Daily Wrap
DJIA -9.53 (-0.06%) to 15,238.59;S&P 500 -0.57 (-0.03%) to 1,642.81;NASDAQ -0.38 (-0.01%) to 2,990.49 Coming off last week’s action the market chose to use today to consolidate. It started with a strong gap higher that immediately sold off and then again rallied near the morning’s highs and this was all before noon EST. After roughly 12:30 pm EST, the market drifted lower and closed off but closer to the lows of the day than the highs. After such a stong move, it wouldn’t be surprising to see more consolidation for the days to come. News of the day included Apple Computers (AAPL) which kicked off the…
Daily Wrap
DJIA +24.50 (+0.17%) to 14,700.80; S&P 500 +6.37 (+0.40%) to 1,585.16; NASDAQ +14.54 (+0.51%) to 2,848.66 The S&P 500 started with a small gap higher after a better than expected Unemployment claims number (339K vs 352K) which then waffled for the initial trading and then started to press higher. After an intraday consolidation, the S&P 500 again until around 2:30 pm EST when the index started to fade and continued lower until roughly the end of the day. While still closing higher, the S&P was roughly 7 points off the high. As we are in the thick of the earnings reports, each day…
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…
Daily Wrap
DJIA -81.45 (-0.56%) to 14,537.14; S&P 500 -10.40 (-0.67%) to 1,541.61; NASDAQ -40.03 (-1.44%) to 2,741.95 Today was another strong down day but had more back and forth than previous sessions. Stocks started the day slightly positive following up on an Unemployment claims number that wasn’t necessarily bullish but also and maybe more importantly wasn’t bearish and came in relatively inline with estimates. Those early gains gave way and at the lows the S&P 500 cash index was down roughly 16 points. Overall the action was not like previous sessions and it did feel as though the market is trying to set-up for…
Daily Wrap
DJIA -138.19 (-0.94%) to 14,618.59; S&P 500 -22.56 (-1.43%) to 1,552.01; NASDAQ -56.43 (-1.99%) to 2,781.98 Yesterday’s rally was short lived as the futures were slightly lower last night after the close and the losses picked up overnight and into the morning’s trading which then lasted the majority of the day not bottoming until just before 1pm EST. Today was a light economic data day, although there was some fed speak, and sets up into tomorrow with the week’s Unemployment claims number. I have estimates at 349K going into the number which is roughly where last week’s reading was (346K). The talk of…
Daily Wrap
DJIA +128.78 (+0.88%) to 14,802.24; S&P 500 +19.12 (+1.22%) to 1,587.73; NASDAQ +54.54 (+1.94%) to 2,859.21 Gap and go explains today’s action as we gaped higher on the open and then rallied the remainder of the day with the S&P 500 closing up over 1.2%. No need to spend anymore on the that. No real big news on the Economic front today but tomorrow we have Unemployment Claims tomorrow with the consensus forecast I saw of 362K. Coming of that poor Job numbers, I think this will be watched closely and I will update the site with the number when it comes out…
Daily Wrap
DJIA +55.76 (+0.38%) to 14,606.11; S&P 500 +6.29 (+0.40%) to 1,559.98; NASDAQ +6.38 (+0.20%) to 3,224.98 Today a surprise in Jobs data yet again gave the market something to think about, namely a potential spring time soft patch. What it feels like we are in is a economic consolidation. I noted last night that some late day small positive divergence could help us higher overnight and/or in early trading. We got that move higher in early trading but the poor Jobs data seemed to weight on the S&P 500 taking it and the Dow lower and even negative around noon only to finally…
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…
Daily Wrap
DJIA +3.76 (+0.03%) to 14,455.82; S&P 500 -3.76 (-0.24%) to 1,548.34; NASDAQ -8.49 (-0.26%) to 3,229.10 The continued trepidation and negativity stemming from the Cyprus debacle was in focus today as the markets tried to start with a strong open only to lay way to a strong decline which finally found buyers after just dipping below the R1 support in the futures which provided initial support and then went down to back test. After a slight dip below the R1 level, the market had positive divergence on the 5 minute futures chart and that ultimately did prove to be the lows as the market…
Daily Wrap
DJIA -62.05 (-0.43%) to 14,452.06; S&P 500 -8.60 (-0.55%) to 1,552.10; NASDAQ -11.48 (-0.35%) to 3,237.59 I do not believe I have had a conversation about Cyrus in many years and if I remember correctly the last and only other time I did was with someone who had a vacation condo/villa there. Otherwise I will now add today as the next time Cyprus was a topic of discussion as fears regarding their financial situation took the headlines. Is the concern about Cyprus itself, no I do not believe so. The fear is first the reminder of some EU country’s conditions and this just…