Daily Wrap
DJIA -206.04 (-1.35%) to 15,112.19;S&P 500 -22.88 (-1.39%) to 1,628.93;NASDAQ -36.59 (-1.22%) to 2,959.50 You are likely living under a rock if you were not aware that today was rate decision and FOMC minute day. It was not about the rate decision itself as no one I heard was anticipating a move but it was all about the minutes and specifically the discussion of when the stimulus would end or the key word of recent times “tapered”. The decision and comments sent the markets tumbling and closed down over 22 points in the S&P and 200 on the Dow. In the grand scheme…
Daily Wrap
DJIA +106.20 (+0.72%) to 14,818.75; S&P 500 +11.37 (+0.72%) to 1,593.61; NASDAQ +26.40 (+0.93%) to 2,866.95 The market continues its recovery from the recent dip now not also challenging recent highs but making all time highs (closing and intraday). The trend remains strongly in-tact with the SPY up over 12.36% YTD and maybe more astoundingly 16.99% over a rolling 12 month period. In economic news today we saw Personal Spending meet forecasts with a 0.2% increase but Personal Income not only missed forecasts of a 0.4% gain but actually ticked down 0.2%. Lastly, Pending Home sales beat expectations with a 1.5% increase over last month when…
Daily Wrap
DJIA +152.29 (+1.05%) to 14,719.46; S&P 500 +16.28 (+1.04%) to 1,578.78; NASDAQ +25.30 (+0.90%) to 2,835.37 Very strong day today in the market today with all major indices moving up roughly 1% or higher. Today started with a gap higher and steadily climbed all day until 1pm EST when we saw a spike down. We later realized the spike was caused by a false report by the AP, after their Twitter feed was hacked, that two bombs went off at the White House injuring the President. Once the market realized the error they snapped back (whole process took a few minutes) but then still…
Week in Review
DJIA +10.37 (+0.07%) to 14,547.51; S&P 500 +13.64 (+0.88%) to 1,555.25; NASDAQ +38.51 (+1.40%) to 2,780.46 In Thursday night’s recap I noted that the bears were not yet in total control but the bulls needed to get the index moving or there could be a further imminent drop. Friday was able to firm up and take back some control but you wouldn’t know it by watching the Dow which only pressed into positive territory within the last hour of trading. The broader indices were much stronger. Weighing on the Dow were three big names which reported EPS that were not met with great…
Daily Wrap
DJIA -265.86 (-1.79%) to 14,599.20; S&P 500 -36.49 (-2.30%) to 1,552.36; NASDAQ -59.01 (-2.07%) to 2,797.47 Today was a very active day in the markets but it is appropriate to take the time to stop and send well wishes and prayers to those involved in the Boston Marathon incident which as I write is still unfolding with not many details but clearly today people were hurt and my prayers go to them and their family. The market began with a small gap lower on weak Chinese data and overall global outlook concerns which continued to snowball into larger losses which were not just…
Daily Wrap
DJIA +7.22 (+0.05%) to 13,986.52; S&P 500 +0.83 (+0.05%) to 1,512.12; NASDAQ -3.10 (-0.10%) to 3,168.48 Today was a sloppy up day that saw the S&P 500 spend the majority of the day down except for a midday and then end of day rally which equate to less than a 1 point gain. I noted last night that this week does not have much in the way of planned economic data or events and therefore it is likely that the headlines will be focused on the earnings being announced. Today seems to be an example of how there just didn’t…
Week in Review
DJIA +17.21 (+0.13%) to 13,488.43; S&P 500 -0.07 (+0.00%) to 1,472.05; NASDAQ +3.88 (+0.12%) to 3,125.64 Today’s action started with the S&P 500 moving lower but recovering to essentially close flat while the Dow and Nasdaq managed to squeak our small gains. Not to shabby after just making new 5 year closing highs. In the news today was Best Buy Co.’s (BBY) which didn’t wow people with its same-store sales which were down 1.4% but what did impress and send the stock over 16% higher was the improvement in the US. The US is a mor focus for the BBY turn around and today’s move took the stock back to where it was for…
Daily Wrap
DJIA +61.66 (+0.46%) to 13,390.51; S&P 500 +3.87 (+0.27%) to 1,461.02; NASDAQ +14.00 (+0.45%) to 3,105.81 The highs for today were set in very early trading and then the rest of the day was spent pulling back although never going into negative territory. I would define today as orderly and we do have Unemployment data tomorrow so I am not surprised to see a quiet day ahead. Apollo Group Inc.’s (APOL) was in the new today and in negative fashion. After the close yesterday, APOL reported Net Income that were 11% lower than the previous year but still beat on…
Daily Wrap
DJIA+100.38 (+0.76%) to 13,235.39; S&P 500+16.78 (+1.19%) to 1,430.36; NASDAQ+39.27 (+1.32%) to 3,010.60; Today was never in doubt and the highs that were made around noon in all three major averages held until just after 2pm when the indexes globally bottomed and we pressed higher closing at fresh highs by the end of the day. What was even more impressive was the rally was stronger across tech and small caps showing a “risk on” type of attitude. Stock of the day today included Clearwire (CLWR) which agreed to be purchased by Sprint (S). This was in focus last week as…
Week in Review
DJIA -35.71 (-0.27%) to 13,135.01; S&P 500 -5.87 (-0.41%) to 1,413.58; NASDAQ -20.83 (-0.70%) to 2,971.33; Friday’s action was red across the board and it was never in doubt. The downside was lead by the tech and inside tech the leader down was Apple Computers (AAPL) and names inside the AAPL universe. We had a small amount of economic data today but nothing that would have been able to or did change the course. The bias was clearly to go home today flat or short but not long as we saw the selling pick up after 2pm as traders have…