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 +157.58 (+1.08%) to 14,756.78; S&P 500 +22.21 (+1.43%) to 1,574.57; NASDAQ +40.94 (+1.46%) to 2,838.41 Someone sounded an “all clear” notice today and the major indices all had nice gains including the S&P 500 which closed up over 1.4% for the day and at the day’s highs. The bottom was actually made in the futures yesterday not long after the close. Sometimes when you see bounces like this you will see an index like the Dow lead which I am always a skeptic of but today the S&P 500, Russell 2000 and Nasdaq Composite all outpaced the Dow to the upside with the…
Week in Review
DJIA -0.08 (0.00%) to 14,865.06; S&P 500 -4.52 (-0.28%) to 1,588.85; NASDAQ -2.59 (-0.09%) to 2,856.48 Friday started with a small gap down that wasn’t greeted with the usual snap up buying and this helped lay the ground work for an early morning swoon taking the S&P 500 down over 10 points from Thursday’s close. Right around 11am EST the S&P bottomed and for the remainder of the day was able to grind higher leaving a relatively small loss for the day (the Dow nearly closed positive). This type of action is not uncommon at stretched levels as well as when there is…
Daily Wrap
DJIA +62.90 (+0.42%) to 14,865.14; S&P 500 +5.64 (+0.36%) to 1,593.37; NASDAQ -0.14 (0.00%) to 2,859.07 A brief trip down for the day eventually became a moderate up day for the S&P 500 after having been on a tear. Helping the cause was an Unemployment claims number which came in much better than expected at 346K when I had expectations around 362K. While the highs of the day were made before noon EST, the remainder of the day’s action in the S&P seemed only like a consolidation and factoring in the strength of the recent rally and being at all time highs, I…
Daily Wrap
DJIA +48.23 (+0.33%) to 14,613.48; S&P 500 +9.79 (+0.63%) to 1,563.07; NASDAQ +18.39 (+0.57%) to 3,222.25 Friday the market gaped lower and traded down roughly 1% in early trading after the weaker than expected Unemployment claims data. That early trading marked the lows and the market rallied the remainder of the day clawing back some of the losses. Today the market built off Friday’s rally and worked higher again today not only closing strongly higher but also closing higher than Thursday’s close before that disappointing data Friday. The takeaway is the bulls fought back. Starting this morning we had news of a merger…
Daily Wrap
DJIA -90.24 (-0.62%) to 14,421.49; S&P 500 -12.91 (-0.83%) to 1,545.80; NASDAQ -31.59 (-0.97%) to 3,222.60 Europe ruled the day and after a small initial gap lower and midday rally, the markets then lost ground the remainder of the day sending it back down near Tuesday’s lows. In economic data news we saw the U.S. jobless claims slightly rose but were less than expectations. The data wasn’t enough to really push the markets one way or another and it was back to Europe and underperforming Tech stocks. Most notable tech underperformer was Oracle (ORCL) which closed nearly 10% lower after missing EPS estimates…
Week in Review
DJIA +48.92 (+0.35%) to 13,992.97; S&P 500 +8.54 (+0.57%) to 1,517.93; NASDAQ +28.74 (+0.91%) to 3,193.87 Today the markets gaped higher and continued higher closing near highs. We had positive economic data where the U.S. trade deficit shrank to its narrowest level in nearly three years. I felt the story of the day was one that didn’t really seem to be taking over the headlines but I think it might be a decision that eventually we look back at and say this was a big move that many others followed. That was NJ Governor Chris Christie will allow the state…
Daily Wrap
DJIA +99.22 (+0.71%) to 13,979.30; S&P 500 +15.58 (+1.04%) to 1,511.29; NASDAQ +40.41 (+1.29%) to 3,171.58 I did not expect today to be as strong as it ended up being. I thought yesterday’s move might be the start of a more prolonged pullback/consolidation that would then give us a new platform to rally from but today’s rally essentially gained back all of yesterday’s losses. I still do feel this action is part of a topping process but clearly the market’s won’t go without a fight. Also with this week being a low data week, earnings will likely be a driving…
Week in Review
DJIA +70.65 (+0.51%) to 13,895.98; S&P 500 +8.14 (+0.54%) to 1,502.96; NASDAQ +19.33 (+0.62%) to 3,149.71 Leading the major indexes higher today was the Nasdaq, even with AAPL being down over 2%. There was not a great deal of economic news but New Home sales for came in lower than expected but the previous month was adjusted well higher. At this point the market seems to be unshaken and seems to be saying that it is going higher until something substantive unseats it. At the same time, Art Hogan, market strategist at Lazard Capital Markets pointed out that we are up…
Daily Wrap
DJIA +62.51 (+0.46%) to 13,712.21; S&P 500 +6.58 (+0.44%) to 1,492.56; NASDAQ +8.47 (+0.27%) to 3,143.18 Today was an interesting day. 4 Dow names reported before the bell but due t their mixed nature it didn’t seem to help provide any conviction either way so the market erred on the being down side. After wavering for the early part of the day the S&P finally pressed into positive territory around lunch and then started a trek higher closing up over 6 points for the day. In economic news, US existing home sales came in below estimates for December and the Richmond Fed Manufacturing survey looked to…