FOMC statement & new Chair tomorrow
Index & Sector performance 3/18/14 The Market: We would not be shocked to see the market meander overnight and into tomorrow until the FOMC statement and Fed Chair Janet Yellen’s first press conference. While we do not expect there to be a great difference in message or tone from the Fed, do not be surprised if the market uses this opportunity to send a message to Yellen if there is something that is not liked. In the meantime, traders should watch today’s high of 1867ES as a break could be signaling a move to 1880ES and the index should see…
A day of rest after 4 up
Index & Sector performance 2/12/14 The Market: This morning at StockTwits we noted that after four solid days higher traders should expect a consolidation day which is ultimately what ended up happening but not before the S&P rallied to the pivot at $1823.25ES. Traders should watch that level now as upside resistance and look to 1805-10 as support. The following noteworthy companies are scheduled to report earnings before tomorrow’s open: PEP, APA, DISCA, NLSN, HOT, TAP, BKW, AVP, NGLS, CAB, GNC, SON, AFSI, OWW Analyst Comments: The Game Plan:
Holiday drift higher continues
Index & Sector performance 12/26/13 The Market: Gap and go as the S&P opened higher and never retraced climbing higher the remainder of the day. While again on light volume that is not to be unexpected due to the holiday season and shortened trading week. In economic news Unemployment claims came in better than expected posting a 338K when 346K was expected and the previous week came in at 379K. Also worth noting that previous week’s 379K was revised ever so slightly upward to 380K. Tomorrow’s session is light with no major economic news and only Natural Gas and Crude…
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…
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…
Week in Review
DJIA +11.75 (+0.08%) to 14,712.55; S&P 500 -2.92 (-0.18%) to 1,582.24; NASDAQ -8.11 (-0.28%) to 2,840.55 With the exception of the Dow, the markets were on the downside Friday but only slightly so on what was a relatively uneventful options expiration. All in all I would call today another consolidation day. The S&P 500 started relatively flat and then moved lower until noon EST where it set a bottom and rallied the remainder of the day including a quick peak into positive territory just before the close which was eventually sold leave the small loss on the day. In economic news we saw real GDP growth…
Week in Review
DJIA +67.58 (+0.47%) to 14,397.07; S&P 500 +6.92 (+0.45%) to 1,551.18; NASDAQ +12.28 (+0.38%) to 3,244.37 This week was all about Jobs data and the build up to a number that didn’t disappointing posting a 236K non-farm employment change when consensus expectations were around 158K. This also took the Unemployment rate down to 7.7% from 7.9%. Cue to the cynicism regarding the number and the way it is calculated and it is not that I disagree but the fact also is that the method of calculation is not changed month to month so there is a frame of reference where better is better…
Daily Wrap
DJIA +33.25 (+0.23%) to 14,329.49; S&P 500 +2.80 (+0.18%) to 1,544.26; NASDAQ +9.72 (+0.30%) to 3,232.09 Today was a quiet lower volume trading day ahead of the Jobs numbers tomorrow morning. I am currently showing consensus estimates at 162K and as a reminder (unless revised) last report came in at 157K. The report will be out at 8:30am EST tomorrow giving us about an hour to digest and get the day’s bias before we open. Time Warner (TWX) was in the news as they announced plans to spin off its Time Inc. publishing division. TWX expects the new entity to be trading before…
Week in Review
DJIA +149.21 (+1.08%) to 14,009.79; S&P 500 +15.06 (+1.01%) to 1,513.17; NASDAQ +36.97 (+1.18%) to 3,179.10 I have been looking and highlighting a pattern that seemed to be begging for higher prices in the short term and why the stance has been that while ultimately I would like to see a broader pullback/correction to provide the markets a better base to then press higher from again, in the short term it felt that every dip was an opportunity for a long trade. Friday’s action now for me has brought the S&P 500 into the levels I was looking for and…
Daily Wrap
DJIA -44.23 (-0.32%) to 13,910.19; S&P 500 -5.89 (-0.39%) to 1,501.95; NASDAQ -11.35 (-0.36%) to 3,142.31 Today the markets moved lower and more decisively so compared to that other down day this. What was also interesting is that the Small Caps lead the way down and generally I like to see the Small Caps lead (along with the Techs if I can get them). This still has to be taken in stride based on the current trend in place but the recent action definitely does highlight the need for a consolidation as I have been calling for and also that…