Very quiet start to the week
Index & Sector performance 7/7/14 The Market: Today was a very quiet trading session which saw the market give back some of last week’s holiday gains. Looking over the Economic Calendar, this is a light data week and while Alcoa (AA) will kick off earnings season tomorrow after the close it will still be a while before we are in the thick of earnings season. We are watching the Russell 2000 (IWM) closely. In good times you expect to see the Tech Stocks and Small caps lead. While the NASDAQ (QQQ) has come back to do its part this year,…
Early Gains quickly fade
Index & Sector performance 1/06/14 The Market: Pre-market optimism was met with early selling which took the S&P 500 from $137 on the open own to $1824 by midday. The market bounced along crafting a bottom until roughly 2pm EST when the S&P managed to rally off the lows. While it never made it back to the morning high, the S&P managed to rally back toward even on the day but then sold off in the last hour closing near the lows of the day. In economic news we saw Factory Orders and Services PMI come in as expected while…
Icahn comments spark late day sell off
Index & Sector performance 11/18/13 The Market: It was a fairly quiet day in the markets until a comment from Carl Icahn appears to have started a late day sell off after noting that he could see the markets have a “big drop”. This sent the S&P 500 down roughly 12 points in the final hour of trading In economic date the NAHB Housing Market Index fell slightly short of estimates posting a 54 when 56 was expected. Today also some a mix of Fed speak and that continues tomorrow including Fed Chairman Bernanke at 7pm EST and President Obama…
S&P 500 closes at new highs
Index & Sector performance 10/17/13 The Market: The government put the debt ceiling behind the nation….until the beginning of next year. The temporary resolution should take the issue off the front pages, for now. The markets started with a gap lower which was quickly bought up and a strong rally continued to build off the 10/09 lows with the S&P 500 posting all time closing highs. In economic news Unemployment Claims came in at 358K vs consensus expectations of 357K so inline and then the Philly Fed Manufacturing index saw a small drop but was better than expected. CNBC reported…
Daily Wrap
DJIA +80.03 (+0.53%) to 15,040.62;S&P 500 +13.66 (+0.85%) to 1,622.56;NASDAQ +13.16 (+0.45%) to 2,950.30 The looked poised to resume its downward move into Friday’s jobs number but just after noon EST firmed up and started an impressive rally off the lows which also continued into the after market (so far). From the lows to the close the market rallied nearly 24 points. In economic news today we had Unemployment claims which came in roughly inline with a 346K number. As alluded to earlier, tomorrow we get Non-farm Employment data and I have current forecasts at 167K and 7.5% rate. SodaStream (SODA) got an initial pop in…