December 15, 2017

Week in Review

Week-in-Review

DJIA +35.87 (+0.24%) to 15,118.49; S&P 500 +7.03 (+0.43%) to 1,633.70; NASDAQ +19.90 (+0.67%) to 2,981.02 Friday was a very choppy trading session which sent the index bouncing around and when it looked like it could possible be setting up for a late day sell-off ended up instead closing near highs for the day.  In economic news the calendar was light but had a great deal of Fed speak throughout the day including Chairman Bernanke right near the open. The Dell (DELL) going private saga continued where two large DELL investors, Carl Icahn and Southeastern Asset Management, advised that they will not be voting for Michael…

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Week in Review

Week-in-Review

DJIA +11.75 (+0.08%) to 14,712.55; S&P 500 -2.92 (-0.18%) to 1,582.24; NASDAQ -8.11 (-0.28%) to 2,840.55 With the exception of the Dow, the markets were on the downside Friday but only slightly so on what was a relatively uneventful options expiration.  All in all I would call today another consolidation day.  The S&P 500 started relatively flat and then moved lower until noon EST where it set a bottom and rallied the remainder of the day including a quick peak into positive territory just before the close which was eventually sold leave the small loss on the day.  In economic news we saw real GDP growth…

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Week in Review

Week-in-Review

DJIA +10.37 (+0.07%) to 14,547.51; S&P 500 +13.64 (+0.88%) to 1,555.25; NASDAQ +38.51 (+1.40%) to 2,780.46 In Thursday night’s recap I noted that the bears were not yet in total control but the bulls needed to get the index moving or there could be a further imminent drop.  Friday was able to firm up and take back some control but you wouldn’t know it by watching the Dow which only pressed into positive territory within the last hour of trading.  The broader indices were much stronger. Weighing on the Dow were three big names which reported EPS that were not met with great…

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Week in Review

Week-in-Review

DJIA -0.08 (0.00%) to 14,865.06; S&P 500 -4.52 (-0.28%) to 1,588.85; NASDAQ -2.59 (-0.09%) to 2,856.48 Friday started with a small gap down that wasn’t greeted with the usual snap up buying and this helped lay the ground work for an early morning swoon taking the S&P 500 down over 10 points from Thursday’s close.  Right around 11am EST the S&P bottomed and for the remainder of the day was able to grind higher leaving a relatively small loss for the day (the Dow nearly closed positive).  This type of action is not uncommon at stretched levels as well as when there is…

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Week in Review

Week-in-Review

DJIA -40.86 (-0.28%) to 14,565.25; S&P 500 -6.70 (-0.43%) to 1,553.28; NASDAQ -21.12 (-0.65%) to 3,203.86 The March unemployment data came in well below expectations (88K vs 198K expectations) which send the market gaping lower and down over 1% in early trading.  This took the S&P 500 toward the 50 day SMA and into a range of support which is used to rally off the lows ultimately only closing down slightly for the day. Big loser on the day was F5 Networks (FFIV) which lose over 19% after announcing Q2 earnings that were below analyst expectations.  The company blamed the lower results on decreasing telecom and…

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Week in Review

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…

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Week in Review

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…

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Week in Review

Week-in-Review

DJIA -25.03 (-0.17%) to 14,514.11; S&P 500 -2.53 (-0.16%) to 1,560.70; NASDAQ -9.86 (-0.30%) to 3,249.07 Finally a down day!  After 10 straight days higher the Dow and S&P 500 finally has a respite albeit small.  Some looking at the SPY today might have thought the markets were lower or noticed a disruption and that is due to the fact that the SPY pays a dividend which it went ex-dividend Friday for roughly $0.70. In economic data we had CPI which came in slightly hot with a 0.7% increase when 0.5% was expected.  When looking at the “core” PCI we met expectations of up…

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Week in Review

Week-in-Review

DJIA +67.58 (+0.47%) to 14,397.07; S&P 500 +6.92 (+0.45%) to 1,551.18; NASDAQ +12.28 (+0.38%) to 3,244.37 This week was all about Jobs data and the build up to a number that didn’t disappointing posting a 236K non-farm employment change when consensus expectations were around 158K.  This also took the Unemployment rate down to 7.7% from 7.9%.  Cue to the cynicism regarding the number and the way it is calculated and it is not that I disagree but the fact also is that the method of calculation is not changed month to month so there is a frame of reference where better is better…

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Week in Review

Week-in-Review

DJIA +35.17 (+0.25%) to 14,089.66; S&P 500 +3.52 (+0.23%) to 1,518.20; NASDAQ +9.55 (+0.30%) to 3,169.74 Friday was an interesting day as we went into the weekend before Sequester (sounds like an SAT word right?) and rumors were abound which helped drive the markets one way or the other.  We did finally close with a small gain on the day which continued the markets impressive move off Wednesday’s lows right near the 50 Day SMA’s.  We had what I thought was mixed economic data through-out the day which over overall possibly canceled itself out but also continues to show the shaky ground we stand on.  That isn’t…

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