2011/01/03

Technical Outlook: market still has further room to rise

U.S. stock market in 2010, the last trading day to close flat end. However, S & P 500 is still in early 2008, the highest point since 2010, up nearly 13% a year. Dow Jones Industrial Average rose 11% in 2010. The Nasdaq composite index the most outstanding, or nearly 17% of the year.

Strikingly, the strong commodity by buying support on Friday. Crude oil futures recouped early losses to close up 1.7%, to $ 91.35 a barrel. Gold rose 1.1%, to close at $ 1,421.95 an ounce. CRB Commodity Index (CRB Commodity Index) rose 1.7% so.

Speaking of commodities, Alcoa (Alcoa, Alcoa) (AA) on Friday closed up 1.2% to $ 15.39. From a technical perspective, this is bullish. In fact, as shown below are from the so-called breakthrough bovine form bullish flag, the U.S. aluminum can stand on the $ 17 and test 52-week high. As we all know, since our earliest in the June 24, 2009 of the "swing traders bulletin board" has been to make recommendations, Alcoa has risen 54%, and the form is still good.