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 +3.76 (+0.03%) to 14,455.82; S&P 500 -3.76 (-0.24%) to 1,548.34; NASDAQ -8.49 (-0.26%) to 3,229.10 The continued trepidation and negativity stemming from the Cyprus debacle was in focus today as the markets tried to start with a strong open only to lay way to a strong decline which finally found buyers after just dipping below the R1 support in the futures which provided initial support and then went down to back test. After a slight dip below the R1 level, the market had positive divergence on the 5 minute futures chart and that ultimately did prove to be the lows as the market…
Daily Wrap
DJIA -129.71 (-0.93%) to 13,880.08; S&P 500 -17.46 (-1.15%) to 1,495.71; NASDAQ -47.93 (-1.51%) to 3,131.17 Today proved to be a very timely pullback as we noted last last week and then this weekend after Friday’s action that we believed a form of a top was in that would provide a longer pullback/consolidation than we have been seeing of late. Today essentially wiped out all of last week gains and it is not surprising after such a strong move down to see the markets up slightly after the close. We will have to see if they can hold or build…