Analyst Comments
Since breaking out of a trading range back in October 2013, Alcoa (AA) has been a strong performer gaining over 50%. With the stock trading around $9.24, Goldman Sachs upgraded AA to Buy with an $11 price target on 11/25/13 and later upped that target to $12 which AA reached in less than 2 months. This action has prompted Goldman Sachs to review AA again and instead of going to a Neutral, they are upping their price target once again this time to $15. We agree with Goldman that it appears AA has more left in the tank but it…
Market dips early but fights back
Index & Sector performance 1/21/14 The Market: This is the type of market that frustrates both the Bull & the Bears. Strong moves in each direction serve to whip weak traders our of their positions. After a very light futures trading session Monday with the Stock Market closed, the S&P 500 futures pressed higher in late Monday/early Tuesday trading. Just before the open the futures printed $1844 and then started to sell off right at the open. The market finally found a bottom near noon EST but only after losing roughly 18 points from the pre-market highs. The S&P 500…
S&P 500 holds 1800
Index & Sector performance 12/10/13 The Market: On what amounted to only a small down day with the S&P 500 losing roughly 5 points, the index was able to hold the $1800 level as well as the 20 day SMA which it recently regained after a one day close below on 12/5/13. It was a light economic data day with the NFIB Small Business index coming in as expected posting a 92.5 with expectations at 92.7 and the previous reading 91.6. Wholesale inventories were higher than expected with a 1.4% reading when consensus was 0.3%. The previous month’s reading was…