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…
Week in Review
DJIA +81.09 (+0.62%) to 13,155.13; S&P 500 +4.13 (+0.29%) to 1,418.07; NASDAQ -11.23 (-0.38%) to 2,978.04; Friday’s action was a mixed day but predominantly based on on a stock of the day and for that matter the week, Apple Computers (AAPL). I do not refer when the Dow leads for the day and week as while it is comprised of some of the bigest companies and brands in the US, it is also the smallest price weighted index and these days is often regarded as a poor judge for the broad market. The word of the week from last Week in…
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…
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…
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…