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…
Analyst Comments
If you see a symbol that interests you in this list then make sure to check out the Upgrades/Downgrades section for the complete list and details! Upgrades: AGU, CLR, DECK, DELL, DUK, EV, FNSR, IGT, NI, RSANY, TOT, VZ, WSM, WWAV Downgrades: CF, CNK, DWA, ELX, JNS, OXY, PRE, QLGC, RATE, RATE, RDS.A, RGC, SJM, TEVA
Week in Review
DJIA +3.76 (+0.03%); to 13,025.58 S&P 500 +0.23 (+0.02%); to 1,416.18 NASDAQ -1.79 (-0.06%) to 3,010.24; Friday’s action was another consolidation day just below the 50 Day SMA. The entire range for the day was 8 S&P points and while the index closed higher, we spent the majority of the day down. Stocks of the Day today included Advanced Micro Devices, Inc. (AMD). Finally bouncing off very depressed levels, this has been a name we have featured as a Trade Idea. There was news that the company plans to sell its Austin, TX campus but this rally seems more like en and of…
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….
Analyst Comments
If you see a symbol that interests you in this list then make sure to check out the Upgrades/Downgrades section for the complete list and details! Upgrades: NKE, IVNYY, GES, IACI, RIMM, KMX, PLT, PNR, AIV, CPT, AVB Downgrades: CREE, TASR, TKR, COL, INGR, ATVI
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…
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…
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…
Analyst Comments
If you see a symbol that interests you in this list then make sure to check out the Upgrades/Downgrades section for the complete list and details! Upgrades: BCS, EDRVF, KCG, EXC, FB, YHOO, MOS, ETN, CPL, ANAD, LMT, BRCM, KKPNY, DSW, UBSH, JRCC Downgrades: AKZOY, BLL, CCK, CHS, ARO, MCD, WAIR, HNZ
Charts of Interest
Let’s take a look at some charts I am watching going into the next week. Deckers Outdoor (DECK): One of our more favorite trades as it had clear levels to trade against. I noted on Stock Twits (WSConsensus) that DECK could now be approaching initial resistance around $35 and would expect a pause to refresh and that quick traders could take some off to look to re-enter. Now the 20 Day SMA (green line) should be support and if you did lose some you could look to add. This one is a potential Long Term trade but we always take…