6 day win streak ends..new starts?
Index & Sector performance 4/23/14 The Market: Today’s session snapped a 6 day winning streak for the S&P 500 but the losses were small and maintained a very orderly structure throughout the day. In after hours trading, the futures traded sharply higher helped by Apple’s (AAPL) earnings which beat EPS and revenue along with announcing a 7 for 1 stock split, increase in the buyback, and an 8% increase in the dividend. With tonight’s overnight action, the S&P 500 is now closing in on the all time highs . Focus will continue to be on earnings especially with a very…
Increased chatter of a 10+% decline
Index & Sector performance 4/3/14 The Market: A pre-market pop in the S&P 500 emini sent the index as high at 1887.50ES but that move was short lived and the index was trading lower by the open and continued lower throughout the early and midday trading sessions. It wasn’t until the afternoon trading when the S&P bottomed and marched higher into the close. The emini has continued higher in after hours trading closing in on the pre-market highs essentially negating the entire move lower in today’s session. It is worth noting that the ECB left rates unchanged and noted they…
Do you buy the dip?
Index & Sector performance 1/28/14 The Market: In the overnight session the futures managed to recover gaining nearly 20 points from Monday’s lows. When the Durables number was announced and came in much worse than expected the market puled back challenging support but that support held and by the open the market was back near the pre-market highs. The remainder of the day the S&P 500 stayed in a relatively tight trading range with all of the major indices closing higher. In Economic news the Durable Goods numbers came in much worse than expected with Core Durable Goods Orders posting…
Rampant optimism spikes the market
Index & Sector performance 10/10/13 The Market: In case you were under a rock today. The market exploded to the upside. The move seemed help by some uncertainty being out of the way including the past news that Janey Yellen would be the new Fed chair and confirmation from the FOMC minutes that tapering will not likely start until the end of the year (or later). To add on there was optimism out of Washington about a debt deal. In economic news, Unemployment claims came in far worse than expected posting a 374K when 307K was expected. The reason the…
Week in Review
DJIA -120.88 (-0.91%) to 13,190.84; S&P 500 -13.54 (-0.94%) to 1,430.15; NASDAQ -29.38 (-0.96%) to 3021.01; Friday’s action started overnight much much worse than it ended but it was still a big down day. Main stream media attributed the drop to Boehner’s plan B not only not passing but being pulled even for a vote with the belief there was not enough votes. While the market closed off the lows seen around noon, it was not resoundingly so and essentially we hovered near the lows all day and closed near the open. What is interesting and puts some perspective on the days action you will see…
Daily Wrap
DJIA -98.99 (-0.74%) to 13,251.97; S&P 500 -10.98 (-0.76%) to 1,435.81; NASDAQ -10.17 (-0.33%) to 3,044.36; Today started off like it was going to be a tight, low volume consolidation day that held the 76% fib but slightly after the lunch time lull the market started to move toward the lows of the day and then after 2pm est really picked up speed to the downside. We closed just above the prior resistance and now theoretical support of 1434. General Motors (GM) is a stock of the day today reminiscent of a previous stock of the day AIG because GM…
Daily Wrap
DJIA+115.57 (+0.87%) to 13,350.96; S&P 500+16.43 (+1.15%) to 1,446.79; NASDAQ+43.93 (+1.46%) to 3,054.53; Today started with a small move into the 1434 resistance we had noted was above last night but after some quick morning consolidation below, we were off to the races following yesterday’s big gains with another nice day higher today. Leading the way yesterday was the Financials and while they are not the broad leader again today they followed up nicely on the back of positive comments from Meredith Whitney after yesterday’s close and making the financial talk circuit today. Specifically she upgraded Bank of America (BAC),…