Week in Review
DJIA +172.79 (+1.35%) to 13,009.68 S&P 500 +18.12 (+1.30%) to 1,409.15 NASDAQ +40.30 (+1.38%) to 2,966.85 This has been the standard holiday trading that we have been highlighting. Lower volumes and a drift higher. The recent lows have provided a nice trade and today was more than just an up day with the S&P gapping higher and continuing all, albeit a half, day. It is very difficult to get bearish during a week like this and in the face of moves like this and rightfully so but today, as we were noting on Stock Twits (WSConsensus), is the kind of day you want to be…
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),…
Analyst Comments
Analyst comments for Wednesday (11/21/12) See the Upgrades/Downgrades section for complete list Upgrades: LUKOY, THOR, GLRE, WBS, SKX, NRGY, PENN, FRC, FMER, Downgrades: KPLUF, STJ, HTWR, EV, AMX, HPQ, CBSH, NRGM, HRL, HTWR,
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…
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,…
Analyst Comments
Analyst comments for Monday (11/19/12) See the Upgrades/Downgrades section for complete & cleaner list Upgrades Company Symbol Brokerage Firm Upgraded to: Price Target ($) CSC CSC Deutsche Bank Buy 46 Randgold Resources GOLD RBC Capital Outperform N/A Enerplus Resources ERF RBC Capital Outperform 18 Agnico-Eagle AEM RBC Capital Outperform 69 PetSmart PETM Barclays Overweight 75 Dean Foods DF Goldman Sachs Buy 22 Agilent A Goldman Sachs Buy 59 Bruker BRKR Goldman Sachs Buy 19 Barclays BCS Goldman Sachs Buy N/A Flowers Foods FLO KeyBanc Buy 25 Actuant ATU KeyBanc Buy N/A Provident PFS Sterne Agee Buy 15…
Charts of Interest
Let’s recap a few charts we are watching. First is the McClellan. We highlighted that the McClellan reached Stage 1( below -80) levels on a closing basis and also posted an intraday chart showing we almost reached Stage 2 (-100). Friday’s rally has already taken us out of Oversold levels but often with strong moves like this we see divergence on the indicator before a more substantial bottom is set. TSLA – Could be taking out a long term down trend line. TSLA is often noted as a electric car manufacturer but TSLA has also started providing their components to…
Week in Review
Friday’s Action: DJIA +45.93 (+0.37%) to 12,588.31; S&P 500 +6.55 (+0.48%) to 1,359.88 NASDAQ; +16.19 (+0.57%) to 2,853.13 Friday’s action was somewhat commensurate to what I would expect on an Op-Ex with a clear trend in place. Lots of choppy action and swings back and forth but ultimately the net change for the day is tepid. One thing of note is our 4 hour futures chart was able to peak above the downtrend line including after hours trading Friday. That will be something to note and it is always possible to get a gap the Monday after Op-Ex since hedging and position for the next contract…
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…
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…