Week in Review
DJIA +17.21 (+0.13%) to 13,488.43; S&P 500 -0.07 (+0.00%) to 1,472.05; NASDAQ +3.88 (+0.12%) to 3,125.64 Today’s action started with the S&P 500 moving lower but recovering to essentially close flat while the Dow and Nasdaq managed to squeak our small gains. Not to shabby after just making new 5 year closing highs. In the news today was Best Buy Co.’s (BBY) which didn’t wow people with its same-store sales which were down 1.4% but what did impress and send the stock over 16% higher was the improvement in the US. The US is a mor focus for the BBY turn around and today’s move took the stock back to where it was for…
Daily Wrap
DJIA -55.44 (-0.4%) to 13,328.85; SPX -4.74 (-0.3%) to 1,457.15; NASDAQ -7.01 (-0.2%) to 3,091.81 Today’s action was as expected and a continuation of the consolidation. Early morning trading was only down roughly 2 points in the S&P but by midday we were roughly 10 points lower until finally bottoming and closing the down down 4. Otherwise there wasn’t much Market news and even the fed minutes showed everything roughly remained the same in voting patterns. In the news today was Signet Jewelers (SIG) which gained over 9% on news that holiday season same-store sales rose 3.3% and also on earnings guidance that Wall Street…
Daily Wrap
Today was an ugly day for the markets. We had highlighted, for the Bulls, a potential inverse H&S setting up on the 60 minute SPY chart but noted that the lows from 11/13/12 HAD to hold or the market could be looking at a bad situation. The SPY made the highs for the day in the first 5 minutes of trading and then faced selling for the remainder. The first leg down completed around 11am EST and then we meandered until later until around 2:15 pm EST when we broke hard for the rest of the day. The President spoke…