November 18, 2018

Daily Wrap

Today the markets Started with a gap down over 10 points on the S&P 500 but quickly bottomed and started to rebound.  That rebound took the index all the way back to positive territory resulting in a nearly 20 point rally off the lows.  The index also retook the 200 Day MA but around 11:15 am EST the rally peaked and the midday slowly drifted back down morphing into a hard sell off into the close and leaving us at 1374.53 on the S&P 500.  This marks the 3rd day closing below the 200 Day SMA.  The 60 minute SPY…

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Daily Wrap

While the markets were open today, the volume clearly lends to be a “holiday” style trading session with the SPDRs SPY not reaching 100M shares traded.  While overall a lack-luster day, the S&P limped higher by $0.18 to 1380.03 while the Nasdaq & Dow closed lower $0.62 to 2904.26 and $0.31 to 12815.08 respectively. Giving us a feel of the Bull market days we had an old school “merger Monday” with 2 well known names going out including Jefferies (JEF) closing up over 14% on a takeover by Leucadia National (LUK) and Titanium Metals (TIE) gained over 40% after receiving…

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