Today the quiet before the storm?
Index & Sector performance 10/31/13 The Market: Second straight down day for the S&P 500. The day was slightly more active than the closing prices might suggest as a very early up open was quickly sold down to the 1756 levels where the market bottomed around 10:30am EST and then rallied to 1768 by 2:30 pm EST. What took almost all day to gain was then lost in that last hour of trading with the S&P closing back near the earlier lows for the day at 1756. What needs to be seen is if this relatively quiet day is the…
China fears helped send market lower
Index & Sector performance 10/23/13 The Market: Today was a gap own and meander day where the majority f the losses were seen in very early trading and the rest of the day was mostly choppy. News attributed the drop to tightening fears out of China which sent international markets lower but as we have discussed here the market seemed ripe for a pullback. More lower.. In economic data there was not too much today with import prices coming in roughly as expected while the Home Price Index was well below expectations (0.3% vs 0.8%) . Yesterday we had the…
Daily Wrap
DJIA -36.86 (-0.24%) to 15,521.97;S&P 500 -6.32 (-0.37%) to 1,685.33;NASDAQ -14.02 (-0.39%) to 3,599.14 Today the S&P 500 started with a small gap down that initially tried to rally back to Friday’s close but couldn’t hold and slipped lower until finding a bottom just before noon EST. After gaining some traction the S&P rallied until roughly 2:30 EST before falling again in the last hour of trading but did not make new lows for the day. There was a notable merger in today’s news and while the stocks didn’t move very much, due to the size of the companies it was note worthy…
Week in Review
DJIA +11.75 (+0.08%) to 14,712.55; S&P 500 -2.92 (-0.18%) to 1,582.24; NASDAQ -8.11 (-0.28%) to 2,840.55 With the exception of the Dow, the markets were on the downside Friday but only slightly so on what was a relatively uneventful options expiration. All in all I would call today another consolidation day. The S&P 500 started relatively flat and then moved lower until noon EST where it set a bottom and rallied the remainder of the day including a quick peak into positive territory just before the close which was eventually sold leave the small loss on the day. In economic news we saw real GDP growth…