Daily Wrap
DJIA -36.86 (-0.24%) to 15,521.97;S&P 500 -6.32 (-0.37%) to 1,685.33;NASDAQ -14.02 (-0.39%) to 3,599.14 Today the S&P 500 started with a small gap down that initially tried to rally back to Friday’s close but couldn’t hold and slipped lower until finding a bottom just before noon EST. After gaining some traction the S&P rallied until roughly 2:30 EST before falling again in the last hour of trading but did not make new lows for the day. There was a notable merger in today’s news and while the stocks didn’t move very much, due to the size of the companies it was note worthy…
Week in Review
DJIA +149.21 (+1.08%) to 14,009.79; S&P 500 +15.06 (+1.01%) to 1,513.17; NASDAQ +36.97 (+1.18%) to 3,179.10 I have been looking and highlighting a pattern that seemed to be begging for higher prices in the short term and why the stance has been that while ultimately I would like to see a broader pullback/correction to provide the markets a better base to then press higher from again, in the short term it felt that every dip was an opportunity for a long trade. Friday’s action now for me has brought the S&P 500 into the levels I was looking for and…
Daily Wrap
DJIA +72.49 (+0.52%) to 13,954.42; S&P 500 +7.66 (+0.51%) to 1,507.84; NASDAQ -0.64 (-0.02%) to 3,153.66 Early morning trading saw the S&P 500 futures down and sitting on the R1 pivot. The pivot held and we started to rally until 10 am and the Consumer Confidence number came in cooler than expected. The market started giving back earlier gains but quickly reverse and started to continue its climb finally closing up over 7 points but if you look at the futures, the S&P rallied from its lows around 7am EST to the close roughly 14 points. Stock of the day…
Daily Wrap
While the markets were open today, the volume clearly lends to be a “holiday” style trading session with the SPDRs SPY not reaching 100M shares traded. While overall a lack-luster day, the S&P limped higher by $0.18 to 1380.03 while the Nasdaq & Dow closed lower $0.62 to 2904.26 and $0.31 to 12815.08 respectively. Giving us a feel of the Bull market days we had an old school “merger Monday” with 2 well known names going out including Jefferies (JEF) closing up over 14% on a takeover by Leucadia National (LUK) and Titanium Metals (TIE) gained over 40% after receiving…