Week in Review
DJIA +3.76 (+0.03%); to 13,025.58 S&P 500 +0.23 (+0.02%); to 1,416.18 NASDAQ -1.79 (-0.06%) to 3,010.24; Friday’s action was another consolidation day just below the 50 Day SMA. The entire range for the day was 8 S&P points and while the index closed higher, we spent the majority of the day down. Stocks of the Day today included Advanced Micro Devices, Inc. (AMD). Finally bouncing off very depressed levels, this has been a name we have featured as a Trade Idea. There was news that the company plans to sell its Austin, TX campus but this rally seems more like en and of…
Daily Wrap
Today was really not very noteworthy in terms of the market. After gapping down on the open the market set its lows just before noon and spent the rest of the day drifting higher with the last 5 minutes of trading providing a push. The idea of hedging or even taking home a small S&P short on Friday would have worked well but I don’t know that there was conviction in any such trade. The first test of a hard sloped 20 day was my conviction trade and it never manifested. Stocks in the news today included Deckers Outdoor (DECK). This name should…