November 18, 2018

Daily Wrap

DJIA -89.24 (-0.69%) to 12,878.13 S&P 500 -7.35 (-0.52%) to 1,398.94 NASDAQ -8.99 (-0.30%) to 2,967.79 For the majority of the day the S&P hovered around even.  In the early trading there was a dip that was promptly bought and rallied but it wasn’t until after 2pm when the markets started to move lowered into the close and stayed that way closing near the lows of the day. The stock of the day was Monster Beverage (MNST) up over 13%.  A letter from the FDA to Dick Durbin noted that they will be conducting an investigation into the potential danger…

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Daily Wrap

Today was really not very noteworthy in terms of the market.  After gapping down on the open the market set its lows just before noon and spent the rest of the day drifting higher with the last 5 minutes of trading providing a push.  The idea of hedging or even taking home a small S&P short on Friday  would have worked well but I don’t know that there was conviction in any such trade.  The first test of a hard sloped 20 day was my conviction trade and it never manifested. Stocks in the news today included Deckers Outdoor (DECK).  This name should…

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Daily Wrap

DJIA +48.38 (+0.38%) to 12,836.89 S&P 500 +3.22 (+0.23%) to 1,391.03 NASDAQ +9.87 (+0.34%) to 2,926.55 Today was another boring consolidation day and was we noted here and on Stock Twits (WSConsensus) that Holiday trading is here and will remain until Monday but in a broader note we are entering the window of holiday trading.  Along with this entire week having an upward bias I wouldn’t be surprised to see Friday have a holiday drift higher as well as the markets are open for a half day of trading. We had economic data today including Unemployment claims coming in at 410K (below estimates),…

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Daily Wrap

DJIA -7.45 (-0.06%) 12,788.51  S&P 500 +0.92 (+0.07%) 1,387.81  NASDAQ +0.61 (+0.02%) 2,916.68 Yesterday we said it was a classic “Gap and Go” day and today was a classic consolidation day after a big move.  We did see a pretty decent drop intraday on comments from Ben Bernanke noting that the Fed does not have the tools to counter act the fiscal cliff but those losses were quickly recouped and the S&P was able to close moderately higher along with the Nasdaq and the Dow not too far behind. Two stocks in the News today moving in the same direction…

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Daily Wrap

DJIA +207.65 (+1.65%) 12,795.96;  S&P 500 +27.01 (+1.99%) 1,386.89;  NASDAQ +62.94 (+2.21%) 2,916.07 Today was a classic “Gap and Go” day where the markets started higher and continued higher for the remainder.  The S&P 500 is just getting into the range we were looking for on a bounce.  While upside should now be tempered, this is also a holiday trading week and in low volume weeks the market can have a tendency to drift higher.  I still would expect the 20 day MA to be resistance and a potential shorting opportunity for quick traders. The stocks making moves today, ummm,…

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Daily Wrap

DJIA -28.57 (-0.23%)  S&P 500 -2.17 (-0.16%) NASDAQ -9.87 (-0.35%) Sector’s lagging in the S&P today were:  Utilities -0.73%, Basic Materials -0.96%, Telecommunications -1.07% while the leaders were: Consumer Goods +0.20%, Financials +0.20% and Oil & Gas +0.14%. Another morning where the S&P started higher but faced early selling.  If you were to just check in at the end of the day you would think today was a lack luster day in the market but if you were around it felt like a much more volatile than the ending prices reflect.  We posted at StockTwits the 5 minute downtrend line on the…

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Daily Wrap

Today was an ugly day for the markets.  We had highlighted, for the Bulls, a potential inverse H&S setting up on the 60 minute SPY chart but noted that the lows from 11/13/12 HAD to hold or the market could be looking at a bad situation.  The SPY made the highs for the day in the first 5 minutes of trading and then faced selling for the remainder.  The first leg down completed around 11am EST and then we meandered until later until around 2:15 pm EST when we broke hard for the rest of the day.  The President spoke…

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Daily Wrap

Today the markets Started with a gap down over 10 points on the S&P 500 but quickly bottomed and started to rebound.  That rebound took the index all the way back to positive territory resulting in a nearly 20 point rally off the lows.  The index also retook the 200 Day MA but around 11:15 am EST the rally peaked and the midday slowly drifted back down morphing into a hard sell off into the close and leaving us at 1374.53 on the S&P 500.  This marks the 3rd day closing below the 200 Day SMA.  The 60 minute SPY…

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Daily Wrap

While the markets were open today, the volume clearly lends to be a “holiday” style trading session with the SPDRs SPY not reaching 100M shares traded.  While overall a lack-luster day, the S&P limped higher by $0.18 to 1380.03 while the Nasdaq & Dow closed lower $0.62 to 2904.26 and $0.31 to 12815.08 respectively. Giving us a feel of the Bull market days we had an old school “merger Monday” with 2 well known names going out including Jefferies (JEF) closing up over 14% on a takeover by Leucadia National (LUK) and Titanium Metals (TIE) gained over 40% after receiving…

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