Week in Review
DJIA +35.17 (+0.25%) to 14,089.66; S&P 500 +3.52 (+0.23%) to 1,518.20; NASDAQ +9.55 (+0.30%) to 3,169.74 Friday was an interesting day as we went into the weekend before Sequester (sounds like an SAT word right?) and rumors were abound which helped drive the markets one way or the other. We did finally close with a small gain on the day which continued the markets impressive move off Wednesday’s lows right near the 50 Day SMA’s. We had what I thought was mixed economic data through-out the day which over overall possibly canceled itself out but also continues to show the shaky ground we stand on. That isn’t…
Daily Wrap
DJIA +115.96 (+0.84%) to 13,900.13; S&P 500 +9.09 (+0.61%) to 1,496.94; NASDAQ +13.40 (+0.43%) to 3,129.65 Today brought economic data back into the fold with the S&P/Case-Shiller report stating that housing prices had gained roughly 7% since this time a year ago and what many seemed to be waiting for which was Mr. Bernanke’s testimony. I didn’t find anything very earth shattering with the testimony and Mr. Bernanke seemed to reiterate the Fed’s stance that low rates are providing the economy more of a benefit than risk, in their opinion. Dow lead all the other major indices and the reason was our stock…
Week in Review
DJIA +8.37 (+0.06%) to 13,981.76; S&P 500 -1.59 (-0.10%) to 1,519.79; NASDAQ -6.63 (-0.21%) to 3,192.03 A pretty lack luster Friday to close off a lack luster week. There wasn’t a shortage of events and things the market could use to drive direction one way or the other but it simply chose not to. The market seems firmly pitted between valuations that may seem somewhat extended and technicals that would like a pullback but the continued accommodating environment from the Fed and also the Government as they continue to run deficits and even if cutting it is slow to not shock the economy. How the market…
Daily Wrap
DJIA -21.73 (-0.16%) to 13,971.24; S&P 500 -0.92 (-0.06%) to 1,517.01; NASDAQ -1.87 (-0.06%) to 3,192.00 Today’s market held in a tight range and is reflected in the close in the S&P 500 which is down less than 1point. This week has a fair amount of data, fed speak and some scheduled Obama talk. I try and log it all and then update the numbers as they come out so visit the Event’s Calendar for the updates and there is also currently a dividends and splits list. The stock of the day today was Nordisk (NVO) which received an FDA Complete Response Letter indicating that the company’s insulin products will…
Daily Wrap
DJIA +207.65 (+1.65%) 12,795.96; S&P 500 +27.01 (+1.99%) 1,386.89; NASDAQ +62.94 (+2.21%) 2,916.07 Today was a classic “Gap and Go” day where the markets started higher and continued higher for the remainder. The S&P 500 is just getting into the range we were looking for on a bounce. While upside should now be tempered, this is also a holiday trading week and in low volume weeks the market can have a tendency to drift higher. I still would expect the 20 day MA to be resistance and a potential shorting opportunity for quick traders. The stocks making moves today, ummm,…
Daily Wrap
Today the markets Started with a gap down over 10 points on the S&P 500 but quickly bottomed and started to rebound. That rebound took the index all the way back to positive territory resulting in a nearly 20 point rally off the lows. The index also retook the 200 Day MA but around 11:15 am EST the rally peaked and the midday slowly drifted back down morphing into a hard sell off into the close and leaving us at 1374.53 on the S&P 500. This marks the 3rd day closing below the 200 Day SMA. The 60 minute SPY…