Low volume day follows the trend
Index & Sector performance 11/22/13 The Market: The market made solid gains trending higher all day to close over $1800 in the S&P 500. If there was anything concerning about today’s rally, it was the volume which seemed very light but seeing a market move in the direction of the trend on low volume days is not uncommon. There was not much on the Economic data front today besides some fed speak but Thursday the 21st was big. Unemployment Claims came in better than expected posting 10K below (323K vs 333K) expectations while the previous week was adjusted slightly higher…
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…
Charts to Watch
What ended up being a tough week for the market left many names I was following pulling back m0re than I would have desired but still intact. While I believe it is always prudent to be looking at stocks from the short side, the longer term trend is still higher. I think that it is VERY likely that we see the markets continue to consolidate and even lose ground but I think people tend to lose tract of their long ideas during these times and this is when you want to be watching them as if they hold in during…
Charts to Watch
Apple (AAPL) found initial resistance at the 200 day SMA which is to be expected on the first touch after so long but I would be watching the consolidation on this one for another trade opportunity. Also watch the MACD to see if it can recycle. Arch Coal (ACI) pushed nicely into the 50 day SMA today. This will be key to watch if it can get and stay above. A move on strong volume might be further evidence that a short term bottom is in and could end up being a much longer term bottom. I would use the…
Daily Wrap
DJIA -80.41 (-0.52%) to 15,307.17; S&P 500 -13.81 (-0.83%) to 1,655.35; NASDAQ -27.32 (-0.90%) to 2,999.13 So the markets can have a substantial day down! Today’s move lower was tied to Mr. Bernanke’s statement to congress as well as the release of the Fed minute which showed the willingness to decrease bond purchases. In the grand scheme today was a solid down day but nothing in comparison to the recent rise. The question is not of today’s move but whether or not it signifies a more significant realization being a top is in. That is a common phrase but my answer is always “for…
Analyst Comments
If you see a symbol that interests you in this list then make sure to check out the Upgrades/Downgrades section for the complete list and details! Upgrades: DLTR, FRAN, GFI, HNT, OMER, PSA, PTNR, RENN, SBAC, SFD Downgrades: CAJ, CECO, COT, DMD, EXA, IACI, NXTM, PNM, ZEUS
Daily Wrap
Today was an ugly day for the markets. We had highlighted, for the Bulls, a potential inverse H&S setting up on the 60 minute SPY chart but noted that the lows from 11/13/12 HAD to hold or the market could be looking at a bad situation. The SPY made the highs for the day in the first 5 minutes of trading and then faced selling for the remainder. The first leg down completed around 11am EST and then we meandered until later until around 2:15 pm EST when we broke hard for the rest of the day. The President spoke…