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…
Week in Review
DJIA -0.08 (0.00%) to 14,865.06; S&P 500 -4.52 (-0.28%) to 1,588.85; NASDAQ -2.59 (-0.09%) to 2,856.48 Friday started with a small gap down that wasn’t greeted with the usual snap up buying and this helped lay the ground work for an early morning swoon taking the S&P 500 down over 10 points from Thursday’s close. Right around 11am EST the S&P bottomed and for the remainder of the day was able to grind higher leaving a relatively small loss for the day (the Dow nearly closed positive). This type of action is not uncommon at stretched levels as well as when there is…
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…
Week in Review
DJIA -40.86 (-0.28%) to 14,565.25; S&P 500 -6.70 (-0.43%) to 1,553.28; NASDAQ -21.12 (-0.65%) to 3,203.86 The March unemployment data came in well below expectations (88K vs 198K expectations) which send the market gaping lower and down over 1% in early trading. This took the S&P 500 toward the 50 day SMA and into a range of support which is used to rally off the lows ultimately only closing down slightly for the day. Big loser on the day was F5 Networks (FFIV) which lose over 19% after announcing Q2 earnings that were below analyst expectations. The company blamed the lower results on decreasing telecom and…
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…