Week in Review
DJIA +90.54 (+0.63%) to 14,512.03; S&P 500 +11.09 (+0.72%) to 1,556.89; NASDAQ +22.40 (+0.70%) to 3,245.00 As some pessimism laid way to optimism regarding the Cyprus situation and at least got our of the market’s way to press higher near 1% for the day. What was also positive to see was the line-up with the S&P 500 and Nasdaq leading instead of the Dow (broader based rally). The stock of the day was no doubt Nike (NKE) in my opinion. Thursday evening after the close NKE posted Q3 EPS of 73c vs estimates of 67c on revenue that met expectations of $6.2B. The company…
Daily Wrap
DJIA +55.91 (+0.39%) to 14,511.73; S&P 500 +10.37 (+0.67%) to 1,558.71; NASDAQ +25.09 (+0.78%) to 3,254.19 Today caught me somewhat by surprise as last night I expected today to probably start muted and remain that way until the Fed announcement which could then lay way to some swings. We got essentially the exact opposite. A gap in the morning essentially went no where to and through the Fed announcement and Bernanke Q&A with then a few spikes and ultimately the SPY closed roughly where it opened. Speaking of the Fed statement, it was essentially the same as the previous statement minus some wording to acknowledge…
Week in Review
DJIA -25.03 (-0.17%) to 14,514.11; S&P 500 -2.53 (-0.16%) to 1,560.70; NASDAQ -9.86 (-0.30%) to 3,249.07 Finally a down day! After 10 straight days higher the Dow and S&P 500 finally has a respite albeit small. Some looking at the SPY today might have thought the markets were lower or noticed a disruption and that is due to the fact that the SPY pays a dividend which it went ex-dividend Friday for roughly $0.70. In economic data we had CPI which came in slightly hot with a 0.7% increase when 0.5% was expected. When looking at the “core” PCI we met expectations of up…
Daily Wrap
DJIA +5.22 (+0.04%) to 14,455.28; S&P 500 +2.04 (+0.13%) to 1,554.52; NASDAQ +2.80 (+0.09%) to 3,245.12 Early trading in the S&P was slightly lower but after noon EST made a move into the green and remained there for the remainder of the day. Today was very reminiscent of the rally in general showing a strong sense of resilience and using any dips as buying opportunities. If I had to point to something of worry it would likely be some of the volume which seems to be getting lighter in the index ETFs like the SPY. Also the recent trading has left some indecision…
Daily Wrap
(Update officially published to site 3/12/13) DJIA +50.22 (+0.35%) to 14,447.29; S&P 500 +5.04 (+0.32%) to 1,556.22; NASDAQ +8.50 (+0.26%) to 3,252.87 Today the market continued along its climb even amidst some negative economic data abroad. We had no major US economic news or data on the table so anything could have driven the move but with a lack of true catalyst it seemed the market was happy to continue along it’s recent path of higher. We still have the negative divergence on the MACD but as I have noted before, negative divergence is not a signal itself and only…
Week in Review
DJIA +8.37 (+0.06%) to 13,981.76; S&P 500 -1.59 (-0.10%) to 1,519.79; NASDAQ -6.63 (-0.21%) to 3,192.03 A pretty lack luster Friday to close off a lack luster week. There wasn’t a shortage of events and things the market could use to drive direction one way or the other but it simply chose not to. The market seems firmly pitted between valuations that may seem somewhat extended and technicals that would like a pullback but the continued accommodating environment from the Fed and also the Government as they continue to run deficits and even if cutting it is slow to not shock the economy. How the market…
Daily Wrap
DJIA -21.73 (-0.16%) to 13,971.24; S&P 500 -0.92 (-0.06%) to 1,517.01; NASDAQ -1.87 (-0.06%) to 3,192.00 Today’s market held in a tight range and is reflected in the close in the S&P 500 which is down less than 1point. This week has a fair amount of data, fed speak and some scheduled Obama talk. I try and log it all and then update the numbers as they come out so visit the Event’s Calendar for the updates and there is also currently a dividends and splits list. The stock of the day today was Nordisk (NVO) which received an FDA Complete Response Letter indicating that the company’s insulin products will…
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…