Week in Review
DJIA +10.37 (+0.07%) to 14,547.51; S&P 500 +13.64 (+0.88%) to 1,555.25; NASDAQ +38.51 (+1.40%) to 2,780.46 In Thursday night’s recap I noted that the bears were not yet in total control but the bulls needed to get the index moving or there could be a further imminent drop. Friday was able to firm up and take back some control but you wouldn’t know it by watching the Dow which only pressed into positive territory within the last hour of trading. The broader indices were much stronger. Weighing on the Dow were three big names which reported EPS that were not met with great…
Daily Wrap
DJIA -81.45 (-0.56%) to 14,537.14; S&P 500 -10.40 (-0.67%) to 1,541.61; NASDAQ -40.03 (-1.44%) to 2,741.95 Today was another strong down day but had more back and forth than previous sessions. Stocks started the day slightly positive following up on an Unemployment claims number that wasn’t necessarily bullish but also and maybe more importantly wasn’t bearish and came in relatively inline with estimates. Those early gains gave way and at the lows the S&P 500 cash index was down roughly 16 points. Overall the action was not like previous sessions and it did feel as though the market is trying to set-up for…
Daily Wrap
DJIA -138.19 (-0.94%) to 14,618.59; S&P 500 -22.56 (-1.43%) to 1,552.01; NASDAQ -56.43 (-1.99%) to 2,781.98 Yesterday’s rally was short lived as the futures were slightly lower last night after the close and the losses picked up overnight and into the morning’s trading which then lasted the majority of the day not bottoming until just before 1pm EST. Today was a light economic data day, although there was some fed speak, and sets up into tomorrow with the week’s Unemployment claims number. I have estimates at 349K going into the number which is roughly where last week’s reading was (346K). The talk of…
Week in Review
DJIA +53.68 (+0.39%) to 13,649.70; S&P 500 +5.04 (+0.34%) to 1,485.98; NASDAQ -1.29 (-0.04%) to 3,134.71 Week economic data couldn’t put a damper on the S&P 500 which added onto Thursday’s decent gains. The Nasdaq wasn’t able to join in on the party but had Apple Computers (AAPL), Intel (INTC) and Facebook (FB) as well as other weighing it down. We did have good economic data announced but not in the U.S., China reported GDP growth f 7.9% in Q4 which helped take the full year growth to 7.8% which outpaced consensus analyst expectations (7.7%) and the government’s expectations (7.5%)….
Daily Wrap
DJIA +84.79 (+0.63%) to 13,596.02; S&P 500 +8.31 (+0.56%) to 1,480.94; NASDAQ +18.46 (+0.59%) to 3,136.00 Today started with a gap higher and then continued leaving a chart which moved from the lower left to upper right. The market really started its move after we got a much better than expected Weekly jobless claims number which came in at 335K vs the expected 369K. The markets did make their high just after 2pm and moved lower into the close and after the close but not destructively so. The news causing the decline may have been from Dallas Fed hawk Fisher…
Week in Review
DJIA -120.88 (-0.91%) to 13,190.84; S&P 500 -13.54 (-0.94%) to 1,430.15; NASDAQ -29.38 (-0.96%) to 3021.01; Friday’s action started overnight much much worse than it ended but it was still a big down day. Main stream media attributed the drop to Boehner’s plan B not only not passing but being pulled even for a vote with the belief there was not enough votes. While the market closed off the lows seen around noon, it was not resoundingly so and essentially we hovered near the lows all day and closed near the open. What is interesting and puts some perspective on the days action you will see…
Week in Review
DJIA -35.71 (-0.27%) to 13,135.01; S&P 500 -5.87 (-0.41%) to 1,413.58; NASDAQ -20.83 (-0.70%) to 2,971.33; Friday’s action was red across the board and it was never in doubt. The downside was lead by the tech and inside tech the leader down was Apple Computers (AAPL) and names inside the AAPL universe. We had a small amount of economic data today but nothing that would have been able to or did change the course. The bias was clearly to go home today flat or short but not long as we saw the selling pick up after 2pm as traders have…
Daily Wrap
DJIA +78.56 (+0.60%) to 13,248.44; S&P 500 +9.29 (+0.65%) to 1,427.84; NASDAQ +35.34 (+1.18%) to 3,022.30; Today’s market was up from the start and even though there were dips and reaction to various statements coming out of Washington, we stayed up the entire day. On the upside we finally pressed through key resistance and tagged the horizontal resistance/target we have been highlighting for weeks at 1434 on the index. After tagging we appropriately retraced and the initial back-test of the 62% fib at 1424 held as support and we closed in-between those key levels. American International Group (AIG) rallied over…