Daily Wrap
DJIA +308.41 (+2.35%) to 13,412.55; S&P 500 +36.23 (+2.54%) to 1,462.42; NASDAQ +92.75 (+3.07%) to 3,112.26 The majority of today’s gains were made on the open resulting from the market’s elation on a fiscal cliff deal. I would like to think that this is the last time we focus on Washington but unfortunately I feel it is not. Otherwise today was a strong rally on better than average volume and the second one in a row at that. What was even more interesting was the fact that Small caps and Tech lead (including everyone’s favorite AAPL) which lends to the…
Daily Wrap
DJIA +166.03 (+1.28%) to 13,104.14; S&P 500 +23.76 (+1.69%) to 1,426.19; NASDAQ +59.20 (+2.00%) to 3,019.51 Today started with a gap lower that only lasted the first 10-15 minutes and we were off to the races for the rest of the day. There was some small economic news out today that was better than expected but the rally and optimism was on the headlines that congress was close to a fiscal cliff deal and the majority of the headlines were different congressional opinions and updates regarding the cliff. In the news today was Duff & Phelps (DUF) which agreed to…
Week in Review
DJIA -158.20 (-1.21%) to 12,938.11; S&P 500 -15.67 (-1.10%) to 1,402.43; NASDAQ -25.60 (-0.86%) to 2,960.31; Thursday’s late day rally was something we were skeptic of and today started immediately with a gap lower in the S&P which did rally, not quite to even, but after 2pm EST the market started to drop and continued lower for the remainder of the day closing at lows of the day. Why? Forget the technicals for a minute. Monday is the 31st, Tuesday is a Holiday for the market and the first of the year which leaves this weekend as very important for…
Daily Wrap
DJIA -18.28 (-0.14%) to 13,096.31;S&P 500 -1.73 (-0.12%) to 1,418.10;NASDAQ -4.25 (-0.14%) to 2,985.91; What did today’s action look like? Picture a bowl. Started roughly even for the day and immediately started to pull back into the lows of the day around 1pm EST. While 1pm was the lows, between roughly 12:30 – 2:30 pm EST the S&P 500 based and finally in the last hour rallied all the way back to positive territory finally closing slightly negative. Looking at some stocks in the news we start with a name that proved to be a fantastic trade idea in Deckers…
Daily Wrap
DJIA -24.49 (-0.19%) to 13,114.59;S&P 500 -6.83 (-0.48%) to 1,419.83;NASDAQ -22.44 (-0.74%) to 2,990.16; Today started with gains but they were quickly lost and the market drifted lower the remainder of the day closing down 1/2% on the S&P 500. Trading in the after hours has been very tight and with tomorrow’s Unemployment Claims number scheduled to come out at 8:30 am I imagine all eyes will be focused on that unless we get some larger news out of Washington. As might be expected around the holiday season, volume was on the light side. Marvell Technology (MRVL) technology received bad…
Week in Review
DJIA -120.88 (-0.91%) to 13,190.84; S&P 500 -13.54 (-0.94%) to 1,430.15; NASDAQ -29.38 (-0.96%) to 3021.01; Friday’s action started overnight much much worse than it ended but it was still a big down day. Main stream media attributed the drop to Boehner’s plan B not only not passing but being pulled even for a vote with the belief there was not enough votes. While the market closed off the lows seen around noon, it was not resoundingly so and essentially we hovered near the lows all day and closed near the open. What is interesting and puts some perspective on the days action you will see…
Daily Wrap
DJIA -98.99 (-0.74%) to 13,251.97; S&P 500 -10.98 (-0.76%) to 1,435.81; NASDAQ -10.17 (-0.33%) to 3,044.36; Today started off like it was going to be a tight, low volume consolidation day that held the 76% fib but slightly after the lunch time lull the market started to move toward the lows of the day and then after 2pm est really picked up speed to the downside. We closed just above the prior resistance and now theoretical support of 1434. General Motors (GM) is a stock of the day today reminiscent of a previous stock of the day AIG because GM…
Daily Wrap
DJIA+115.57 (+0.87%) to 13,350.96; S&P 500+16.43 (+1.15%) to 1,446.79; NASDAQ+43.93 (+1.46%) to 3,054.53; Today started with a small move into the 1434 resistance we had noted was above last night but after some quick morning consolidation below, we were off to the races following yesterday’s big gains with another nice day higher today. Leading the way yesterday was the Financials and while they are not the broad leader again today they followed up nicely on the back of positive comments from Meredith Whitney after yesterday’s close and making the financial talk circuit today. Specifically she upgraded Bank of America (BAC),…
Daily Wrap
DJIA+100.38 (+0.76%) to 13,235.39; S&P 500+16.78 (+1.19%) to 1,430.36; NASDAQ+39.27 (+1.32%) to 3,010.60; Today was never in doubt and the highs that were made around noon in all three major averages held until just after 2pm when the indexes globally bottomed and we pressed higher closing at fresh highs by the end of the day. What was even more impressive was the rally was stronger across tech and small caps showing a “risk on” type of attitude. Stock of the day today included Clearwire (CLWR) which agreed to be purchased by Sprint (S). This was in focus last week as…
Week in Review
DJIA -35.71 (-0.27%) to 13,135.01; S&P 500 -5.87 (-0.41%) to 1,413.58; NASDAQ -20.83 (-0.70%) to 2,971.33; Friday’s action was red across the board and it was never in doubt. The downside was lead by the tech and inside tech the leader down was Apple Computers (AAPL) and names inside the AAPL universe. We had a small amount of economic data today but nothing that would have been able to or did change the course. The bias was clearly to go home today flat or short but not long as we saw the selling pick up after 2pm as traders have…