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…
S&P finds support at 20 day SMA
Index & Sector performance 3/12/14 The Market: Overnight trading took the S&P 500 futures index down to our target region of $1857-50 with the low of the session printing $1853.75ES right near the open which correlated with the S&P 500 cash index touching the 20 day SMA. From there we bounced and then spend the rest of the day consolidating in a flag which has broken to the upside in after hours but with not much gusto. Until the index clears the $1870-72.50ES area we will consider the potential for more downside. Tomorrow is the heaviest day of the week…
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…
Beige Book helps market off lows
Index & Sector performance 12/4/13 The Market: The S&P 500 started with a gap down which was quickly bought and rallied to slightly positive on the day but that rally topped at 11am EST and made its way back down to and through the earlier lows. The market found a bottom prior to the Beige Book coming out but the release did not hurt the rally and the S&P 500 finished near flat on the day and above the 20 day SMA. In economic news we saw ADP Non-Farm Employment Change come in much better than expected posting a 215K…
Apple, Autos, Earnings & DC
The Market: The markets started off somewhat muted and then took off heading strongly higher and even closing not much off the highs. Th leader of the day was the Tech sector and inside tech it was Apple (AAPL) that had a strong showing closing up over 2% on the day on analyst upgrades and optimism on multicolored iPhones and lower price points.. Lagging was the Utilities which via the ETF XLU only managed to eek out a small gain. In economic news, the Trade balance came in with a greater deficit than expected while auto sales were stronger than…
Daily Wrap
DJIA -70.73 (-0.47%) to 15,010.74;S&P 500 -9.77 (-0.59%) to 1,646.06;NASDAQ -13.69 (-0.38%) to 3,589.09 The S&P 500 started today with a gap lower but quickly rallied to not only retake the early losses but move into positive territory for the day. Then around 10:30 am EST the market started to roll and spent the remainder of the day under pressure and ultimately ended up closing below the 50 day SMA. No economic data to report and this is a light econ data week, at least for the US. Apple (AAPL) was able to buck the broad market’s downward trend and close slightly higher…
Daily Wrap
DJIA +138.46 (+0.92%) to 15,254.03;S&P 500 +9.68 (+0.59%) to 1,640.42;NASDAQ +9.03 (+0.30%) to 2,990.79 The S&P 500 started the morning higher but spent the majority of the midday in negative territory before turning positive around 2pm EST and rallying into the close. The Nasdaq had roughly the same pattern but the Dow was able to remain positive the entire day due to the strong moves by Merck (MRK) and also Intel (INTC). In economic news, ISM came in light with a 49 reading which was below estimates and also the lowest reading in roughly 4 years. The aforementioned MRK was up today on positive news regarding…
Daily Wrap
DJIA -5.07 (-0.03%) to 14,968.89; S&P 500 +3.09 (+0.19%) to 1,617.51; NASDAQ +10.77 (+0.37%) to 2,955.36 Yawn, for the most part a boring day as the market essentially consolidated after Friday’s gap higher with the Dow closing slightly negative while the S&P 500 and Nasdaq slightly positive.. There was no major economic news for the day and frankly the week in general is relatively light. Some fed speak and Unemployment Claims Thursday but relatively light. To try and put into perspective the day, the entire range of the S&P 500 Index was roughly 5.5 points. Merger Monday was again back and in affect with BMC Software…
Week in Review
DJIA +8.37 (+0.06%) to 13,981.76; S&P 500 -1.59 (-0.10%) to 1,519.79; NASDAQ -6.63 (-0.21%) to 3,192.03 A pretty lack luster Friday to close off a lack luster week. There wasn’t a shortage of events and things the market could use to drive direction one way or the other but it simply chose not to. The market seems firmly pitted between valuations that may seem somewhat extended and technicals that would like a pullback but the continued accommodating environment from the Fed and also the Government as they continue to run deficits and even if cutting it is slow to not shock the economy. How the market…
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…