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Daily Wrap
DJIA -12.67 (-0.08%) to 15,294.50; S&P 500 -4.84 (-0.29%) to 1,650.51; NASDAQ -7.68 (-0.26%) to 2,991.45 A much more exciting day today than the markets might otherwise look if you simply check the closing prices. The market traded lower overnight as the Nikkei lost roughly 7%. Our markets used the first 30 minutes or so of trading to find the bottom and then rallied with all 3 major indices (and even the Russell 2000) spending time up on the day. The march to even ultimately acted as resistance and the S&P pulled back during the last hour to finish with small losses. On…
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Daily Wrap
DJIA -80.41 (-0.52%) to 15,307.17; S&P 500 -13.81 (-0.83%) to 1,655.35; NASDAQ -27.32 (-0.90%) to 2,999.13 So the markets can have a substantial day down! Today’s move lower was tied to Mr. Bernanke’s statement to congress as well as the release of the Fed minute which showed the willingness to decrease bond purchases. In the grand scheme today was a solid down day but nothing in comparison to the recent rise. The question is not of today’s move but whether or not it signifies a more significant realization being a top is in. That is a common phrase but my answer is always “for…
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Daily Wrap
DJIA -19.12 (-0.12%) to 15,335.28; S&P 500 -1.18 (-0.07%) to 1,666.29; NASDAQ -7.99 (-0.26%) to 3,020.97 Today the market somewhat consolidated after its ramp into options expiration last Friday. Initially it looked as though it could be another strong move higher as early trading was choppy but then we spiked higher into the noon EST time. That spike was eventually lost and we ultimately close near flat on the day. It was interesting to see the Russell 2000 be the strongest index and only one to close higher. Small caps leading might bode well for ultimately higher prices. Tomorrow is Tuesday and interestingly…
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Daily Wrap
DJIA +60.44 (+0.40%) to 15,275.69; S&P 500 +8.44 (+0.51%) to 1,658.78; NASDAQ +6.57 (+0.22%) to 3,002.62 A very choppy yet still strong day to follow-up on Tuesday’s rip higher. Today initially open lowered but by 11am EST was back to flat and then took off at what felt like an unabated rally which fell just shy of $1660 in the S&P 500 cash index. The market then swooned almost back to even and finally finished up 8 points and only roughly 3 from the high. There was a decent amount of economic data today and it was interestingly mixed but what will be watched for the…
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Daily Wrap
DJIA -26.81 (-0.18%) to 15,091.68; S&P 500 +0.07 (+0.00%) to 1,633.77; NASDAQ +1.07 (+0.04%) to 2,982.09 Today was more active than the change on the day and even the Daily chart might show as early trading started with a small gap down and then a strong move lower until 10am EST when the S&P 500 finally bottomed and then rallied roughly 10 points to noon est where it spend the remainder of the day consolidating closing a few points off the day’s highs. In company news Monsanto (MON) received a positive Supreme Court ruling that essentially stated that Farmers cannot use MON’s seeds to create new…
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Daily Wrap
May 23, 2013
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Daily Wrap
May 22, 2013
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Daily Wrap
May 20, 2013
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Daily Wrap
May 15, 2013
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Daily Wrap
May 13, 2013
Charts of Interest
Qualcomm (QCOM)
Qualcomm (QCOM) has been a great example at how some stocks are best when your buying them near support instead of after the break of a trend line or resistance. Waiting for a break often left you down on the position in the coming days. QCOM tested the longer term uptrend line on the first few pull backs but has not been there for a while and recent dips held the 50 day SMA. QCOM received a recent downgrade of sorts by Goldman Sachs from Conviction Buy to Buy but they left the $80 price target. That price target would…
Mead Johnson Nutrition Company (MJN)
Last time I checked in with Mead Johnson Nutrition Company (MJN), we had seen a recent gap that re-took the 200 day SMA and was holding. My ideal set-up was for some continued consolidation above the 200 day and then a next leg higher which could ultimately reach the 90′s. After not much consolidation we saw MJN start to move and after reaching $80, that was it. The negative sentiment seemed to stem from a report that China is cracking down on formula products coming in from Honk Kong. This news also prompted Credit Suisse to lower estimates for MJN…
Mead Johnson Nutrition Company (MJN)
Mead Johnson Nutrition Company (MJN) may not be a household name. Frankly even after reviewing their brands (which you can look over by Clicking Here), I still wasn’t familiar with the company. What I am familiar with is their recent Q4 earnings report which beat on EPS and revenues (72c vs 68c and $981.1M vs $956.32M). MJN’s guidance for 2013 did look to be somewhat below analyst expectations coming in at a range of $3.22-3.30 with analysts consensus being $3.33. It was on that earnings report that MJN gaped significantly higher and came on my radar. From a technical prospective…