Daily Wrap
DJIA +42.47 (+0.30%) to 14,296.24; S&P 500 +1.67 (+0.11%) to1,541.46; NASDAQ -1.76 (-0.05%) to 3,222.37 Today started with a bang…well maybe better to say gap as for the second straight day the S&P leaped from the close to a new higher price. Unlike yesterday the markets didn’t continue moving higher and the S&P, Dow and Nasdaq all never regained the highs set in the first 5 minutes of trading but that didn’t stop the Dow from closing at all time highs, again. The S&P 500 also closed higher for the day but needs more to get to all time highs and the Nasdaq…
Daily Wrap
DJIA +125.95 (+0.89%) to 14,253.77; S&P 500 +14.59 (+0.96%) to 1,539.79; NASDAQ +42.10 (+1.32%) to 3,224.13 Up up and away the market went today with the Dow closing at record highs. Starting the week I had the expectation that this week would be a consolidation week but then as Monday started, something bothered me. The 4 hour emini S&P 500 chart. It didn’t just look bullish it look destined to head higher. I posted it over at StockTwits (WSConsensus) and again in my nightly recap. The way the markets closed and also started the next day seemed to be confirming the pattern and…
Daily Wrap
DJIA +38.16 (+0.27%) to 14,127.82; S&P 500 +7.00 (+0.46%) to 1,525.20; NASDAQ +12.29 (+0.39%) to 3,182.03 Today started on a down note but landed the S&P 500 right into its 20 day SMA which it promptly held and started to make its ascent for the remainder of the day. We had no noteworthy economic news today and frankly not much is really on tap tomorrow. The market will be left to its own devices and whether or not it can continue to press higher. I will have more below but the futures chart is trying to build a case to argue for higher levels….
Daily Wrap
DJIA -20.88 (-0.15%) to 14,054.49; S&P 500 -1.31 (-0.09%) to 1,514.68; NASDAQ -2.07 (-0.07%) to 3,160.19 From the end of last night’s update: “What now? I think tomorrow could very well be lower and ideally I would like to see the market be up in the morning and then send the remainder of the day retracing which would leave the door open for Friday to finish the week higher. ” We essentially got what I was looking for and started off the day in the green and held there for a while finally turning lower after 2pm EST and closing near the lows for…
Daily Wrap
DJIA +175.24 (+1.26%) to 14,075.37; S&P 500 +19.05 (+1.27%) to 1,515.99; NASDAQ +32.61 (+1.04%) to 3,162.26 The market followed up yesterday’s moved with a rip your face of rally that took the Dow toward new all time highs. As for what drove the rally, we started to bottom and go after pending home sales data but it is hard to think that really caused the run and we were likely more running do to the technical bounces as many charts moved off their 50 day SMA’s yesterday. Stock of the Day today was Apple Computers (AAPL) but not because of a wild move and more due to the fact…
Daily Wrap
DJIA +115.96 (+0.84%) to 13,900.13; S&P 500 +9.09 (+0.61%) to 1,496.94; NASDAQ +13.40 (+0.43%) to 3,129.65 Today brought economic data back into the fold with the S&P/Case-Shiller report stating that housing prices had gained roughly 7% since this time a year ago and what many seemed to be waiting for which was Mr. Bernanke’s testimony. I didn’t find anything very earth shattering with the testimony and Mr. Bernanke seemed to reiterate the Fed’s stance that low rates are providing the economy more of a benefit than risk, in their opinion. Dow lead all the other major indices and the reason was our stock…
Daily Wrap
DJIA -216.40 (-1.55%) to 13,784.17; S&P 500 -27.75 (-1.83%) to 1,487.85; NASDAQ -45.57 (-1.44%) to 3,116.25 Back to a full trading week and Monday started with a bang and the broad indices moving higher. Then as the trading day progressed the Russell 2000 went negative and soon the rest of the markets were following suit. This pullback turned into a full fledged sell of and while not reminiscent of the Flash crash it was also more than I expected to see in one day even though we were moving toward my target region highlighted in recent updates. What I find interesting is while we had no…
Daily Wrap
DJIA -46.92 (-0.34%) to 13,880.62; S&P 500 -9.53 (-0.63%) to 1,502.42; NASDAQ -32.92 (-1.04%) to 3,131.49 Today we had a slew of economic data which included a Jobless Claims number that came in higher than consensus estimates (362K vs 353K). 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. The markets were unable to build much positive momentum after yesterday’s decline and we marked a second straight day of declines. The Dow saw the least damage but that was somewhat deceiving due to an end of day rally by Hewlett-Packard (HPQ) into their earnings…
Daily Wrap
DJIA -108.13 (-0.77%) to 13,927.54; S&P 500 -18.99 (-1.24%) to 1,511.95; NASDAQ -49.18 (-1.53%) to 3,164.41 Much of today’s down leg seemed to be attributed to the FOMC’s January 29-30 meeting minutes which indicated that several Fed members were starting to think about altering the current bond buying strategy. There are many that believe the Fed has help drive this rally so any change in policy especially one that could look as the beginning of a step back might not be overly welcomed. The markets have been in a relatively impressive climb of late so it also stands to reason that many stops may have…
Daily Wrap
DJIA -9.52 (-0.07%) to 13,973.39; S&P 500 +1.05 (+0.07%) to 1,521.38; NASDAQ +1.78 (+0.06%) to 3,198.66 The market has been flexing its muscle and trying to show many different things. If your a basketball fan you might say the market is trying to show it can take you to the hole and also hit the step back jumped. The market faced another down move today and ultimately looking back at the chart the first 5 minute bar of the day market the lows. The market continued a steady climb higher and likely used the Unemployment claims, which came in better than expected (341K vs 361K…