Daily Wrap
DJIA +21.05 (+0.14%) to 14,839.80; S&P 500 +3.96 (+0.25%) to 1,597.57; NASDAQ +20.49 (+0.71%) to 2,887.44 Today saw some jockeying for position by the indices as they started the day moving lower and then recovered to close slightly up for the session. In economic news the Case/Shiller index rose 1.2% from the previous month’s reading and topped estimates with a 9.3% vs 9.1% estimate. Chicago PMI on the other hand fell short of estimates recording a 49 vs 52.5 estimate. Consumer confidence came in mainly inline with a 68.1 vs 68.4 estimate. Before the open, Pfizer (PFE) reported earnings which missed on both revenues ($13.5B vs $14B) and EPS (54c…
Daily Wrap
DJIA +106.20 (+0.72%) to 14,818.75; S&P 500 +11.37 (+0.72%) to 1,593.61; NASDAQ +26.40 (+0.93%) to 2,866.95 The market continues its recovery from the recent dip now not also challenging recent highs but making all time highs (closing and intraday). The trend remains strongly in-tact with the SPY up over 12.36% YTD and maybe more astoundingly 16.99% over a rolling 12 month period. In economic news today we saw Personal Spending meet forecasts with a 0.2% increase but Personal Income not only missed forecasts of a 0.4% gain but actually ticked down 0.2%. Lastly, Pending Home sales beat expectations with a 1.5% increase over last month when…
Daily Wrap
DJIA +24.50 (+0.17%) to 14,700.80; S&P 500 +6.37 (+0.40%) to 1,585.16; NASDAQ +14.54 (+0.51%) to 2,848.66 The S&P 500 started with a small gap higher after a better than expected Unemployment claims number (339K vs 352K) which then waffled for the initial trading and then started to press higher. After an intraday consolidation, the S&P 500 again until around 2:30 pm EST when the index started to fade and continued lower until roughly the end of the day. While still closing higher, the S&P was roughly 7 points off the high. As we are in the thick of the earnings reports, each day…
Daily Wrap
DJIA -43.16 (-0.29%) to 14,676.30; S&P 500 +0.01 (+0.00%) to 1,578.79; NASDAQ -1.25 (-0.04%) to 2,834.12 Today was a consolidation day after yesterday’s strong move. The action was general bouncing back and forth all day with not much to report except there was a late day rally which took the S&P to new highs for the day until roughly 3pm EST when it turned and sold off into the close. In economic data the only real surprise was US Durable Goods orders which came in much lower than expected with a -5.7% number when I had consensus estimates at a -2.9%. Tomorrow we…
Daily Wrap
DJIA +152.29 (+1.05%) to 14,719.46; S&P 500 +16.28 (+1.04%) to 1,578.78; NASDAQ +25.30 (+0.90%) to 2,835.37 Very strong day today in the market today with all major indices moving up roughly 1% or higher. Today started with a gap higher and steadily climbed all day until 1pm EST when we saw a spike down. We later realized the spike was caused by a false report by the AP, after their Twitter feed was hacked, that two bombs went off at the White House injuring the President. Once the market realized the error they snapped back (whole process took a few minutes) but then still…
Daily Wrap
DJIA +19.66 (+0.14%) to 14,567.17; S&P 500 +7.25 (+0.47%) to 1,562.50; NASDAQ +29.61 (+1.06%) to 2,810.07 Monday’s action started with a gap higher which was promptly sold until just before 11am EST when the S&P 500 finally bottomed and then rallied the majority of the day. The high for the day was set just before 3pm EST and the remainder of the day was spent consolidating with a slightly lower bias. In economic data we saw a slightly downbeat housing (existing sales) number coming in at 4.92M vs a 5.02M estimate. Caterpillar (CAT) announced earnings that seemed to be overall disappointing with a…
Daily Wrap
DJIA -81.45 (-0.56%) to 14,537.14; S&P 500 -10.40 (-0.67%) to 1,541.61; NASDAQ -40.03 (-1.44%) to 2,741.95 Today was another strong down day but had more back and forth than previous sessions. Stocks started the day slightly positive following up on an Unemployment claims number that wasn’t necessarily bullish but also and maybe more importantly wasn’t bearish and came in relatively inline with estimates. Those early gains gave way and at the lows the S&P 500 cash index was down roughly 16 points. Overall the action was not like previous sessions and it did feel as though the market is trying to set-up for…
Daily Wrap
DJIA -138.19 (-0.94%) to 14,618.59; S&P 500 -22.56 (-1.43%) to 1,552.01; NASDAQ -56.43 (-1.99%) to 2,781.98 Yesterday’s rally was short lived as the futures were slightly lower last night after the close and the losses picked up overnight and into the morning’s trading which then lasted the majority of the day not bottoming until just before 1pm EST. Today was a light economic data day, although there was some fed speak, and sets up into tomorrow with the week’s Unemployment claims number. I have estimates at 349K going into the number which is roughly where last week’s reading was (346K). The talk of…
Daily Wrap
DJIA +157.58 (+1.08%) to 14,756.78; S&P 500 +22.21 (+1.43%) to 1,574.57; NASDAQ +40.94 (+1.46%) to 2,838.41 Someone sounded an “all clear” notice today and the major indices all had nice gains including the S&P 500 which closed up over 1.4% for the day and at the day’s highs. The bottom was actually made in the futures yesterday not long after the close. Sometimes when you see bounces like this you will see an index like the Dow lead which I am always a skeptic of but today the S&P 500, Russell 2000 and Nasdaq Composite all outpaced the Dow to the upside with the…
Daily Wrap
DJIA -265.86 (-1.79%) to 14,599.20; S&P 500 -36.49 (-2.30%) to 1,552.36; NASDAQ -59.01 (-2.07%) to 2,797.47 Today was a very active day in the markets but it is appropriate to take the time to stop and send well wishes and prayers to those involved in the Boston Marathon incident which as I write is still unfolding with not many details but clearly today people were hurt and my prayers go to them and their family. The market began with a small gap lower on weak Chinese data and overall global outlook concerns which continued to snowball into larger losses which were not just…