March 19, 2024

Week in Review

DJIA +149.21 (+1.08%) to 14,009.79; S&P 500 +15.06 (+1.01%) to 1,513.17; NASDAQ +36.97 (+1.18%) to 3,179.10 I have been looking and highlighting a pattern that seemed to be begging for higher prices in the short term and why the stance has been that while ultimately I would like to see a broader pullback/correction to provide the markets a better base to then press higher from again, in the short term it felt that every dip was an opportunity for a long trade.  Friday’s action now for me has brought the S&P 500 into the levels I was looking for and…

Daily Wrap

DJIA -44.23 (-0.32%) to 13,910.19; S&P 500 -5.89 (-0.39%) to 1,501.95; NASDAQ -11.35 (-0.36%) to 3,142.31 Today the markets moved lower and more decisively so compared to that other down day this.  What was also interesting is that the Small Caps lead the way down and generally I like to see the Small Caps lead (along with the Techs if I can get them).  This still has to be taken in stride based on the current trend in place but the recent action definitely does highlight the need for a consolidation as I have been calling for and also that…

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…

Week in Review

DJIA +53.68 (+0.39%) to 13,649.70; S&P 500 +5.04 (+0.34%) to 1,485.98; NASDAQ -1.29 (-0.04%) to 3,134.71 Week economic data couldn’t put a damper on the S&P 500 which added onto Thursday’s decent gains.  The Nasdaq wasn’t able to join in on the party but had Apple Computers (AAPL), Intel (INTC) and Facebook (FB) as well as other weighing it down. We did have good economic data announced but not in the U.S., China reported GDP growth f 7.9% in Q4 which helped take the full year growth to 7.8% which outpaced consensus analyst expectations (7.7%) and the government’s expectations (7.5%)….

Daily Wrap

DJIA +18.89 (+0.14%) to 13,507.32; S&P 500 -1.37 (-0.09%) to 1,470.68; NASDAQ -8.14 (-0.26%) to 3,117.50 Technically it was a mixed day but who really cares about the Dow?  Today started and finished lower on the S&P but otherwise was very tight ranged spanning less than 6 points from low to high.  Ben Bernanke spoke just after the close but so far it seems to not have any effect as the futures are up less than 1 point after the close as I am typing. Today’s major stock of the day and has often been my stock of the day…

Week in Review

DJIA -158.20 (-1.21%) to 12,938.11; S&P 500 -15.67 (-1.10%) to 1,402.43; NASDAQ -25.60 (-0.86%) to 2,960.31; Thursday’s late day rally was something we were skeptic of and today started immediately with a gap lower in the S&P which did rally, not quite to even, but after 2pm EST the market started to drop and continued lower for the remainder of the day closing at lows of the day. Why?  Forget the technicals for a minute.  Monday is the 31st, Tuesday is a Holiday for the market and the first of the year which leaves this weekend as very important for…

Daily Wrap

DJIA -24.49 (-0.19%) to 13,114.59;S&P 500 -6.83 (-0.48%) to 1,419.83;NASDAQ -22.44 (-0.74%) to 2,990.16; Today started with gains but they were quickly lost and the market drifted lower the remainder of the day closing down 1/2% on the S&P 500.  Trading in the after hours has been very tight and with tomorrow’s Unemployment Claims number scheduled to come out at 8:30 am I imagine all eyes will be focused on that unless we get some larger news out of Washington.  As might be expected around the holiday season, volume was on the light side. Marvell Technology (MRVL) technology received bad…

Week in Review

DJIA  -120.88 (-0.91%) to 13,190.84;  S&P 500 -13.54 (-0.94%) to 1,430.15; NASDAQ -29.38 (-0.96%) to 3021.01; Friday’s action started overnight much much worse than it ended but it was still a big down day.  Main stream media attributed the drop to Boehner’s plan B not only not passing but being pulled even for a vote with the belief there was not enough votes.  While the market closed off the lows seen around noon, it was not resoundingly so and essentially we hovered near the lows all day and closed near the open.  What is interesting and puts some perspective on the days action you will see…

Charts of Interest

Thoughts and analysis are provided on each chart itself or you can go read some quick comments for each at StockTwits (WSConsensus) GMCR, ZIP, GT, DECK, QCOM, AL, AMD, SBUX, EXPD, GTAT, PCLN, TSLA, CIM, CEL, FSLR, RIMM, DISH, ABMD, PANW, RF