S&P 500 and the DJIA continue to lag, remaining below early August highs.  Consumer tech stocks have continued to thrive, with other groups adding leadership to the mix.

Whether this recent leg of the uptrend will last a few weeks or sustain itself longer remains to be seen.  This past week has seen the market continue to evaluate Syria and tapering as non-events.  Though there may be bumps in the road, the market will continue to evaluate these two headline items, along with employment data and GDP growth, until earnings season reignites again in 4 weeks.

Joel’s Take:

It is important to recall the context in which most leading stocks are moving.  FB has just emerged from a first stage base.  LNKD, NFLX and TSLA have emerged from second stages.  Others are emerging from 2nd or 3rd stage bases, for the most part.

Twitter made its initial filing for its IPO.  This is another strength for the market, adding more potential leadership.  Chinese internet stocks have come on strong in recent months.  Large cap US tech stocks like AAPL, GOOG, and YHOO have firmed up, giving further evidence of institutional accumulation.

  • 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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