Stock Market Rally Could Be Seen On Charts Last Week
The triangle pattern broke to the upside on the S&P 500 today. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $128.21, +2.71 (+2.16%). This breakout was expected based on the bullish pattern formation seen last week. In addition, new money flow was likely to enter the market on light volume. The combination of all these factors spelled rally.
Since April 2011, the important and highly followed Shanghai Index (China) has been under selling pressure. This leading Asian stock index has lead the U.S. and global stock markets for the past five years. At this time, the Shanghai Index remains very weak despite investors near term focus being placed on the European markets.
All of the major stock indexes are rallying sharply higher today. Technology, energy, precious metals, and even the financial stocks are trading higher on the session. By all accounts the major stock indexes are holding up very well. While this rally appears strong today there are a few leading stocks that just can't seem to catch a bid.
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Janus Capital Group, Inc. (NYSE:JNS) will release its third quarter financial results before the market opens Thursday, October 20, 2011. The company will discuss its results in a conference call that day at 10 a.m. EDT. The call-in number will be 888-428-7458. Anyone outside the U.S. or Canada should call 201-604-5177.
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Reynolds American Inc. (NYSE:RAI) has announced the following: "RAI to webcast presentation at Barclays Capital Back-To-School Consumer Conference." Go to RAI's website, www.reynoldsamerican.com, to read the full release.
Reynolds American Inc. (RAI), through its subsidiaries, manufactures and sells cigarette and other tobacco products in the United States.