March 29, 2024

AA kicks off a new earnings season…tomorrow

Index & Sector performance 10/07/13 The Market: The markets started down strong but found early support and rallied into midday but couldn’t hold and press toward Friday’s close and instead sold off during the last hour of trading closing near the early morning slows but just slightly above. Hard to believe we are kicking off another earnings season but Alcoa (AA) will start tings off again Wednesday 10/8/13 after the close.  While AA no longer has the significance it once did, it still is known for ushering in the season and many larger more impactful names will then be reporting….

Daily Wrap

DJIA -32.41 (-0.21%) to 15,451.85;S&P 500 -6.24 (-0.37%) to 1,676.26;NASDAQ -8.99 (0.25%) to 3,598.50 A relatively boring down day as the highs for the day were marked in the opening minuted and then the S&P 500 to lose ground until it bottomed around 1:30 with some small positive divergences on the 5 minute MACD and then rallied until 2:30 pm EST where it again lost ground but held above those earlier lows.  The market spent the last 30-40 minutes rallying but never regaining the 2:30 pm highs. In economic news we had CPI data with the core meeting expectations of up 0.2%…

Daily Wrap

DJIA -19.12 (-0.12%) to 15,335.28; S&P 500 -1.18 (-0.07%) to 1,666.29; NASDAQ -7.99 (-0.26%) to 3,020.97 Today the market somewhat consolidated after its ramp into options expiration last Friday.  Initially it looked as though it could be another strong move higher as early trading was choppy but then we spiked higher into the noon EST time.  That spike was eventually lost and we ultimately close near flat on the day.  It was interesting to see the Russell 2000 be the strongest index and only one to close higher.  Small caps leading might bode well for ultimately higher prices.  Tomorrow is Tuesday and interestingly…

Daily Wrap

DJIA +157.58 (+1.08%) to 14,756.78; S&P 500 +22.21 (+1.43%) to 1,574.57; NASDAQ +40.94 (+1.46%) to 2,838.41 Someone sounded an “all clear” notice today and the major indices all had nice gains including the S&P 500 which closed up over 1.4% for the day and at the day’s highs.  The bottom was actually made in the futures yesterday not long after the close.  Sometimes when you see bounces like this you will see an index like the Dow lead which I am always a skeptic of but today the S&P 500, Russell 2000 and Nasdaq Composite all outpaced the Dow to the upside with the…

Daily Wrap

DJIA +62.51 (+0.46%) to 13,712.21; S&P 500 +6.58 (+0.44%) to 1,492.56; NASDAQ +8.47 (+0.27%) to 3,143.18 Today was an interesting day.  4 Dow names reported before the bell but due t their mixed nature it didn’t seem to help provide any conviction either way so the market erred on the being down side.  After wavering for the early part of the day the S&P finally pressed into positive territory around lunch and then started a trek higher closing up over 6 points for the day.  In economic news, US existing home sales came in below estimates for December and the Richmond Fed Manufacturing survey looked to…