Daily Wrap
DJIA +62.90 (+0.42%) to 14,865.14; S&P 500 +5.64 (+0.36%) to 1,593.37; NASDAQ -0.14 (0.00%) to 2,859.07 A brief trip down for the day eventually became a moderate up day for the S&P 500 after having been on a tear. Helping the cause was an Unemployment claims number which came in much better than expected at 346K when I had expectations around 362K. While the highs of the day were made before noon EST, the remainder of the day’s action in the S&P seemed only like a consolidation and factoring in the strength of the recent rally and being at all time highs, I…
Daily Wrap
DJIA +128.78 (+0.88%) to 14,802.24; S&P 500 +19.12 (+1.22%) to 1,587.73; NASDAQ +54.54 (+1.94%) to 2,859.21 Gap and go explains today’s action as we gaped higher on the open and then rallied the remainder of the day with the S&P 500 closing up over 1.2%. No need to spend anymore on the that. No real big news on the Economic front today but tomorrow we have Unemployment Claims tomorrow with the consensus forecast I saw of 362K. Coming of that poor Job numbers, I think this will be watched closely and I will update the site with the number when it comes out…
Daily Wrap
DJIA +59.98 (+0.41%) to 14,673.46; S&P 500 +5.54 (+0.35%) to 1,568.61; NASDAQ +18.54 (+0.67%) to 2,804.67 The markets opened today slightly higher and consolidating until just after noon EST when the market started to breakout and move strongly higher. This rally lasted until around 3pm EST when the market topped and then started to sell of into the close. Stock of the day, or at least driving the headlines, was Herbalife (HLF) whose shares were halted which sparked discussion about Icahn and Ackman and what might be going on with the shares. Ultimately the news was KPMG resigned as auditor amidst allegations of insider trading by one of…
Daily Wrap
DJIA +48.23 (+0.33%) to 14,613.48; S&P 500 +9.79 (+0.63%) to 1,563.07; NASDAQ +18.39 (+0.57%) to 3,222.25 Friday the market gaped lower and traded down roughly 1% in early trading after the weaker than expected Unemployment claims data. That early trading marked the lows and the market rallied the remainder of the day clawing back some of the losses. Today the market built off Friday’s rally and worked higher again today not only closing strongly higher but also closing higher than Thursday’s close before that disappointing data Friday. The takeaway is the bulls fought back. Starting this morning we had news of a merger…
Daily Wrap
DJIA +55.76 (+0.38%) to 14,606.11; S&P 500 +6.29 (+0.40%) to 1,559.98; NASDAQ +6.38 (+0.20%) to 3,224.98 Today a surprise in Jobs data yet again gave the market something to think about, namely a potential spring time soft patch. What it feels like we are in is a economic consolidation. I noted last night that some late day small positive divergence could help us higher overnight and/or in early trading. We got that move higher in early trading but the poor Jobs data seemed to weight on the S&P 500 taking it and the Dow lower and even negative around noon only to finally…
Daily Wrap
DJIA -111.66 (-0.76%) to 14,550.35; S&P 500 -16.56 (-1.05%) to 1,553.69; NASDAQ -36.26 (-1.11%) to 3,218.60 Today in the pre-market we were essentially flat/slight higher and even after a poor ADP number the S&P 500 was able to open slightly higher but that was short lived and the rest of the day we saw market declines which at the lows approached down 20 points in the S&P 500 or over 1%. Along with the weak ADP and general concerns on slower global growth we also had two other event weighing on the markets. First the U.S. Defense Secretary, Chuck Hagel, stated that the…
Daily Wrap
DJIA +89.16 (+0.61%) to 14,662.01; S&P 500 +8.08 (+0.52%) to 1,570.25; NASDAQ +15.69 (+0.48%) to 3,254.86 Yesterday seemed almost too easy with the markets starting higher and then selling off on what I noted was light volume but decisively negative. The new quarter had started and brought along with it a sell off. There was that pesky end of day rally though. That one that happened toward the very end of the day and left open the idea that the market could build off that push and that is what then happened today. The markets gaped higher and never dipped back into negative territory. …
Daily Wrap
DJIA -5.69 (-0.04%) to 14,572.85; S&P 500 -7.02 (-0.45%) to 1,562.17; NASDAQ -28.35 (-0.87%) to 3,239.17 Today started with a small move higher in the morning as the 2nd quarter got its start but that optimism soon waned and after a weak ISM number we saw a quick swoon lower in the broad markets with the small caps and techs leading the way lower. I think today’s action had more to do with the upward bias into the holiday and quarter end finally being over than with the ISM number itself but as much as this market has rallied and I noted over…
Daily Wrap
DJIA -33.49 (-0.23%) to 14,526.16; S&P 500 -0.92 (-0.06%) to 1,562.85; NASDAQ +4.04 (+0.12%) to 3,256.52 Today the markets started lower gaping down over 10 point in the S&P but the first 10 minuted of trading proved to set the lows and we remarkable rallied to positive for the day before finally closing ever so slightly lower. This had made a few occasions where the market has given the Bears a head fake and has continued to show resilience. I have been expecting this week to be up or at least neutral and with tomorrow being the last day of the trading week…
Daily Wrap
DJIA +111.90 (+0.77%) to 14,559.65; S&P 500 +12.08 (+0.78%) to 1,563.77; NASDAQ +17.18 (+0.53%) to 3,252.48 Today started with a gap higher that consolidated and then continued until the end of the day. We also saw a fair amount of economic data and the results were mixed with better home prices and durable goods but worse consumer confidence and new home sales. Despite the amount of data, today’s move seemed more about a bias of the market to go higher than it was anything that was announced. Goldman Sachs (GS) announced that it amended its warrant agreement with Berkshire Hathaway (BRK.A) which allows…