Monday’s bounce have legs?
Index & Sector performance 3/17/14 The Market: Today’s rally is not unexpected from Friday’s oversold levels and the early continuation to the downside in overnight trading which took us to the low 1820ES levels we were expecting. Until we see the market get through the 1865-70ES region, this action will be considered only a technical relief rally with more downside/consolidation to come. Economic data to watch for tomorrow is CPI which has core & headline estimates at 0.1% and Building Permits which has an estimate of 0.97M coming off the previous 0.94M. Reporting EPS 3/5/14 Pre-Market: Analyst Comments:
Decline….What Decline?
Index & Sector performance 1/15/14 The Market: The vast majority of today’s action was on the open where the S&P 500 gaped higher and ran until 11am EST which marked the highs of the day. The remainder of the day stayed in a 5 point range from the 11am highs as the market digested the strong reversal rally which has gained roughly 35 S&P points since Monday’s lows. In Economic Data, Headline PPI slightly missed expectations while Core PPI beat. The Beige Book reiterated an overall positive outlook on the economy showing moderate growth. Tomorrow traders will be most focused…
Market follows up gap with more gains
Index & Sector performance 9/17/13 The Market: The majority of today’s action was in the first half hour of trading when the S&P gaped slightly higher and then ran up seeing the majority of the days gains. The remainder of the day the market was able to hold those gains and drift higher on what looked to be an overall light volume day. In economic news, Core CPI came in as expected while headline CPI was actually less than expected with a 0.1% increase when 0.2% was expected. Remember headline reflects food and energy while core strips it out. Tomorrow…
Shhh, Jobs data tomorrow
The Market: Not much in the way of action today as early gains met resistance in the previously highlighted areas around 1660-1663 which coincided with the 20 & 50 day SMA’s respectively. Utilities again were the under performer of the tracked sectors and retail sector leading on the upside with Sears (SHLD) and JC Penny (JCP) putting in strong showing with gains of 6.27% and 5.33%. Doesn’t it feel like all JCP needed was some big investor to bail to bottom? Today had a great deal of economic data including ISM Non-Man PMI which came in better than expected (as…
Daily Wrap
DJIA +109.67 (+0.73%) to 15,179.85;S&P 500 +12.31 (+0.76%) to 1,639.04;NASDAQ +27.40 (+0.93%) to 2,971.26 The market started the week strong with a gap higher on upbeat earnings reports and optimism that the Federal Reserve and Ben Bernanke will remove uncertainty around the current bond buying situation. While lack of clarity does hamper the markets, I think the market is also betting on a statement that will leave the foot on the monetary gas for the longer. If the committee as a whole starts to sound more hawkish there could be, even albeit only initiate, adverse reaction. Two big name companies announcing a partnership…