July 22, 2018

Volatility & Chop continues

The Market: Volatility continues to be the name of the game which is why you can have a 40+ point day like today and still have the S&P 500 within a range/wedge.  While it is possible that we extend today’s rally by gaping higher tomorrow, it is not our expectation and if we do open higher tomorrow we would watch the downward sloping 20 day SMA as resistance. Overall, a light Economic Calendar this week Thursday and Friday having the most significant data points (Unemployment Claims, PPI, and Consumer Sentiment).       Reported EPS 9/8/15 After the Close:  …

Market closes highe but no conviction

Index & Sector performance 3/9/15 The Market: Overall it was a quiet session with not much news or Economic data.  The market was able to bounce back today after Friday’s strong sell-off led by the Dow (DIA) but volume was on the light side showing that market participants are not necessarily convinced the decline is over. In individual sectors Industrials (XLI) was the clear leader as names like Boeing (BA), 3M (MMM), and Caterpillar (CAT) put in strong sessions finishing up 1.06%, 1.22% and 0.94% respectively.  Energy (XLE) was the lone loser on the session finishing -0.72%.  One bright spot,…

Daily Wrap

DJIA +109.67 (+0.73%) to 15,179.85;S&P 500 +12.31 (+0.76%) to 1,639.04;NASDAQ +27.40 (+0.93%) to 2,971.26 The market started the week strong with a gap higher on upbeat earnings reports and optimism that the Federal Reserve and Ben Bernanke will remove uncertainty around the current bond buying situation.  While lack of clarity does hamper the markets, I think the market is also betting on a statement that will leave the foot on the monetary gas for the longer.  If the committee as a whole starts to sound more hawkish there could be, even albeit only initiate, adverse reaction. Two big name companies announcing a partnership…

Daily Wrap

DJIA  +82.71 (+0.64%) to 13,034.49; S&P 500  +2.23 (+0.16%) to 1,409.28; NASDAQ  -22.99 (-0.77%) to 2,973.70; Today’s action was somehow boring and choppy all at the same time.  While we had some moves back and forth it didn’t encompass the entire day and the other times the S&P 500 showed relatively tight action.  More exciting was the Dow and Nasdaq which had moves more that 4 times the S&P although both closed within 1% of the previous day’s close. Weighing on the Nasdaq today was Apple Computers (AAPL).  More trading than news drove today’s action.  I even saw a note…