3 strong days higher
Index & Sector performance 4/1/14 The Market: Today’s early action targeted our highlighted region from last night’s update of $1875ES and then pulled back to support near $1870ES. Later in the day the market made another rally toward and pressed through $1875ES and now resides above in the after hours session. While we are starting to see some intraday negative divergences develop on the market which provide some caution to the recent strong 3 day rally, we fully expect the S&P 500 emini to challenge the highlighted resistance region of $1884-90ES in overnight or early morning trading. From there we…
Fed open to scale back causes pullback
Index & Sector performance 11/20/13 The Market: Initial optimism on better than expected economic data pre-market saw early selling as the S&P pulled off the highs of the day in the first hour of trading and then the market meandered waiting for the Fed minutes to be released. After the 2pm EST announcement the market began selling off as the Fed showed they are prepared to scale back on the rate of asset purchases. The S&P 500 was able to use late trading to close a few points off the lows of the day. In economic data, Core CPI came…
Week in Review
DJIA +43.85 (+0.33%) to 13,435.21; S&P 500 +7.10 (+0.49%) to 1,466.47; NASDAQ +1.09 (+0.04%) to 3,101.66 Hopefully slow and steady will win the race when it comes to the Jobs market. Adding another 155K non-farm jobs was just a tick above analysts expectations and the revised Unemployment rate for November to 7.8% held into December. The market started the morning somewhat choppy while seemingly digest the morning’s economic data and then started a near uninterrupted climb closing near highs of the day. Supervalu (SVU) gapped higher and closed up over 13.5% on a Wall Street Journal report that private equity firm Cerberus Capital is close…