Daily Wrap
DJIA -20.88 (-0.15%) to 14,054.49; S&P 500 -1.31 (-0.09%) to 1,514.68; NASDAQ -2.07 (-0.07%) to 3,160.19 From the end of last night’s update: “What now? I think tomorrow could very well be lower and ideally I would like to see the market be up in the morning and then send the remainder of the day retracing which would leave the door open for Friday to finish the week higher. ” We essentially got what I was looking for and started off the day in the green and held there for a while finally turning lower after 2pm EST and closing near the lows for…
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…
Week in Review
DJIA -120.88 (-0.91%) to 13,190.84; S&P 500 -13.54 (-0.94%) to 1,430.15; NASDAQ -29.38 (-0.96%) to 3021.01; Friday’s action started overnight much much worse than it ended but it was still a big down day. Main stream media attributed the drop to Boehner’s plan B not only not passing but being pulled even for a vote with the belief there was not enough votes. While the market closed off the lows seen around noon, it was not resoundingly so and essentially we hovered near the lows all day and closed near the open. What is interesting and puts some perspective on the days action you will see…
Daily Wrap
DJIA -98.99 (-0.74%) to 13,251.97; S&P 500 -10.98 (-0.76%) to 1,435.81; NASDAQ -10.17 (-0.33%) to 3,044.36; Today started off like it was going to be a tight, low volume consolidation day that held the 76% fib but slightly after the lunch time lull the market started to move toward the lows of the day and then after 2pm est really picked up speed to the downside. We closed just above the prior resistance and now theoretical support of 1434. General Motors (GM) is a stock of the day today reminiscent of a previous stock of the day AIG because GM…