March 29, 2024

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 -129.71 (-0.93%) to 13,880.08; S&P 500 -17.46 (-1.15%) to 1,495.71; NASDAQ -47.93 (-1.51%) to 3,131.17 Today proved to be a very timely pullback as we noted last last week and then this weekend after Friday’s action that we believed a form of a top was in that would provide a longer pullback/consolidation than we have been seeing of late.  Today essentially wiped out all of last week gains and it is not surprising after such a strong move down to see the markets up slightly after the close.  We will have to see if they can hold or build…

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 +46.00 (+0.33%) to 13,825.33; S&P 500 +0.01 (+0.00%) to 1,494.82; NASDAQ -23.29 (-0.74%) to 3,130.38 As expected the Nasdaq lagged today because of Apple Computers (AAPL) and their lack luster earnings results (or at least not up to expectations).  Otherwise the S&P 500 probably couldn’t have shown any more indecision closing higher by 1 penny and likely continuing to showcase that it needs a pause/pullback to refresh.  What was positive for the market was to see the Small caps lead and again we got a second straight week of better than expected Unemployment data coming in at 330K. Apple…

Week in Review

DJIA +81.09 (+0.62%) to 13,155.13; S&P 500 +4.13 (+0.29%) to 1,418.07; NASDAQ -11.23 (-0.38%) to 2,978.04; Friday’s action was a mixed day but predominantly based on on a stock of the day and for that matter the week, Apple Computers (AAPL).  I do not refer when the Dow leads for the day and week as while it is comprised of some of the bigest companies and brands in the US, it is also the smallest price weighted index and these days is often regarded as a poor judge for the broad market.  The word of the week from last Week in…

Daily Wrap

DJIA -13.82 (-0.11%) to 12,951.78; S&P 500 -2.41 (-0.17%) to 1,407.05; NASDAQ -5.51 (-0.18%) to 2,996.69; This weekend the word we referenced entering this week was caution. Not necessarily bearishness but caution.  Caution because of how much we have rallied, caution because of the levels we were up against and caution because of Washington.  Today was a classic representation of the markets showing lack of conviction and/or indecision and that make me maintain cautious.  Early gains today we lost relatively early and after a bounce which started around 1pm petered out around 3pm we retraced roughly have of the gains from the low…

Daily Wrap

DJIA -59.98 (-0.46%) to 12,965.60; S&P 500 -6.72 (-0.47%) to 1,409.46; NASDAQ -8.04 (-0.27%) to 3,002.20; Today started with a small gap higher but by 10am we had lost the highs and never regained them for the rest of the day finally drifting into negative territory after lunch and pressing near lows at the close.  We had some economic data today but the number talked about the most was the weak ISM which came in at 52.5 and while estimates can be different around Wall Street we saw 54.3 as the consensus.  Oh yeah and then those people in Washington…