Daily Wrap

DJIA -55.44 (-0.4%) to 13,328.85; SPX -4.74 (-0.3%) to 1,457.15; NASDAQ -7.01 (-0.2%) to 3,091.81

Today’s action was as expected and a continuation of the consolidation.  Early morning trading was only down roughly 2 points in the S&P but by midday we were roughly 10 points lower until finally bottoming and closing the down down 4.  Otherwise there wasn’t much Market news and even the fed minutes showed everything roughly remained the same in voting patterns.

In the news today was Signet Jewelers (SIG) which gained over 9% on news that holiday season same-store sales rose 3.3% and also on earnings guidance that Wall Street must have liked.  Trading lower today on same-store sales was GameStop (GME) which lost over 6%.

Medicines Company (MDCO) gained over 11% after announcing positive results for its Phase 3 clinical trial of cangrelor.

Cypress Semiconductor (CY) shares were over 8% lower on disappointing Q4 earnings estimates.

Also on the downside today was Fusion-io (FIO) which lost over 9.5%  on a downgrade at William Blair.  You can see that and other analyst notes at the Upgrades/Downgrades section.

As always you can visit the Event’s Calendar for the release of economic data, scheduled meetings and other news that could move the market.

According to Briefing.com, the following noteworthy companies are scheduled to report earnings before tomorrow’s open: AZZ, STZ, GBX, HELE, SJR

As mentioned above today’s consolidation was as expected and while the S&P 500 daily chart didn’t quite meet our ideal target, the SPY 1 hour chart has the MACD getting close to a recycle which could provide the base and catalyst for a next move higher.  Ideally we would see the MACD hold and continue to recycle at zero as we get into the target 1440-1444 range but if not we will have to watch the price and volume action and make decisions based on what the market gives us.