Daily Wrap
DJIA -106.59 (-0.69%) to 15,302.80;S&P 500 -11.70 (-0.70%) to 1,648.36;NASDAQ -17.12 (-0.57%) to 2,994.82 The markets spend the entire day down and started off with a 10+ point drop. After finally finding a bottom around 11am EST down over 17 the S&P 500 rallied into the 2:30 pm EST time frame and finally drifted lower the remainder of the day giving up some of those midday gains. The market did not breach the 5/23-5/24 lows and has also remained above the 20 day SMA. Overall I still view the market as bullish and deciding whether it will consolidate as a triangle with the short term lows…
Daily Wrap
DJIA +2.77 (+0.02%) to 14,450.06; S&P 500 -3.74 (-0.24%) to 1,552.48; NASDAQ -10.55 (-0.32%) to 3,242.32 Another day where not much was on the US economic data calendar expect the NFIB small business survey which came in slightly higher than expected but nothing really of note. As has been a trend lately, the Dow lead all major indices hovering just above or below even for the day and for the most part it was a relatively quiet day. This is not actually surprising action for where the markets have been. We are up roughly 9% YTD on the SPY (S&P 500 SPDR ETF) and nearly 11%…
Week in Review
DJIA +53.68 (+0.39%) to 13,649.70; S&P 500 +5.04 (+0.34%) to 1,485.98; NASDAQ -1.29 (-0.04%) to 3,134.71 Week economic data couldn’t put a damper on the S&P 500 which added onto Thursday’s decent gains. The Nasdaq wasn’t able to join in on the party but had Apple Computers (AAPL), Intel (INTC) and Facebook (FB) as well as other weighing it down. We did have good economic data announced but not in the U.S., China reported GDP growth f 7.9% in Q4 which helped take the full year growth to 7.8% which outpaced consensus analyst expectations (7.7%) and the government’s expectations (7.5%)….
Daily Wrap
DJIA +27.57 (+0.20%) to 13,534.89; S&P 500 +1.66 (+0.11%) to 1,472.34; NASDAQ -6.72 (-0.22%) to 3,110.78 A gap down in the morning set the lows on the S&P 500 for the day as we then steadily rose the rest of the day making highs near the close. Overall the data released today was mixed with Retail Sales beating very low expectations, PPI slightly lower than expected and January Empire State Manufacturing better than the previous month but well below expectations. The Nasdaq was the only major down and with AAPL losing another 2.3% along with the $500’s it is not surprising. Moving higher today to the…
Daily Wrap
DJIA +106.98 (+0.83%) to 12,985.11; S&P 500 +10.99 (+0.79%) to 1,409.93; NASDAQ +23.99 (+0.81%) to 2,991.78; Today’s action began with a drop in the market which rallied back to even by noon time and then pressed higher for the remainder of the day. The lows of the day correlated nicely with the 38% fib from the lows of 11/16 to the highs on 11/23 as well as the 200 Day SMA all coming in around 1384. In economic news today the main headline was New Home Sales which came in lighter than expected. While the news was negative and many stocks…
Daily Wrap
DJIA -89.24 (-0.69%) to 12,878.13 S&P 500 -7.35 (-0.52%) to 1,398.94 NASDAQ -8.99 (-0.30%) to 2,967.79 For the majority of the day the S&P hovered around even. In the early trading there was a dip that was promptly bought and rallied but it wasn’t until after 2pm when the markets started to move lowered into the close and stayed that way closing near the lows of the day. The stock of the day was Monster Beverage (MNST) up over 13%. A letter from the FDA to Dick Durbin noted that they will be conducting an investigation into the potential danger…