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 -19.12 (-0.12%) to 15,335.28; S&P 500 -1.18 (-0.07%) to 1,666.29; NASDAQ -7.99 (-0.26%) to 3,020.97 Today the market somewhat consolidated after its ramp into options expiration last Friday. Initially it looked as though it could be another strong move higher as early trading was choppy but then we spiked higher into the noon EST time. That spike was eventually lost and we ultimately close near flat on the day. It was interesting to see the Russell 2000 be the strongest index and only one to close higher. Small caps leading might bode well for ultimately higher prices. Tomorrow is Tuesday and interestingly…
Week in Review
DJIA -25.03 (-0.17%) to 14,514.11; S&P 500 -2.53 (-0.16%) to 1,560.70; NASDAQ -9.86 (-0.30%) to 3,249.07 Finally a down day! After 10 straight days higher the Dow and S&P 500 finally has a respite albeit small. Some looking at the SPY today might have thought the markets were lower or noticed a disruption and that is due to the fact that the SPY pays a dividend which it went ex-dividend Friday for roughly $0.70. In economic data we had CPI which came in slightly hot with a 0.7% increase when 0.5% was expected. When looking at the “core” PCI we met expectations of up…
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…