Energy green in a sea of red
Index & Sector performance 6/11/14 The Market: As we noted late last week and reiterated in Monday’s report, the S&P 500 closed outside of its Weekly (20, 2, -2) Bollinger Bands which has previously lead to counter trend moves for a few weeks to months. While we respect the strong uptrend in the market, we also believe this is time to exercise caution on the long side, at least for the broad market. One additional note. While many market pundits in the media have been looking for pull back and becoming cautious recently, they also seem very willing to step…
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…
LULU warns and market dives
Index & Sector performance 1/13/14 The Market: The S&P 500 meandered throughout the Sunday evening session, into Monday and even to start the trading day but then around noon EST weakness started to set in and continued to build. Around 2:30 pm EST we had reached R2 support in the future but we posted at StockTwits that this support did not look like it would hold due to the MACD’s formation. That support was indeed lost and the S&P 500 futures (ES) lost another 10 points to the day’s lows and 5 points to the close overall netting a 20+…
Fed open to scale back causes pullback
Index & Sector performance 11/20/13 The Market: Initial optimism on better than expected economic data pre-market saw early selling as the S&P pulled off the highs of the day in the first hour of trading and then the market meandered waiting for the Fed minutes to be released. After the 2pm EST announcement the market began selling off as the Fed showed they are prepared to scale back on the rate of asset purchases. The S&P 500 was able to use late trading to close a few points off the lows of the day. In economic data, Core CPI came…
Daily Wrap
DJIA +5.22 (+0.04%) to 14,455.28; S&P 500 +2.04 (+0.13%) to 1,554.52; NASDAQ +2.80 (+0.09%) to 3,245.12 Early trading in the S&P was slightly lower but after noon EST made a move into the green and remained there for the remainder of the day. Today was very reminiscent of the rally in general showing a strong sense of resilience and using any dips as buying opportunities. If I had to point to something of worry it would likely be some of the volume which seems to be getting lighter in the index ETFs like the SPY. Also the recent trading has left some indecision…