Daily Wrap
DJIA +180.85 (+1.21%) to 15,176.08; S&P 500 +23.84 (+1.48%) to 1,636.36; NASDAQ +36.76 (+1.26%) to 2,962.90 An second retest of the 50 day Moving Average proved to be a spring board sending the S&P 500 screaming higher on the day and of the major indices only second to the Russell 2000. Helping today’s cause was two positive data point in economic news. First the retail sales rose 0.6% when consensus expectations were 0.4% and then initial Unemployment claims came in at 334K when I had 354K as the estimate or a 20K beat. What I am watching now is the 20 day SMA…
Daily Wrap
DJIA -9.53 (-0.06%) to 15,238.59;S&P 500 -0.57 (-0.03%) to 1,642.81;NASDAQ -0.38 (-0.01%) to 2,990.49 Coming off last week’s action the market chose to use today to consolidate. It started with a strong gap higher that immediately sold off and then again rallied near the morning’s highs and this was all before noon EST. After roughly 12:30 pm EST, the market drifted lower and closed off but closer to the lows of the day than the highs. After such a stong move, it wouldn’t be surprising to see more consolidation for the days to come. News of the day included Apple Computers (AAPL) which kicked off the…
Daily Wrap
DJIA +207.50 (+1.38%) to 15,248.12;S&P 500 +207.50 (+1.38%) to 1,643.38;NASDAQ +40.57 (+1.38%) to 2,990.87 Today the markets followed up on yesterday’s moves off the lows with a very impressive strong rally after a jobs number that many touted as “in the sweet spot”. Meaning that it was not strong enough to force the Fed to revisit their efforts but better than estimates showing an improvement in the employment picture. While the Jobs number slightly beat estimates, the Unemployment rate ticked up unexpectedly to 7.6% due to more people entering the workforce than expected. These are presumably people who were previously discouraged workers so if they feel…
Daily Wrap
DJIA +80.03 (+0.53%) to 15,040.62;S&P 500 +13.66 (+0.85%) to 1,622.56;NASDAQ +13.16 (+0.45%) to 2,950.30 The looked poised to resume its downward move into Friday’s jobs number but just after noon EST firmed up and started an impressive rally off the lows which also continued into the after market (so far). From the lows to the close the market rallied nearly 24 points. In economic news today we had Unemployment claims which came in roughly inline with a 346K number. As alluded to earlier, tomorrow we get Non-farm Employment data and I have current forecasts at 167K and 7.5% rate. SodaStream (SODA) got an initial pop in…
Daily Wrap
DJIA +138.46 (+0.92%) to 15,254.03;S&P 500 +9.68 (+0.59%) to 1,640.42;NASDAQ +9.03 (+0.30%) to 2,990.79 The S&P 500 started the morning higher but spent the majority of the midday in negative territory before turning positive around 2pm EST and rallying into the close. The Nasdaq had roughly the same pattern but the Dow was able to remain positive the entire day due to the strong moves by Merck (MRK) and also Intel (INTC). In economic news, ISM came in light with a 49 reading which was below estimates and also the lowest reading in roughly 4 years. The aforementioned MRK was up today on positive news regarding…
Daily Wrap
DJIA +21.73 (+0.14%) to 15,324.53;S&P 500 +6.05 (+0.37%) to 1,654.41;NASDAQ +17.01 (+0.57%) to 3,011.83 After the Unemployment claims number came in slightly higher than expected the futures started to sell off in the pre-market but that soon turned and by the open we were slightly positive and then rallied higher for the remainder of the day until roughly 2:30 pm EST when the highs were seen and we drifted lower into the close. As noted in economic news Unemployment claims rose to $354K and 1st quarter GDP slightly disappointed with a 2.4% reading down from 2.5%. Dow member Disney (DIS) was in the news after the…
Daily Wrap
DJIA -106.59 (-0.69%) to 15,302.80;S&P 500 -11.70 (-0.70%) to 1,648.36;NASDAQ -17.12 (-0.57%) to 2,994.82 The markets spend the entire day down and started off with a 10+ point drop. After finally finding a bottom around 11am EST down over 17 the S&P 500 rallied into the 2:30 pm EST time frame and finally drifted lower the remainder of the day giving up some of those midday gains. The market did not breach the 5/23-5/24 lows and has also remained above the 20 day SMA. Overall I still view the market as bullish and deciding whether it will consolidate as a triangle with the short term lows…
Daily Wrap
DJIA +106.29 (+0.69%) to 15,409.39;S&P 500 +10.46 (+0.63%) to 1,660.06;NASDAQ +20.92 (+0.70%) to 3,011.94 There were stocks moving today but the story was about the broad rally and especially gap higher in the market. At the highs the S&P 500 was up over 20 points from Friday’s close and while not necessarily attributable to one event seemed moe to be a snap back rally which started overseas in response to the previous week’s sell off. The market looks to be in a form of price discovery which at this juncture seems predominantly bullish but it is yet to be seen if the that will be the case and…
Daily Wrap
DJIA +8.60 (+0.06%) to 15,303.10; S&P 500 -0.91 (-0.06%) to 1,649.60; NASDAQ -0.43 (-0.01%) to 2,991.02 The market started with a drop but spent the remainder of the day working to regain those earl losses and while only the Dow was successful, the other indices made a valiant effort closing just ever so slightly lower. In stock news Procter & Gamble (PG) was a big story of the day as their CEO resined and is being replaced by former CEO A.G. Lafley. It seemed as though Wall Street approved of the change as PG closed over 4% higher for the day. In merger news, Valeant (VRX) closed up over…
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…