A flat day across all the major indices
Index & Sector performance 10/28/13 The Market: A fairly lack luster day as the broad indexes chopped around with the S&P and Nasdaq closing positive while the Dow and Russell lagged. Early optimism in the S&P was quickly sold in early trading but the market was able to hold and press to new highs until a late day sell off which sent the S&P back toward unchanged for the day. In economic data we saw Capacity Utilization Rate and Industrial Production month over month beat expectations while pending home sales greatly disappointed posting a -5.6%. Tomorrow will be a much…
All quiet before jobs data
Index & Sector performance 10/21/13 The Market: Not too much to report as it was a quiet down day in the S&P 500 and Dow with the Nasdaq making small gains much on the back of a strong performance from Apple (AAPL) closing up nearly 2.5% on the day. In economic news we had Existing Home Sales with came in light posting a 5.29M when 5.31M was expected. Tomorrow will be a much bigger day as we get the jobs report that was delayed due to the government shutdown. Current forecast is for 182K and Unemployment rate of 7.3% Story…
Charts to Watch
Apache (APA): The rally has continued to the 200 day SMA which would be expected first resistance. Now watch for a pullback and how it acts to see if the bottom is in of if the stock has more work to do. The MACD might be hinting to more work. Arch Coal (ACI): Consolidating well and holding the recent gains well. More action like this and it looks like there will be a strong base for a move toward the 200 day SMA. Apple (AAPL): Continues to consolidate but without much downside action. Watch above $514 with volume. Devon Energy (DVN):…
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…
Daily Wrap
DJIA -93.39 (-0.60%) to 15,518.74;S&P 500 -9.77 (-0.57%) to 1,697.37;NASDAQ -27.18 (-0.74%) to 3,665.77 The major indices lost ground today on lower than normal volume. As noted yesterday, this looks to be a lighter news week that previous with not as many big name earnings reports as well as not much economic data. The S&P 500 started lower and reached what would ultimately be the lows of the day after only 90 minutes of trading. After that point the market bounced and then consolidated from noon EST until the close. In economic data the Trade Balance came in much less than expected posting…