June 22, 2018

Daily Wrap

DJIA +106.29 (+0.69%) to 15,409.39;S&P 500 +10.46 (+0.63%) to 1,660.06;NASDAQ +20.92 (+0.70%) to 3,011.94 There were stocks moving today but the story was about the broad rally and especially gap higher in the market.  At the highs the S&P 500 was up over 20 points from Friday’s close and while not necessarily attributable to one event seemed moe to be a snap back rally which started overseas in response to the previous week’s sell off.  The market looks to be in a form of price discovery which at this juncture seems predominantly bullish but it is yet to be seen if the that will be the case and…

Daily Wrap

DJIA +21.05 (+0.14%) to 14,839.80; S&P 500 +3.96 (+0.25%) to 1,597.57; NASDAQ +20.49 (+0.71%) to 2,887.44 Today saw some jockeying for position by the indices as they started the day moving lower and then recovered to close slightly up for the session.  In economic news the Case/Shiller index rose 1.2% from the previous month’s reading and topped estimates with a 9.3% vs 9.1% estimate.  Chicago PMI on the other hand fell short of estimates recording a 49 vs 52.5 estimate.  Consumer confidence came in mainly inline with a 68.1 vs 68.4 estimate. Before the open, Pfizer (PFE) reported earnings which missed on both revenues ($13.5B vs $14B) and EPS (54c…