Slow grind higher continues
Index & Sector performance 12/9/13 The Market: Another slow grinding day with a bias higher. It is yet to be seen if this is a consolidation for a next leg higher or exhaustion with a leg lower to come. To catch the most amount of people off guard the market could look to pop higher first to finish and then start a strong quick decline. There was no economic data today but there was Fed speak from FOMC member Bullard. Bullard was a QE3 supporter and noted his stance that any Fed action is data dependent. The increase in jobs…
Market starts on Tryptophan
Index & Sector performance 12/2/13 The Market: Overall not a very active day in this first full trading session after the Thanksgiving holiday and to start December. Today’s action started with an early dip that was quickly bought and started to rally higher until 12:30 pm EST. That is where the rally lost steam and started a descent back down toward the earlier lows. The market reached and went through those lows finally closing at $1800 in the S&P 500. It is unclear if this slow start to the month is about to start a slide or if it is…
ECB moved & so did the markets
Index & Sector performance 11/7/13 The Market: The S&P 500 spiked higher around 8am EST time after the ECB announced a rate cut. This move was further helped by a strong Q3 GDP number. While we opened off the pre-market highs, the real selling began after the bells. After each move lower the market tried to stage a rally but all were sold. The S&P 500 closed right at the 20 day SMA From peak to trough using the S&P futures we saw a near 30 point swing to the downside. In economic news, GDP came in much stronger than…
Daily Wrap
DJIA -93.39 (-0.60%) to 15,518.74;S&P 500 -9.77 (-0.57%) to 1,697.37;NASDAQ -27.18 (-0.74%) to 3,665.77 The major indices lost ground today on lower than normal volume. As noted yesterday, this looks to be a lighter news week that previous with not as many big name earnings reports as well as not much economic data. The S&P 500 started lower and reached what would ultimately be the lows of the day after only 90 minutes of trading. After that point the market bounced and then consolidated from noon EST until the close. In economic data the Trade Balance came in much less than expected posting…
Daily Wrap
DJIA -206.04 (-1.35%) to 15,112.19;S&P 500 -22.88 (-1.39%) to 1,628.93;NASDAQ -36.59 (-1.22%) to 2,959.50 You are likely living under a rock if you were not aware that today was rate decision and FOMC minute day. It was not about the rate decision itself as no one I heard was anticipating a move but it was all about the minutes and specifically the discussion of when the stimulus would end or the key word of recent times “tapered”. The decision and comments sent the markets tumbling and closed down over 22 points in the S&P and 200 on the Dow. In the grand scheme…
Week in Review
DJIA -158.20 (-1.21%) to 12,938.11; S&P 500 -15.67 (-1.10%) to 1,402.43; NASDAQ -25.60 (-0.86%) to 2,960.31; Thursday’s late day rally was something we were skeptic of and today started immediately with a gap lower in the S&P which did rally, not quite to even, but after 2pm EST the market started to drop and continued lower for the remainder of the day closing at lows of the day. Why? Forget the technicals for a minute. Monday is the 31st, Tuesday is a Holiday for the market and the first of the year which leaves this weekend as very important for…
Daily Wrap
DJIA -24.49 (-0.19%) to 13,114.59;S&P 500 -6.83 (-0.48%) to 1,419.83;NASDAQ -22.44 (-0.74%) to 2,990.16; Today started with gains but they were quickly lost and the market drifted lower the remainder of the day closing down 1/2% on the S&P 500. Trading in the after hours has been very tight and with tomorrow’s Unemployment Claims number scheduled to come out at 8:30 am I imagine all eyes will be focused on that unless we get some larger news out of Washington. As might be expected around the holiday season, volume was on the light side. Marvell Technology (MRVL) technology received bad…
Daily Wrap
DJIA +106.98 (+0.83%) to 12,985.11; S&P 500 +10.99 (+0.79%) to 1,409.93; NASDAQ +23.99 (+0.81%) to 2,991.78; Today’s action began with a drop in the market which rallied back to even by noon time and then pressed higher for the remainder of the day. The lows of the day correlated nicely with the 38% fib from the lows of 11/16 to the highs on 11/23 as well as the 200 Day SMA all coming in around 1384. In economic news today the main headline was New Home Sales which came in lighter than expected. While the news was negative and many stocks…
Daily Wrap
DJIA -89.24 (-0.69%) to 12,878.13 S&P 500 -7.35 (-0.52%) to 1,398.94 NASDAQ -8.99 (-0.30%) to 2,967.79 For the majority of the day the S&P hovered around even. In the early trading there was a dip that was promptly bought and rallied but it wasn’t until after 2pm when the markets started to move lowered into the close and stayed that way closing near the lows of the day. The stock of the day was Monster Beverage (MNST) up over 13%. A letter from the FDA to Dick Durbin noted that they will be conducting an investigation into the potential danger…