Huge intraday swings
The Market: As expected, volatility continues and while we would not expect 100 point S&P days to become a common occurrence we do expect to see sharp swings both up and down. Our current expectation is that the market will ultimately revisit this morning’s lows is not make new lows but in the short-term the market is very oversold and should stage some sort of rally — not just intraday like today but on a closing basis over a few days. That rally will be very telling and if weak we could be setting up for much much lower and…
Market starts on Tryptophan
Index & Sector performance 12/2/13 The Market: Overall not a very active day in this first full trading session after the Thanksgiving holiday and to start December. Today’s action started with an early dip that was quickly bought and started to rally higher until 12:30 pm EST. That is where the rally lost steam and started a descent back down toward the earlier lows. The market reached and went through those lows finally closing at $1800 in the S&P 500. It is unclear if this slow start to the month is about to start a slide or if it is…
Daily Wrap
DJIA +106.98 (+0.83%) to 12,985.11; S&P 500 +10.99 (+0.79%) to 1,409.93; NASDAQ +23.99 (+0.81%) to 2,991.78; Today’s action began with a drop in the market which rallied back to even by noon time and then pressed higher for the remainder of the day. The lows of the day correlated nicely with the 38% fib from the lows of 11/16 to the highs on 11/23 as well as the 200 Day SMA all coming in around 1384. In economic news today the main headline was New Home Sales which came in lighter than expected. While the news was negative and many stocks…