March 28, 2024

Daily Wrap

DJIA -93.39 (-0.60%) to 15,518.74;S&P 500 -9.77 (-0.57%) to 1,697.37;NASDAQ -27.18 (-0.74%) to 3,665.77 The major indices lost ground today on lower than normal volume.  As noted yesterday, this looks to be a lighter news week that previous with not as many big name earnings reports as well as not much economic data.  The S&P 500 started lower and reached what would ultimately be the lows of the day after only 90 minutes of trading.  After that point the market bounced and then consolidated from noon EST until the close.  In economic data the Trade Balance came in much less than expected posting…

Read More

Daily Wrap

DJIA -46.23 (-0.30%) to 15,612.13;S&P 500 -2.53 (-0.15%) to 1,707.14;NASDAQ +3.36 (+0.09%) to 3,692.95 The Dow and S&P 500 closed slightly lower while the Nasdaq saw a small gain mainly do to a good day in trading for Apple (AAPL).  This will likely be a much quieter week with not as many big names earnings reports or economic events but we did have PMI which came in better than analysts expected with a reading of 56.  Tomorrow on the calendar we have Trade Balance at 8:30 am EST and then FOMC member Evans is speaking at 1 pm EST (fireworks not expected). As…

Read More

Daily Wrap

DJIA -36.86 (-0.24%) to 15,521.97;S&P 500 -6.32 (-0.37%) to 1,685.33;NASDAQ -14.02 (-0.39%) to 3,599.14 Today the S&P 500 started with a small gap down that initially tried to rally back to Friday’s close but couldn’t hold and slipped lower until finding a bottom just before noon EST.  After gaining some traction the S&P rallied until roughly 2:30 EST before falling again in the last hour of trading but did not make new lows for the day. There was a notable merger in today’s news and while the stocks didn’t move very much, due to the size of the companies it was note worthy…

Read More

Daily Wrap

DJIA -32.41 (-0.21%) to 15,451.85;S&P 500 -6.24 (-0.37%) to 1,676.26;NASDAQ -8.99 (0.25%) to 3,598.50 A relatively boring down day as the highs for the day were marked in the opening minuted and then the S&P 500 to lose ground until it bottomed around 1:30 with some small positive divergences on the 5 minute MACD and then rallied until 2:30 pm EST where it again lost ground but held above those earlier lows.  The market spent the last 30-40 minutes rallying but never regaining the 2:30 pm highs. In economic news we had CPI data with the core meeting expectations of up 0.2%…

Read More

Daily Wrap

DJIA -8.68 (-0.06%) to 15,291.66;S&P 500 +0.30 (+0.02%) to 1,652.62;NASDAQ +16.50 (+0.47%) to 3,520.76 If you closed down your computer and went away after the close, you missed an after market that was more exciting than the entire trading day!  I have the benefit of writing this after the close where we see the S&P 500 futures up nicely after the close likely tied to a Q&A session held by Ben Bernanke Chairman of the Federal Reserve (if you didn’t know).  I will need more time to read through but I also didn’t think there was too much new information. …

Read More

Daily Wrap

DJIA +75.65 (+0.50%) to 15,300.34;S&P 500 +11.86 (+0.72%) to 1,652.32;NASDAQ +19.43 (+0.56%) to 3,504.26 Some don’t think it is the right way to start the season but Alcoa ( AA ) still is known for kicking off earnings and this much maligned stock and company.  AA reported EPS that beat analysts expectations (7c vs 6c) on just slightly lower than expected revenue ($5.8B vs $5.83B).  After reporting last night, AA closed almost exactly flat today but considering AA recently bounced I would say it held the recent move.  Is the bottom in AA in?  It could be.  Everyone that has thought that…

Read More

Daily Wrap

DJIA -42.55 (-0.28%) to 14,932.41;S&P 500 -0.88 (-0.05%) to 1,614.08;NASDAQ -1.09 (-0.03%) to 3,433.40 The S&P 500 started today looking as though it was going to recover well from yesterday’s late day sell of but again around Noon EST the market lost momentum and declined into 2:30 Pm EST where there was then a bottom and late day small rally which took the major indexes near flat for the day but well off the highs.  In economic data, Total Vehicle sales bested expectations coming in at 16M units sold and tomorrow ADP employment numbers come in with an estimate of 161K.  The official…

Read More

Daily Wrap

DJIA +65.36 (+0.44%) to 15,112.19;S&P 500 +8.68 (+0.54%) to 1,628.93;NASDAQ +31.24 (+0.92%) to 2,959.50 Monday’s action start hot with a gap higher and a rally in the markets which lasted until roughly noon when we started to dip lower and then the decline started gaining some steam into late day trading.  The highs of the day in the S&P 500 correlated with a first touch of the 50 day SMA which would be expected to be resistance.  Today’s high now should become a key level to watch and if taken out the bulls may be back in control. Merger Monday was in affect…

Read More

Daily Wrap

DJIA -206.04 (-1.35%) to 15,112.19;S&P 500 -22.88 (-1.39%) to 1,628.93;NASDAQ -36.59 (-1.22%) to 2,959.50 You are likely living under a rock if you were not aware that today was rate decision and FOMC minute day.  It was not about the rate decision itself as no one I heard was anticipating a move but it was all about the minutes and specifically the discussion of when the stimulus would end or the key word of recent times “tapered”.  The decision and comments sent the markets tumbling and closed down over 22 points in the S&P and 200 on the Dow.  In the grand scheme…

Read More

Daily Wrap

DJIA +109.67 (+0.73%) to 15,179.85;S&P 500 +12.31 (+0.76%) to 1,639.04;NASDAQ +27.40 (+0.93%) to 2,971.26 The market started the week strong with a gap higher on upbeat earnings reports and optimism that the Federal Reserve and Ben Bernanke will remove uncertainty around the current bond buying situation.  While lack of clarity does hamper the markets, I think the market is also betting on a statement that will leave the foot on the monetary gas for the longer.  If the committee as a whole starts to sound more hawkish there could be, even albeit only initiate, adverse reaction. Two big name companies announcing a partnership…

Read More