Daily Wrap
DJIA +18.89 (+0.14%) to 13,507.32; S&P 500 -1.37 (-0.09%) to 1,470.68; NASDAQ -8.14 (-0.26%) to 3,117.50 Technically it was a mixed day but who really cares about the Dow? Today started and finished lower on the S&P but otherwise was very tight ranged spanning less than 6 points from low to high. Ben Bernanke spoke just after the close but so far it seems to not have any effect as the futures are up less than 1 point after the close as I am typing. Today’s major stock of the day and has often been my stock of the day…
Daily Wrap
DJIA +166.03 (+1.28%) to 13,104.14; S&P 500 +23.76 (+1.69%) to 1,426.19; NASDAQ +59.20 (+2.00%) to 3,019.51 Today started with a gap lower that only lasted the first 10-15 minutes and we were off to the races for the rest of the day. There was some small economic news out today that was better than expected but the rally and optimism was on the headlines that congress was close to a fiscal cliff deal and the majority of the headlines were different congressional opinions and updates regarding the cliff. In the news today was Duff & Phelps (DUF) which agreed to…
Daily Wrap
DJIA+100.38 (+0.76%) to 13,235.39; S&P 500+16.78 (+1.19%) to 1,430.36; NASDAQ+39.27 (+1.32%) to 3,010.60; Today was never in doubt and the highs that were made around noon in all three major averages held until just after 2pm when the indexes globally bottomed and we pressed higher closing at fresh highs by the end of the day. What was even more impressive was the rally was stronger across tech and small caps showing a “risk on” type of attitude. Stock of the day today included Clearwire (CLWR) which agreed to be purchased by Sprint (S). This was in focus last week as…
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…
Daily Wrap
DJIA +39.55 (+0.30%) to 13,074.04; S&P 500 +4.66 (+0.33%) to 1,413.94; NASDAQ +15.57 (+0.52%) to 2,989.27; The majority of today was spend on the positive side of the line but never all that much as we closed at highs for the day. The market remains in this sloppy consolidation between the 38 and 62% fibs. Along with the fibs we have the 50 Day MA as resistance and the 20 and 200 below as support. As with many days i the past on both the up and down side, Apple Computers (AAPL) was a key focus for traders today. Last…
Daily Wrap
DJIA +82.71 (+0.64%) to 13,034.49; S&P 500 +2.23 (+0.16%) to 1,409.28; NASDAQ -22.99 (-0.77%) to 2,973.70; Today’s action was somehow boring and choppy all at the same time. While we had some moves back and forth it didn’t encompass the entire day and the other times the S&P 500 showed relatively tight action. More exciting was the Dow and Nasdaq which had moves more that 4 times the S&P although both closed within 1% of the previous day’s close. Weighing on the Nasdaq today was Apple Computers (AAPL). More trading than news drove today’s action. I even saw a note…
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…