March 28, 2024

Retail sales beat, Unemployment drags

Index & Sector performance 12/12/13 The Market: The market continued picked up where it left losing more ground but not as dramatic as the 1% down yesterday.  The majority of the losses where in the beginning part of the day with the market making the lows for the day around 12:30 pm EST and starting to rally.  That rally halted around 3pm EST and the market used the last hour to sell off not quite making it back to the midday lows. In economic data, Retail Sales number beat expectations and with Core Sales doubling expectations posting a 0.4% and…

All quiet before jobs data

Index & Sector performance 10/21/13 The Market: Not too much to report as it was a quiet down day in the S&P 500 and Dow with the Nasdaq making small gains much on the back of a strong performance from Apple (AAPL) closing up nearly 2.5% on the day. In economic news we had Existing Home Sales with came in light posting a 5.29M when 5.31M was expected.  Tomorrow will be a much bigger day as we get the jobs report that was delayed due to the government shutdown.  Current forecast is for 182K and Unemployment rate of 7.3% Story…

S&P regains the 50

The Market: Today did not have anything to really speak of in terms of Economic data and the remainder of the week is not necessarily uneventful but also not one of the more data laden weeks we see.  Tuesday morning brings the NFIB Small Business Index, Thursday the Unemployment Claims as well as Fed Budget Balance and Import prices. and Friday rounds out the week with Consumer Sentiment and Inflation Expectations as well as Retail Sales and PPI.  We track the data and the numbers posted in the Events Calendar. Story Stocks: Shareholders of Delta Air Lines (DAL) have had…

Daily Wrap

DJIA +19.66 (+0.14%) to 14,567.17; S&P 500 +7.25 (+0.47%) to 1,562.50; NASDAQ +29.61 (+1.06%) to 2,810.07 Monday’s action started with a gap higher which was promptly sold until just before 11am EST when the S&P 500 finally bottomed and then rallied the majority of the day.  The high for the day was set just before 3pm EST and the remainder of the day was spent consolidating with a slightly lower bias.  In economic data we saw a slightly downbeat housing (existing sales) number coming in at 4.92M vs a 5.02M estimate. Caterpillar (CAT) announced earnings that seemed to be overall disappointing with a…

Week in Review

DJIA -40.86 (-0.28%) to 14,565.25; S&P 500 -6.70 (-0.43%) to 1,553.28; NASDAQ -21.12 (-0.65%) to 3,203.86 The March unemployment data came in well below expectations (88K vs 198K expectations) which send the market gaping lower and down over 1% in early trading.  This took the S&P 500 toward the 50 day SMA and into a range of support which is used to rally off the lows ultimately only closing down slightly for the day. Big loser on the day was F5 Networks (FFIV) which lose over 19% after announcing Q2 earnings that were below analyst expectations.  The company blamed the lower results on decreasing telecom and…

Daily Wrap

DJIA +89.16 (+0.61%) to 14,662.01; S&P 500 +8.08 (+0.52%) to 1,570.25; NASDAQ +15.69 (+0.48%) to 3,254.86 Yesterday seemed almost too easy with the markets starting higher and then selling off on what I noted was light volume but decisively negative.  The new quarter had started and brought along with it a sell off.  There was that pesky end of day rally though.  That one that happened toward the very end of the day and left open the idea that the market could build off that push and that is what then happened today.  The markets gaped higher and never dipped back into negative territory. …

Week in Review

DJIA  -35.71 (-0.27%) to 13,135.01;  S&P 500  -5.87 (-0.41%) to 1,413.58; NASDAQ  -20.83 (-0.70%) to 2,971.33; Friday’s action was red across the board and it was never in doubt.  The downside was lead by the tech and inside tech the leader down was Apple Computers (AAPL) and names inside the AAPL universe.  We had a small amount of economic data today but nothing that would have been able to or did change the course.  The bias was clearly to go home today flat or short but not long as we saw the selling pick up after 2pm as traders have…

Daily Wrap

DJIA  +78.56 (+0.60%) to 13,248.44;  S&P 500  +9.29 (+0.65%) to 1,427.84;  NASDAQ  +35.34 (+1.18%) to 3,022.30; Today’s market was up from the start and even though there were dips and reaction to various statements coming out of Washington, we stayed up the entire day.  On the upside we finally pressed through key resistance and tagged the horizontal resistance/target we have been highlighting for weeks at 1434 on the index.  After tagging we appropriately retraced and the initial back-test of the 62% fib at 1424 held as support and we closed in-between those key levels. American International Group (AIG) rallied over…