Daily Wrap
DJIA +59.98 (+0.41%) to 14,673.46; S&P 500 +5.54 (+0.35%) to 1,568.61; NASDAQ +18.54 (+0.67%) to 2,804.67 The markets opened today slightly higher and consolidating until just after noon EST when the market started to breakout and move strongly higher. This rally lasted until around 3pm EST when the market topped and then started to sell of into the close. Stock of the day, or at least driving the headlines, was Herbalife (HLF) whose shares were halted which sparked discussion about Icahn and Ackman and what might be going on with the shares. Ultimately the news was KPMG resigned as auditor amidst allegations of insider trading by one of…
Daily Wrap
DJIA -2.99 (-0.02%) to 13,245.45; S&P 500 +0.64 (+0.04%) to 1,428.48; NASDAQ -8.49 (-0.28%) to 3,013.81; Today we started with a gap higher which consolidated in an orderly fashion until just after noon when we had the release of the Fed data. The market broke to new highs for the day but then started to give back some of the gains around 2 and then steadily trended lower the last hour finally closing just up for the day after spending a few minutes negative. This would be a classic, buy the rumor and sell the news type action. Even sometimes…
Charts of Interest
Thoughts and analysis are provided on each chart itself or you can go read some quick comments for each at StockTwits (WSConsensus) GMCR, ZIP, GT, DECK, QCOM, AL, AMD, SBUX, EXPD, GTAT, PCLN, TSLA, CIM, CEL, FSLR, RIMM, DISH, ABMD, PANW, RF
Daily Wrap
DJIA -13.82 (-0.11%) to 12,951.78; S&P 500 -2.41 (-0.17%) to 1,407.05; NASDAQ -5.51 (-0.18%) to 2,996.69; This weekend the word we referenced entering this week was caution. Not necessarily bearishness but caution. Caution because of how much we have rallied, caution because of the levels we were up against and caution because of Washington. Today was a classic representation of the markets showing lack of conviction and/or indecision and that make me maintain cautious. Early gains today we lost relatively early and after a bounce which started around 1pm petered out around 3pm we retraced roughly have of the gains from the low…
Charts of Interest
Let’s recap a few charts we are watching. First is the McClellan. We highlighted that the McClellan reached Stage 1( below -80) levels on a closing basis and also posted an intraday chart showing we almost reached Stage 2 (-100). Friday’s rally has already taken us out of Oversold levels but often with strong moves like this we see divergence on the indicator before a more substantial bottom is set. TSLA – Could be taking out a long term down trend line. TSLA is often noted as a electric car manufacturer but TSLA has also started providing their components to…