Jump to navigation

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
Follow Futures          
       
more >>

We Asked Traders

We asked traders for their opinion on the launch of bitcoin futures

Sponsored Content

Trading

Equities.com launches unlimited trading via Tradier Brokerage, Transforming into a news & fintech portal

Featured Topics

more Commodities>>

Commodities

Energy demand steps back in play
Advertisement
more Volatility>>

Volatility

Volatility & opportunity in the energy sector
Daily Price Action: E-mini S&P 500
more Options>>

Options

Trading Vertical Option Spreads

Advertisement

S&P 500 on solid technical ground

By Canaccord Genuity Morning Coffee

September 27, 2012 • Reprints

Looking a little deeper

In the midst of negative headlines coming out of Greece, Spain, China and the Middle East, Canaccord Genuity U.S. Portfolio Strategist Tony Dwyer takes a look at the downside. As of Sept. 14, 73% of NYSE issues closed above their respective 200-day moving average. When this has happened since 1994, the S&P 500 tacks on an average additional gain of 12.2% prior to the next 5% correction.

A move back into the support zone of 1400-1420, less than a 5% correction, should be enough to work through the near-term overbought condition and set the stage for the next leg higher toward 1500+.

While the news can be worrisome, Dwyer points to three key areas that should drive growth : 1)  Record setting corporate credit new issuance coupled with the increase in Commercial & Industrial Loan demand suggests new money is readily available to companies; 2) While the outcome of the election is somewhat uncertain, the fiscal cliff is looming and unemployment remains high, consumer confidence continues to improve; and 3) The housing market continues to show signs of growth, with single family home sales and traffic trending higher from historically depressed levels.  He is not saying the housing is strong, just strengthening, noting that strong housing typically occurs toward the end of the economic and equity market cycle.

All in, Dwyer maintains his 2012 S&P 500 target of 1,575, based on 15x $105 in operating earnings per share (EPS) and his 2013 target remains at 1,650, based on 15x $110 in operating EPS.

S&P 500 (SPX: 1,433.32), Net Change: -8.27, % Change: -0.57%

About the Author

Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.

For disclosures of any equities mentioned here please see: http://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx.

Related Articles
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
Previous
GM says ‘nobody’ makes money in Europe as VW sees bankruptcies
Next
Pending sales of existing homes in U.S. fell 2.6% in August
Related Terms
S&P 500 2462Housing 314Tony Dwyer 7Canaccord Genuity U.S. 6200-day SMA 2

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
images