S&P 500 narrowly escapes with a gain
Index & Sector performance 10/9/13 The Market: Rumors out of Washington have helped drive the indices of late as investors are looking for more information regarding the government shutdown as well as who may be replacing Ben Bernanke. News today broke that Janet Yellen will be the next Federal Reserve chairperson taking the place of Ben Bernanke at the end of January 2014. Initial opinions seemed to be that Yellen will continue on with a more dovish stance for the Fed. Today looked as though the market could not gain traction but at 11:30 am EST the market bottomed and…
US Government shuts down and gains open up
Index & Sector performance 10/01/13 The Market: The old market adage Buy the rumor and Sell the news is somewhat in affect here today with the markets reaction to the Government shutdown. As we noted in last night’s Game Plan, with the realization of the shutdown now in affect and the worry of the shutdown gone, short term longs would look for opportunity to trade a bounce. A gap up was quickly consolidated after roughly 30 minutes of trading and then pressed higher until 12:30 pm EST. After 12:30 there was a roll over which took the index down until…
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…
Week in Review
DJIA +35.87 (+0.24%) to 15,118.49; S&P 500 +7.03 (+0.43%) to 1,633.70; NASDAQ +19.90 (+0.67%) to 2,981.02 Friday was a very choppy trading session which sent the index bouncing around and when it looked like it could possible be setting up for a late day sell-off ended up instead closing near highs for the day. In economic news the calendar was light but had a great deal of Fed speak throughout the day including Chairman Bernanke right near the open. The Dell (DELL) going private saga continued where two large DELL investors, Carl Icahn and Southeastern Asset Management, advised that they will not be voting for Michael…
Daily Wrap
DJIA +87.31 (+0.58%) to 15,056.20; S&P 500 +8.46 (+0.52%) to 1,625.96; NASDAQ -2.48 (-0.08%) to 2,952.88 My idea of an up morning to noon EST time resulting in a sell off looked good as the S&P 500 initially peaking around 10am EST and then started to sell off losing about 7 points in 15 minutes. That ultimately marked the lows for the day and the bulls stepped in buying the market higher and we finally closed 9 points off of those lows leaving the SPY ETF up over 14% YTD. Electronic Arts (EA) announced a deal with Disney (DIS) to partner on Star Wars video games. …
Daily Wrap
DJIA -5.07 (-0.03%) to 14,968.89; S&P 500 +3.09 (+0.19%) to 1,617.51; NASDAQ +10.77 (+0.37%) to 2,955.36 Yawn, for the most part a boring day as the market essentially consolidated after Friday’s gap higher with the Dow closing slightly negative while the S&P 500 and Nasdaq slightly positive.. There was no major economic news for the day and frankly the week in general is relatively light. Some fed speak and Unemployment Claims Thursday but relatively light. To try and put into perspective the day, the entire range of the S&P 500 Index was roughly 5.5 points. Merger Monday was again back and in affect with BMC Software…
Daily Wrap
DJIA -35.79 (-0.26%) to 13,982.91; S&P 500 +0.90 (+0.06%) to 1,520.33; NASDAQ +10.39 (+0.33%) to 3,196.88 The markets continued to climb what seems to be the wall of worry and I heard many speculating that something the President might say would affect the current trend but yet again another perceived milestone is passed and we continue higher yet again. The Nasdaq finally participated in the rally as Apple Computers (AAPL) while down for the day was only slightly so and didn’t pull down the broad index much but it was the Dow that didn’t participate and that was due to McDonald’s (MCD) which closed down over…