Low volume day follows the trend
Index & Sector performance 11/22/13 The Market: The market made solid gains trending higher all day to close over $1800 in the S&P 500. If there was anything concerning about today’s rally, it was the volume which seemed very light but seeing a market move in the direction of the trend on low volume days is not uncommon. There was not much on the Economic data front today besides some fed speak but Thursday the 21st was big. Unemployment Claims came in better than expected posting 10K below (323K vs 333K) expectations while the previous week was adjusted slightly higher…
Daily Wrap
DJIA +80.03 (+0.53%) to 15,040.62;S&P 500 +13.66 (+0.85%) to 1,622.56;NASDAQ +13.16 (+0.45%) to 2,950.30 The looked poised to resume its downward move into Friday’s jobs number but just after noon EST firmed up and started an impressive rally off the lows which also continued into the after market (so far). From the lows to the close the market rallied nearly 24 points. In economic news today we had Unemployment claims which came in roughly inline with a 346K number. As alluded to earlier, tomorrow we get Non-farm Employment data and I have current forecasts at 167K and 7.5% rate. SodaStream (SODA) got an initial pop in…
Daily Wrap
DJIA -12.67 (-0.08%) to 15,294.50; S&P 500 -4.84 (-0.29%) to 1,650.51; NASDAQ -7.68 (-0.26%) to 2,991.45 A much more exciting day today than the markets might otherwise look if you simply check the closing prices. The market traded lower overnight as the Nikkei lost roughly 7%. Our markets used the first 30 minutes or so of trading to find the bottom and then rallied with all 3 major indices (and even the Russell 2000) spending time up on the day. The march to even ultimately acted as resistance and the S&P pulled back during the last hour to finish with small losses. On…
Daily Wrap
DJIA +2.77 (+0.02%) to 14,450.06; S&P 500 -3.74 (-0.24%) to 1,552.48; NASDAQ -10.55 (-0.32%) to 3,242.32 Another day where not much was on the US economic data calendar expect the NFIB small business survey which came in slightly higher than expected but nothing really of note. As has been a trend lately, the Dow lead all major indices hovering just above or below even for the day and for the most part it was a relatively quiet day. This is not actually surprising action for where the markets have been. We are up roughly 9% YTD on the SPY (S&P 500 SPDR ETF) and nearly 11%…
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 -46.92 (-0.34%) to 13,880.62; S&P 500 -9.53 (-0.63%) to 1,502.42; NASDAQ -32.92 (-1.04%) to 3,131.49 Today we had a slew of economic data which included a Jobless Claims number that came in higher than consensus estimates (362K vs 353K). As always you can visit the Event’s Calendar for the release of economic data, scheduled meetings and other news that could move the market. The markets were unable to build much positive momentum after yesterday’s decline and we marked a second straight day of declines. The Dow saw the least damage but that was somewhat deceiving due to an end of day rally by Hewlett-Packard (HPQ) into their earnings…
Daily Wrap
DJIA –74.73 (-0.56%) to 13,170.72; S&P 500 -9.03 (-0.63%) to 1,419.45; NASDAQ -21.65 (-0.72%) to 2,992.16; Today starting mixed with the markets bouncing from slightly negative to positive and back but around 11 am EST the S&P 500 turned lowered and continued to drift the remainder of the day finally closing down just over 9 points and filling the gap from 12/10/12. We did have economic data that was better than forecasts (including a 343K Jobless Claims number) but I think it wasn’t so strong that it alone could push the market higher. The stock of today in my opinion…