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…
Daily Wrap
DJIA -5.83 (-0.04%) to 15,419.68;S&P 500 -1.95 (-0.12%) to 1,689.47;NASDAQ +9.84 (+0.27%) to 3,669.95 Not too much action overall in the indices today. A gap down open in the S&P 500 was quickly bought and rallied back toward Friday’s close only to fall back after reaching flat on the day. The S&P fell until roughly 2pm est where it bottom and staged a late day rally which was unable to reach the highs of the day. The Russell 2000 and Nasdaq managed to gain ground with the Nasdaq was helped by Apple (AAPL) which gained 2.77% on optimism for a new iPhone model to…
Daily Wrap
DJIA +48.92 (+0.32%) to 15,105.12; S&P 500 +6.73 (+0.41%) to 1,632.69; NASDAQ +15.36 (+0.52%) to 2,968.24 The market continues to grind higher during. Today started with a gap lower which like many others in the past was quickly bought up and sent to new highs. There was a brief downdraft late in the day sending the markets back down toward even on the day but yet again the bulls stepped in and not only regained all those late losses but again extended higher into the close. Tomorrow we have Unemployment claims and I show estimates at 333K with a reminder that last week’s number was the…
Week in Review
DJIA +43.85 (+0.33%) to 13,435.21; S&P 500 +7.10 (+0.49%) to 1,466.47; NASDAQ +1.09 (+0.04%) to 3,101.66 Hopefully slow and steady will win the race when it comes to the Jobs market. Adding another 155K non-farm jobs was just a tick above analysts expectations and the revised Unemployment rate for November to 7.8% held into December. The market started the morning somewhat choppy while seemingly digest the morning’s economic data and then started a near uninterrupted climb closing near highs of the day. Supervalu (SVU) gapped higher and closed up over 13.5% on a Wall Street Journal report that private equity firm Cerberus Capital is close…
Daily Wrap
DJIA +166.03 (+1.28%) to 13,104.14; S&P 500 +23.76 (+1.69%) to 1,426.19; NASDAQ +59.20 (+2.00%) to 3,019.51 Today started with a gap lower that only lasted the first 10-15 minutes and we were off to the races for the rest of the day. There was some small economic news out today that was better than expected but the rally and optimism was on the headlines that congress was close to a fiscal cliff deal and the majority of the headlines were different congressional opinions and updates regarding the cliff. In the news today was Duff & Phelps (DUF) which agreed to…