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…
Strong up day ahead of Jobs
Index & Sector performance 2/6/14 The Market: In the News: The following noteworthy companies are scheduled to report earnings before tomorrow’s open: CI, MCO, WYN, LH, BPL, APO, CBOE, MSG, FLIR Analyst Comments: The Game Plan:
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…
Daily Wrap
DJIA +125.95 (+0.89%) to 14,253.77; S&P 500 +14.59 (+0.96%) to 1,539.79; NASDAQ +42.10 (+1.32%) to 3,224.13 Up up and away the market went today with the Dow closing at record highs. Starting the week I had the expectation that this week would be a consolidation week but then as Monday started, something bothered me. The 4 hour emini S&P 500 chart. It didn’t just look bullish it look destined to head higher. I posted it over at StockTwits (WSConsensus) and again in my nightly recap. The way the markets closed and also started the next day seemed to be confirming the pattern and…
Daily Wrap
DJIA -42.47 (-0.30%) to 13,944.05; S&P 500 -2.73 (-0.18%) to 1,509.39; NASDAQ -3.35 (-0.11%) to 3,165.13 Apple Computers (AAPL) was thrust back in the news and by an interesting party on what I found an interesting story. David Einhorn of Greenlight Capital stated that a legal action has been initiated against AAPL over the company’s refusal to unbundled three corporate governance proposals. AAPL states that the action would break SEC rules. Essentially what Einhorn really wants is for AAPL to start giving its stockpile of cash back to investors and is suggesting they do so by creating preferred stock that…
Daily Wrap
DJIA +39.55 (+0.30%) to 13,074.04; S&P 500 +4.66 (+0.33%) to 1,413.94; NASDAQ +15.57 (+0.52%) to 2,989.27; The majority of today was spend on the positive side of the line but never all that much as we closed at highs for the day. The market remains in this sloppy consolidation between the 38 and 62% fibs. Along with the fibs we have the 50 Day MA as resistance and the 20 and 200 below as support. As with many days i the past on both the up and down side, Apple Computers (AAPL) was a key focus for traders today. Last…