March 29, 2024

Increased chatter of a 10+% decline

Index & Sector performance 4/3/14 The Market: A pre-market pop in the S&P 500 emini sent the index as high at 1887.50ES but that move was short lived and the index was trading lower by the open and continued lower throughout the early and midday trading sessions.  It wasn’t until the afternoon trading when the S&P bottomed and marched higher into the close.  The emini has continued higher in after hours trading closing in on the pre-market highs essentially negating the entire move lower in today’s session. It is worth noting that the ECB left rates unchanged and noted they…

Close lower ahead of bank stress test

Index & Sector performance 3/26/14 The Market: Early morning upside action quickly reversed and started a strong sell off which broke the short term uptrend line in the emini, back-tested and then continued lower into late day trading.  Yet again the 1856ES region was a key short term level and now is strong resistance but the emini will have to first get through 1847ES to start and build a bull case, otherwise don’t be surprised to see the S&P test the 50 day moving average which is roughly 15 points lower.   Reporting EPS 3/27/14 Pre-Market: Analyst Comments: Chart of…

Decline….What Decline?

Index & Sector performance 1/15/14 The Market: The vast majority of today’s action was on the open where the S&P 500 gaped higher and ran until 11am EST which marked the highs of the day.  The remainder of the day stayed in a 5 point range from the 11am highs as the market digested the strong reversal rally which has gained roughly 35 S&P points since Monday’s lows. In Economic Data, Headline PPI slightly missed expectations while Core PPI beat.  The Beige Book reiterated an overall positive outlook on the economy showing moderate growth.  Tomorrow traders will be most focused…

The Calm before Jobs data storm?

Index & Sector performance 1/9/14 The Market: A mixed consolidation day in S&P 500 saw the futures up in the pre-market only to sell off at the open.  That sell off persisted until 11am EST losing roughly 15 S&P points from the pre-market highs and then the S&P bottomed and staged a rally which didn’t make it back to the pre-market highs but did take back more than half of what was lost. In Economic data today, Unemployment claims came in better than expected posting a 330K number when 337K was expected but the previous week was revised about 6K…

AA kicks off a new earnings season…tomorrow

Index & Sector performance 10/07/13 The Market: The markets started down strong but found early support and rallied into midday but couldn’t hold and press toward Friday’s close and instead sold off during the last hour of trading closing near the early morning slows but just slightly above. Hard to believe we are kicking off another earnings season but Alcoa (AA) will start tings off again Wednesday 10/8/13 after the close.  While AA no longer has the significance it once did, it still is known for ushering in the season and many larger more impactful names will then be reporting….