Choppy session ahead of Jobs
Index & Sector performance 3/6/14 The Market: Overall today was a choppy session which started with an overnight breakout which couldn’t gain steam and retraced back to the breakout levels in early morning trading. The market then found a bottom and rallied to the 1880ES pivot which acted as resistance twice finally sending the index back down toward the original breakout region in late day trading. We expect the choppy trading to continue until the Non-Farm payroll number tomorrow at 8:30am EST. We have consensus estimates currently at 151K with an Unemployment number of 6.6%. Below is a recap of…
Daily Wrap
DJIA +21.73 (+0.14%) to 15,324.53;S&P 500 +6.05 (+0.37%) to 1,654.41;NASDAQ +17.01 (+0.57%) to 3,011.83 After the Unemployment claims number came in slightly higher than expected the futures started to sell off in the pre-market but that soon turned and by the open we were slightly positive and then rallied higher for the remainder of the day until roughly 2:30 pm EST when the highs were seen and we drifted lower into the close. As noted in economic news Unemployment claims rose to $354K and 1st quarter GDP slightly disappointed with a 2.4% reading down from 2.5%. Dow member Disney (DIS) was in the news after the…
Daily Wrap
DJIA -106.59 (-0.69%) to 15,302.80;S&P 500 -11.70 (-0.70%) to 1,648.36;NASDAQ -17.12 (-0.57%) to 2,994.82 The markets spend the entire day down and started off with a 10+ point drop. After finally finding a bottom around 11am EST down over 17 the S&P 500 rallied into the 2:30 pm EST time frame and finally drifted lower the remainder of the day giving up some of those midday gains. The market did not breach the 5/23-5/24 lows and has also remained above the 20 day SMA. Overall I still view the market as bullish and deciding whether it will consolidate as a triangle with the short term lows…
Daily Wrap
DJIA -59.98 (-0.46%) to 12,965.60; S&P 500 -6.72 (-0.47%) to 1,409.46; NASDAQ -8.04 (-0.27%) to 3,002.20; Today started with a small gap higher but by 10am we had lost the highs and never regained them for the rest of the day finally drifting into negative territory after lunch and pressing near lows at the close. We had some economic data today but the number talked about the most was the weak ISM which came in at 52.5 and while estimates can be different around Wall Street we saw 54.3 as the consensus. Oh yeah and then those people in Washington…