Great Initial Claims data but….
The Market: The markets saw a small down day which after the recent bullish action only seems to be best described as a consolidation. The leading sector of the day was technology which saw Apple (AAPL) Verizon (VZ) and AT&T (T) lead but the next best sector was the Consumer Staples and the standout there was Walgreen (WAG) which caught an upgrade to Conviction Buy at Goldman Sachs. In economic data there was a great deal of data including the often watched Initial Jobless Claims which came in better than expected posting a 292K number vs the consensus estimate of…
Daily Wrap
DJIA -26.81 (-0.18%) to 15,091.68; S&P 500 +0.07 (+0.00%) to 1,633.77; NASDAQ +1.07 (+0.04%) to 2,982.09 Today was more active than the change on the day and even the Daily chart might show as early trading started with a small gap down and then a strong move lower until 10am EST when the S&P 500 finally bottomed and then rallied roughly 10 points to noon est where it spend the remainder of the day consolidating closing a few points off the day’s highs. In company news Monsanto (MON) received a positive Supreme Court ruling that essentially stated that Farmers cannot use MON’s seeds to create new…
Week in Review
DJIA +35.87 (+0.24%) to 15,118.49; S&P 500 +7.03 (+0.43%) to 1,633.70; NASDAQ +19.90 (+0.67%) to 2,981.02 Friday was a very choppy trading session which sent the index bouncing around and when it looked like it could possible be setting up for a late day sell-off ended up instead closing near highs for the day. In economic news the calendar was light but had a great deal of Fed speak throughout the day including Chairman Bernanke right near the open. The Dell (DELL) going private saga continued where two large DELL investors, Carl Icahn and Southeastern Asset Management, advised that they will not be voting for Michael…
Week in Review
DJIA +10.37 (+0.07%) to 14,547.51; S&P 500 +13.64 (+0.88%) to 1,555.25; NASDAQ +38.51 (+1.40%) to 2,780.46 In Thursday night’s recap I noted that the bears were not yet in total control but the bulls needed to get the index moving or there could be a further imminent drop. Friday was able to firm up and take back some control but you wouldn’t know it by watching the Dow which only pressed into positive territory within the last hour of trading. The broader indices were much stronger. Weighing on the Dow were three big names which reported EPS that were not met with great…
Daily Wrap
DJIA -64.28 (-0.44%) to 14,447.75; S&P 500 -5.20 (-0.33%) to 1,551.69; NASDAQ -9.70 (-0.30%) to 3,235.30 Today the markets started higher with some early optimism on a Cyprus deal but that optimism was short lived and the markets began losing ground after some comments regarding how this could become a “template” for other troubled nations and that means depositor capital being at risk. The lows for the day were eventually set around 1pm EST but unlike previous down days the market didn’t rally all the way into the close and instead today we bounced and mainly consolidated. Today’s low in the SPY happened…
Daily Wrap
DJIA -90.24 (-0.62%) to 14,421.49; S&P 500 -12.91 (-0.83%) to 1,545.80; NASDAQ -31.59 (-0.97%) to 3,222.60 Europe ruled the day and after a small initial gap lower and midday rally, the markets then lost ground the remainder of the day sending it back down near Tuesday’s lows. In economic data news we saw the U.S. jobless claims slightly rose but were less than expectations. The data wasn’t enough to really push the markets one way or another and it was back to Europe and underperforming Tech stocks. Most notable tech underperformer was Oracle (ORCL) which closed nearly 10% lower after missing EPS estimates…
Daily Wrap
(Update officially published to site 3/12/13) DJIA +50.22 (+0.35%) to 14,447.29; S&P 500 +5.04 (+0.32%) to 1,556.22; NASDAQ +8.50 (+0.26%) to 3,252.87 Today the market continued along its climb even amidst some negative economic data abroad. We had no major US economic news or data on the table so anything could have driven the move but with a lack of true catalyst it seemed the market was happy to continue along it’s recent path of higher. We still have the negative divergence on the MACD but as I have noted before, negative divergence is not a signal itself and only…
Week in Review
DJIA +67.58 (+0.47%) to 14,397.07; S&P 500 +6.92 (+0.45%) to 1,551.18; NASDAQ +12.28 (+0.38%) to 3,244.37 This week was all about Jobs data and the build up to a number that didn’t disappointing posting a 236K non-farm employment change when consensus expectations were around 158K. This also took the Unemployment rate down to 7.7% from 7.9%. Cue to the cynicism regarding the number and the way it is calculated and it is not that I disagree but the fact also is that the method of calculation is not changed month to month so there is a frame of reference where better is better…
Daily Wrap
DJIA +42.47 (+0.30%) to 14,296.24; S&P 500 +1.67 (+0.11%) to1,541.46; NASDAQ -1.76 (-0.05%) to 3,222.37 Today started with a bang…well maybe better to say gap as for the second straight day the S&P leaped from the close to a new higher price. Unlike yesterday the markets didn’t continue moving higher and the S&P, Dow and Nasdaq all never regained the highs set in the first 5 minutes of trading but that didn’t stop the Dow from closing at all time highs, again. The S&P 500 also closed higher for the day but needs more to get to all time highs and the Nasdaq…
Week in Review
DJIA +48.92 (+0.35%) to 13,992.97; S&P 500 +8.54 (+0.57%) to 1,517.93; NASDAQ +28.74 (+0.91%) to 3,193.87 Today the markets gaped higher and continued higher closing near highs. We had positive economic data where the U.S. trade deficit shrank to its narrowest level in nearly three years. I felt the story of the day was one that didn’t really seem to be taking over the headlines but I think it might be a decision that eventually we look back at and say this was a big move that many others followed. That was NJ Governor Chris Christie will allow the state…