Nasdaq & Russell lead indices lower
Index & Sector performance 4/25/14 The Market: All the major indices were down in Friday’s action with the Nasdaq 100 (QQQ) and Russell 2000 (IWM) leading the way lower. In individual sectors the Transportation index (IYT) and Consumer Discretionary (XLY) were the biggest losers. The transports are an interesting case as they were one of the sectors making new highs recently but after an outside day yesterday the index followed through strongly to the downside today. Leading the index lower was JetBlue (JBLU) closing down 5.38%. After missing EPS yesterday, Reuters announced today that the Flight attendants will be looking…
Close lower ahead of bank stress test
Index & Sector performance 3/26/14 The Market: Early morning upside action quickly reversed and started a strong sell off which broke the short term uptrend line in the emini, back-tested and then continued lower into late day trading. Yet again the 1856ES region was a key short term level and now is strong resistance but the emini will have to first get through 1847ES to start and build a bull case, otherwise don’t be surprised to see the S&P test the 50 day moving average which is roughly 15 points lower. Reporting EPS 3/27/14 Pre-Market: Analyst Comments: Chart of…
The Taper begins…
Index & Sector performance 12/18/13 The Market: A strong day in the market with the gains all coming after the 2 pm EST FOMC report. The S&P 500 was in a holding pattern until just before the report when it started to drop lower. After the report there was a quick spike lower (likely on the headline of bond buying decreasing) and the S&P 500 tagged the 50 day SMA where the index then bottomed and ripped higher. From Peak to Trough the S&P 500 gained rouhgly43 points! In economic news today we saw Housing Starts handily beat expectations (1.09M…
Waiting on Washington
Index & Sector performance 9/30/13 The Market: The lack of a deal from Washington on the impending government shutdown seemed to eight on trader’s mind. While the S&P was able to rally after a gap down in early trading, the rally was short lived and around 1:30 pm EST the market again lost ground although was able to remain above the early morning lows In economic data we had Chicago PMI which came in slight better than expected with a 55.7 reading when 54.5 was expected. Tomorrow we have Final Manufacturing PMI, ISM, Construction spending and Total Vehicle Sales. In…
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 -33.49 (-0.23%) to 14,526.16; S&P 500 -0.92 (-0.06%) to 1,562.85; NASDAQ +4.04 (+0.12%) to 3,256.52 Today the markets started lower gaping down over 10 point in the S&P but the first 10 minuted of trading proved to set the lows and we remarkable rallied to positive for the day before finally closing ever so slightly lower. This had made a few occasions where the market has given the Bears a head fake and has continued to show resilience. I have been expecting this week to be up or at least neutral and with tomorrow being the last day of the trading week…
Daily Wrap
DJIA -98.99 (-0.74%) to 13,251.97; S&P 500 -10.98 (-0.76%) to 1,435.81; NASDAQ -10.17 (-0.33%) to 3,044.36; Today started off like it was going to be a tight, low volume consolidation day that held the 76% fib but slightly after the lunch time lull the market started to move toward the lows of the day and then after 2pm est really picked up speed to the downside. We closed just above the prior resistance and now theoretical support of 1434. General Motors (GM) is a stock of the day today reminiscent of a previous stock of the day AIG because GM…