FOMC statement & new Chair tomorrow
Index & Sector performance 3/18/14 The Market: We would not be shocked to see the market meander overnight and into tomorrow until the FOMC statement and Fed Chair Janet Yellen’s first press conference. While we do not expect there to be a great difference in message or tone from the Fed, do not be surprised if the market uses this opportunity to send a message to Yellen if there is something that is not liked. In the meantime, traders should watch today’s high of 1867ES as a break could be signaling a move to 1880ES and the index should see…
Monday’s bounce have legs?
Index & Sector performance 3/17/14 The Market: Today’s rally is not unexpected from Friday’s oversold levels and the early continuation to the downside in overnight trading which took us to the low 1820ES levels we were expecting. Until we see the market get through the 1865-70ES region, this action will be considered only a technical relief rally with more downside/consolidation to come. Economic data to watch for tomorrow is CPI which has core & headline estimates at 0.1% and Building Permits which has an estimate of 0.97M coming off the previous 0.94M. Reporting EPS 3/5/14 Pre-Market: Analyst Comments:
Strong up day ahead of Jobs
Index & Sector performance 2/6/14 The Market: In the News: The following noteworthy companies are scheduled to report earnings before tomorrow’s open: CI, MCO, WYN, LH, BPL, APO, CBOE, MSG, FLIR Analyst Comments: The Game Plan:
Triple witching tomorrrow
Index & Sector performance 12/19/13 The Market: Today trading range was rather tight after yesterday’s explosion with the entire day’s range in the S&P 500 only about 9 points. Tomorrow will be options expiration and a Triple Witching which can come with some volatility. In economic data today we sub a much worse than expected Unemployment claims number come in at 379K when 366K was expected. Other key data also underperformed expectations with Existing Home Sales missing expectations (4.9M vs. 5.04M) and Philly Fed Manufacturing Index (7 vs. 10.3). Tomorrow we get GDP and Monday 12/23 we have Core PCE,…
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…
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…
Daily Wrap
DJIA +47.46 (+0.34%) to 14,018.70; S&P 500 +2.42 (+0.16%) to 1,519.43; NASDAQ -5.51 (-0.17%) to 3,186.49 With no major economic data scheduled for announcement today, the markets were quiet today before the President’s speech tonight and often a quiet market will just consolidate or drift into the trend which has been undoubtedly higher since the November bottom. Not so quite today was Apple Computers (AAPL) and last night I noted that there was expectation going into the Goldman Sachs Technology and Internet Conference piggy backing on David Einhorn’s comments. Often in these cases it is a buy the rumor sell the news event and today that…
Daily Wrap
DJIA -21.73 (-0.16%) to 13,971.24; S&P 500 -0.92 (-0.06%) to 1,517.01; NASDAQ -1.87 (-0.06%) to 3,192.00 Today’s market held in a tight range and is reflected in the close in the S&P 500 which is down less than 1point. This week has a fair amount of data, fed speak and some scheduled Obama talk. I try and log it all and then update the numbers as they come out so visit the Event’s Calendar for the updates and there is also currently a dividends and splits list. The stock of the day today was Nordisk (NVO) which received an FDA Complete Response Letter indicating that the company’s insulin products will…