March 28, 2024

Bulls fight back after a gap down

Index & Sector performance 11/13/13 The Market: Losses after a gap down on the open were completely recouped in the first hour of trading.  After a brief consolidation, the S&P 500 moved strongly higher into the close posting a 14 point up day but from trough to peak the moved covered 22 points. In economic data the Federal Budget Balance came in better than expected with a -91.6B vs expectations of -104.3B.  Tomorrow there is more economic data including the usual Unemployment Claims which we have an estimate of 331K. Another noteworthy even is that Janet Yellen testifies tomorrow at…

Shhh, Jobs data tomorrow

The Market: Not much in the way of action today as early gains met resistance in the previously highlighted areas around 1660-1663 which coincided with the 20 & 50 day SMA’s respectively.  Utilities again were the under performer of the tracked sectors and retail sector leading on the upside with Sears (SHLD) and JC Penny (JCP) putting in strong showing with gains of 6.27% and 5.33%.  Doesn’t it feel like all JCP needed was some big investor to bail to bottom? Today had a great deal of economic data including ISM Non-Man PMI which came in better than expected (as…

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

Week in Review

DJIA +81.09 (+0.62%) to 13,155.13; S&P 500 +4.13 (+0.29%) to 1,418.07; NASDAQ -11.23 (-0.38%) to 2,978.04; Friday’s action was a mixed day but predominantly based on on a stock of the day and for that matter the week, Apple Computers (AAPL).  I do not refer when the Dow leads for the day and week as while it is comprised of some of the bigest companies and brands in the US, it is also the smallest price weighted index and these days is often regarded as a poor judge for the broad market.  The word of the week from last Week in…

Daily Wrap

DJIA  +39.55 (+0.30%) to 13,074.04; S&P 500  +4.66 (+0.33%) to 1,413.94; NASDAQ  +15.57 (+0.52%) to 2,989.27; The majority of today was spend on the positive side of the line but never all that much as we closed at highs for the day.  The market remains in this sloppy consolidation between the 38 and 62% fibs.  Along with the fibs we have the 50 Day MA as resistance and the 20 and 200 below as support. As with many days i the past on both the up and down side, Apple Computers (AAPL) was a key focus for traders today.  Last…