Daily Wrap
DJIA –74.73 (-0.56%) to 13,170.72; S&P 500 -9.03 (-0.63%) to 1,419.45; NASDAQ -21.65 (-0.72%) to 2,992.16; Today starting mixed with the markets bouncing from slightly negative to positive and back but around 11 am EST the S&P 500 turned lowered and continued to drift the remainder of the day finally closing down just over 9 points and filling the gap from 12/10/12. We did have economic data that was better than forecasts (including a 343K Jobless Claims number) but I think it wasn’t so strong that it alone could push the market higher. The stock of today in my opinion…
Daily Wrap
DJIA -2.99 (-0.02%) to 13,245.45; S&P 500 +0.64 (+0.04%) to 1,428.48; NASDAQ -8.49 (-0.28%) to 3,013.81; Today we started with a gap higher which consolidated in an orderly fashion until just after noon when we had the release of the Fed data. The market broke to new highs for the day but then started to give back some of the gains around 2 and then steadily trended lower the last hour finally closing just up for the day after spending a few minutes negative. This would be a classic, buy the rumor and sell the news type action. Even sometimes…
Daily Wrap
DJIA +78.56 (+0.60%) to 13,248.44; S&P 500 +9.29 (+0.65%) to 1,427.84; NASDAQ +35.34 (+1.18%) to 3,022.30; Today’s market was up from the start and even though there were dips and reaction to various statements coming out of Washington, we stayed up the entire day. On the upside we finally pressed through key resistance and tagged the horizontal resistance/target we have been highlighting for weeks at 1434 on the index. After tagging we appropriately retraced and the initial back-test of the 62% fib at 1424 held as support and we closed in-between those key levels. American International Group (AIG) rallied over…
Daily Wrap
DJIA +14.75 (+0.11%) to 13,169.88; S&P 500 +0.48 (+0.03%) to 1,418.55; NASDAQ +8.92 (+0.30%) to 2,986.96; During last night’s trading and early in the morning Monday we saw the S&P 500 futures treading lower, finally bottoming at 1410.75 around 6am EST and then steadily rally throughout the remainder of the morning to 1421 at 11am EST. The remainder of the day was somewhat choppy and the focus was on Italy. News of Prime Minster Mario Monti’s intentions to resign sent bond yields spiking and the markets dipping as the feeling was of somewhat shock/surprise and again another scenario of uncertainty and we see…
Daily Wrap
DJIA +39.55 (+0.30%) to 13,074.04; S&P 500 +4.66 (+0.33%) to 1,413.94; NASDAQ +15.57 (+0.52%) to 2,989.27; The majority of today was spend on the positive side of the line but never all that much as we closed at highs for the day. The market remains in this sloppy consolidation between the 38 and 62% fibs. Along with the fibs we have the 50 Day MA as resistance and the 20 and 200 below as support. As with many days i the past on both the up and down side, Apple Computers (AAPL) was a key focus for traders today. Last…
Daily Wrap
DJIA +82.71 (+0.64%) to 13,034.49; S&P 500 +2.23 (+0.16%) to 1,409.28; NASDAQ -22.99 (-0.77%) to 2,973.70; Today’s action was somehow boring and choppy all at the same time. While we had some moves back and forth it didn’t encompass the entire day and the other times the S&P 500 showed relatively tight action. More exciting was the Dow and Nasdaq which had moves more that 4 times the S&P although both closed within 1% of the previous day’s close. Weighing on the Nasdaq today was Apple Computers (AAPL). More trading than news drove today’s action. I even saw a note…
Daily Wrap
DJIA -13.82 (-0.11%) to 12,951.78; S&P 500 -2.41 (-0.17%) to 1,407.05; NASDAQ -5.51 (-0.18%) to 2,996.69; This weekend the word we referenced entering this week was caution. Not necessarily bearishness but caution. Caution because of how much we have rallied, caution because of the levels we were up against and caution because of Washington. Today was a classic representation of the markets showing lack of conviction and/or indecision and that make me maintain cautious. Early gains today we lost relatively early and after a bounce which started around 1pm petered out around 3pm we retraced roughly have of the gains from the low…
Daily Wrap
DJIA -59.98 (-0.46%) to 12,965.60; S&P 500 -6.72 (-0.47%) to 1,409.46; NASDAQ -8.04 (-0.27%) to 3,002.20; Today started with a small gap higher but by 10am we had lost the highs and never regained them for the rest of the day finally drifting into negative territory after lunch and pressing near lows at the close. We had some economic data today but the number talked about the most was the weak ISM which came in at 52.5 and while estimates can be different around Wall Street we saw 54.3 as the consensus. Oh yeah and then those people in Washington…
Daily Wrap
DJIA +36.71 (+0.28%); to 13,021.82 S&P 500 +6.02 (+0.43%); to 1,415.95 NASDAQ +20.25 (+0.68%); to 3,012.03 Today the S&P stayed green the entire day but did face a drop to near even just before noon time from Statements that Congress was not making headway on fiscal cliff talks but the market quickly recovered finally closing near where it opened up 6 points. I posted on Stock Twits today that the more congress speaks, the less I want to own and I truly meant that. The problem becomes, fundamental and technical work go out the window when headlines rule the day….
Daily Wrap
DJIA +106.98 (+0.83%) to 12,985.11; S&P 500 +10.99 (+0.79%) to 1,409.93; NASDAQ +23.99 (+0.81%) to 2,991.78; Today’s action began with a drop in the market which rallied back to even by noon time and then pressed higher for the remainder of the day. The lows of the day correlated nicely with the 38% fib from the lows of 11/16 to the highs on 11/23 as well as the 200 Day SMA all coming in around 1384. In economic news today the main headline was New Home Sales which came in lighter than expected. While the news was negative and many stocks…