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…
Week in Review
DJIA +52.38 (+0.36%) to 14,578.54; S&P 500 +6.34 (+0.41%) to 1,569.19; NASDAQ +11.00 (+0.34%) to 3,267.52 Friday the markets were closed in observance of Good Friday. Below is Thursday’s update and the weekly recap. Today the markets finished off the week higher and the idea that we will be rallying into the long weekend proved correct but not without a few attempts to take it lower. This also allowed the S&P 500 to follow the Dow in closing at a new record closing high surpassing the previous closing high of 1565.15. In economic data, the U.S. jobless claims increased 16K from the prior…
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…
Daily Wrap
DJIA -64.28 (-0.44%) to 14,447.75; S&P 500 -5.20 (-0.33%) to 1,551.69; NASDAQ -9.70 (-0.30%) to 3,235.30 Today the markets started higher with some early optimism on a Cyprus deal but that optimism was short lived and the markets began losing ground after some comments regarding how this could become a “template” for other troubled nations and that means depositor capital being at risk. The lows for the day were eventually set around 1pm EST but unlike previous down days the market didn’t rally all the way into the close and instead today we bounced and mainly consolidated. Today’s low in the SPY happened…
Week in Review
DJIA +90.54 (+0.63%) to 14,512.03; S&P 500 +11.09 (+0.72%) to 1,556.89; NASDAQ +22.40 (+0.70%) to 3,245.00 As some pessimism laid way to optimism regarding the Cyprus situation and at least got our of the market’s way to press higher near 1% for the day. What was also positive to see was the line-up with the S&P 500 and Nasdaq leading instead of the Dow (broader based rally). The stock of the day was no doubt Nike (NKE) in my opinion. Thursday evening after the close NKE posted Q3 EPS of 73c vs estimates of 67c on revenue that met expectations of $6.2B. The company…
Daily Wrap
DJIA -90.24 (-0.62%) to 14,421.49; S&P 500 -12.91 (-0.83%) to 1,545.80; NASDAQ -31.59 (-0.97%) to 3,222.60 Europe ruled the day and after a small initial gap lower and midday rally, the markets then lost ground the remainder of the day sending it back down near Tuesday’s lows. In economic data news we saw the U.S. jobless claims slightly rose but were less than expectations. The data wasn’t enough to really push the markets one way or another and it was back to Europe and underperforming Tech stocks. Most notable tech underperformer was Oracle (ORCL) which closed nearly 10% lower after missing EPS estimates…
Daily Wrap
DJIA +55.91 (+0.39%) to 14,511.73; S&P 500 +10.37 (+0.67%) to 1,558.71; NASDAQ +25.09 (+0.78%) to 3,254.19 Today caught me somewhat by surprise as last night I expected today to probably start muted and remain that way until the Fed announcement which could then lay way to some swings. We got essentially the exact opposite. A gap in the morning essentially went no where to and through the Fed announcement and Bernanke Q&A with then a few spikes and ultimately the SPY closed roughly where it opened. Speaking of the Fed statement, it was essentially the same as the previous statement minus some wording to acknowledge…
Daily Wrap
DJIA +3.76 (+0.03%) to 14,455.82; S&P 500 -3.76 (-0.24%) to 1,548.34; NASDAQ -8.49 (-0.26%) to 3,229.10 The continued trepidation and negativity stemming from the Cyprus debacle was in focus today as the markets tried to start with a strong open only to lay way to a strong decline which finally found buyers after just dipping below the R1 support in the futures which provided initial support and then went down to back test. After a slight dip below the R1 level, the market had positive divergence on the 5 minute futures chart and that ultimately did prove to be the lows as the market…