Rampant optimism spikes the market
Index & Sector performance 10/10/13 The Market: In case you were under a rock today. The market exploded to the upside. The move seemed help by some uncertainty being out of the way including the past news that Janey Yellen would be the new Fed chair and confirmation from the FOMC minutes that tapering will not likely start until the end of the year (or later). To add on there was optimism out of Washington about a debt deal. In economic news, Unemployment claims came in far worse than expected posting a 374K when 307K was expected. The reason the…
Week in Review
DJIA +119.95 (+0.86%) to 13,981.76; S&P 500 +13.18 (+0.88%) to 1,519.79; NASDAQ +30.33 (+0.97%) I won’t spend too much time on Friday’s action but the futures seemed to have a positive tone even in early trading which I believe was build up off trading into support and holding around the 1500 level in the S&P 500. To further assist in the cause we had positive earnings reports out of two majors which I will list below. Otherwise today felt more as though we were snapping back some of the previous losses in more of a pure technical move. Two Dow names making news with…
Daily Wrap
DJIA -108.13 (-0.77%) to 13,927.54; S&P 500 -18.99 (-1.24%) to 1,511.95; NASDAQ -49.18 (-1.53%) to 3,164.41 Much of today’s down leg seemed to be attributed to the FOMC’s January 29-30 meeting minutes which indicated that several Fed members were starting to think about altering the current bond buying strategy. There are many that believe the Fed has help drive this rally so any change in policy especially one that could look as the beginning of a step back might not be overly welcomed. The markets have been in a relatively impressive climb of late so it also stands to reason that many stops may have…