Today the quiet before the storm?
Index & Sector performance 10/31/13 The Market: Second straight down day for the S&P 500. The day was slightly more active than the closing prices might suggest as a very early up open was quickly sold down to the 1756 levels where the market bottomed around 10:30am EST and then rallied to 1768 by 2:30 pm EST. What took almost all day to gain was then lost in that last hour of trading with the S&P closing back near the earlier lows for the day at 1756. What needs to be seen is if this relatively quiet day is the…
A flat day across all the major indices
Index & Sector performance 10/28/13 The Market: A fairly lack luster day as the broad indexes chopped around with the S&P and Nasdaq closing positive while the Dow and Russell lagged. Early optimism in the S&P was quickly sold in early trading but the market was able to hold and press to new highs until a late day sell off which sent the S&P back toward unchanged for the day. In economic data we saw Capacity Utilization Rate and Industrial Production month over month beat expectations while pending home sales greatly disappointed posting a -5.6%. Tomorrow will be a much…
All quiet before jobs data
Index & Sector performance 10/21/13 The Market: Not too much to report as it was a quiet down day in the S&P 500 and Dow with the Nasdaq making small gains much on the back of a strong performance from Apple (AAPL) closing up nearly 2.5% on the day. In economic news we had Existing Home Sales with came in light posting a 5.29M when 5.31M was expected. Tomorrow will be a much bigger day as we get the jobs report that was delayed due to the government shutdown. Current forecast is for 182K and Unemployment rate of 7.3% Story…
Daily Wrap
DJIA -46.23 (-0.30%) to 15,612.13;S&P 500 -2.53 (-0.15%) to 1,707.14;NASDAQ +3.36 (+0.09%) to 3,692.95 The Dow and S&P 500 closed slightly lower while the Nasdaq saw a small gain mainly do to a good day in trading for Apple (AAPL). This will likely be a much quieter week with not as many big names earnings reports or economic events but we did have PMI which came in better than analysts expected with a reading of 56. Tomorrow on the calendar we have Trade Balance at 8:30 am EST and then FOMC member Evans is speaking at 1 pm EST (fireworks not expected). As…
Week in Review
DJIA +48.92 (+0.35%) to 13,992.97; S&P 500 +8.54 (+0.57%) to 1,517.93; NASDAQ +28.74 (+0.91%) to 3,193.87 Today the markets gaped higher and continued higher closing near highs. We had positive economic data where the U.S. trade deficit shrank to its narrowest level in nearly three years. I felt the story of the day was one that didn’t really seem to be taking over the headlines but I think it might be a decision that eventually we look back at and say this was a big move that many others followed. That was NJ Governor Chris Christie will allow the state…
Daily Wrap
DJIA +99.22 (+0.71%) to 13,979.30; S&P 500 +15.58 (+1.04%) to 1,511.29; NASDAQ +40.41 (+1.29%) to 3,171.58 I did not expect today to be as strong as it ended up being. I thought yesterday’s move might be the start of a more prolonged pullback/consolidation that would then give us a new platform to rally from but today’s rally essentially gained back all of yesterday’s losses. I still do feel this action is part of a topping process but clearly the market’s won’t go without a fight. Also with this week being a low data week, earnings will likely be a driving…
Daily Wrap
DJIA -129.71 (-0.93%) to 13,880.08; S&P 500 -17.46 (-1.15%) to 1,495.71; NASDAQ -47.93 (-1.51%) to 3,131.17 Today proved to be a very timely pullback as we noted last last week and then this weekend after Friday’s action that we believed a form of a top was in that would provide a longer pullback/consolidation than we have been seeing of late. Today essentially wiped out all of last week gains and it is not surprising after such a strong move down to see the markets up slightly after the close. We will have to see if they can hold or build…