S&P 500 holds 1800
Index & Sector performance 12/10/13 The Market: On what amounted to only a small down day with the S&P 500 losing roughly 5 points, the index was able to hold the $1800 level as well as the 20 day SMA which it recently regained after a one day close below on 12/5/13. It was a light economic data day with the NFIB Small Business index coming in as expected posting a 92.5 with expectations at 92.7 and the previous reading 91.6. Wholesale inventories were higher than expected with a 1.4% reading when consensus was 0.3%. The previous month’s reading was…
ECB moved & so did the markets
Index & Sector performance 11/7/13 The Market: The S&P 500 spiked higher around 8am EST time after the ECB announced a rate cut. This move was further helped by a strong Q3 GDP number. While we opened off the pre-market highs, the real selling began after the bells. After each move lower the market tried to stage a rally but all were sold. The S&P 500 closed right at the 20 day SMA From peak to trough using the S&P futures we saw a near 30 point swing to the downside. In economic news, GDP came in much stronger than…
Charts to Watch
What ended up being a tough week for the market left many names I was following pulling back m0re than I would have desired but still intact. While I believe it is always prudent to be looking at stocks from the short side, the longer term trend is still higher. I think that it is VERY likely that we see the markets continue to consolidate and even lose ground but I think people tend to lose tract of their long ideas during these times and this is when you want to be watching them as if they hold in during…