March 28, 2024

Daily Wrap

DJIA -43.16 (-0.29%) to 14,676.30; S&P 500 +0.01 (+0.00%) to 1,578.79; NASDAQ -1.25 (-0.04%) to 2,834.12 Today was a consolidation day after yesterday’s strong move.  The action was general bouncing back and forth all day with not much to report except there was a late day rally which took the S&P to new highs for the day until roughly 3pm EST when it turned and sold off into the close. In economic data the only real surprise was US Durable Goods orders which came in much lower than expected with a -5.7% number when I had consensus estimates at a -2.9%.  Tomorrow we…

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…

Week in Review

DJIA +3.76 (+0.03%); to 13,025.58 S&P 500 +0.23 (+0.02%); to 1,416.18 NASDAQ -1.79 (-0.06%) to 3,010.24; Friday’s action was another consolidation day just below the 50 Day SMA.  The entire range for the day was 8 S&P points  and while the index closed higher, we spent the majority of the day down. Stocks of the Day today included Advanced Micro Devices, Inc. (AMD).  Finally bouncing off very depressed levels, this has been a name we have featured as a Trade Idea.  There was news that the company plans to sell its Austin, TX campus but this rally seems more like en and of…