March 23, 2018

China & Buffett support stong session


The Market: A strong overnight session in China which was triggered by changes to the latest monetary policy report and also on reports that China will overhaul state-owned enterprises helped get the market started and then Warren Buffett and Berkshire Hathaway (BRK.A, BRK.B) helped fan the fire by first purchasing Precision Cast Part (PCP) for $235/share in cash and then during an interview noted that he likes IBM (IBM) and answered a question about if he is buying that people should check the SEC filings in the coming days.  The Dow (DIA) led today’s rally. Energy (XLE) was the biggest…

Early pop leads to late day drop


Index & Sector performance 3/11/14 The Market: The  market rallied pre-market into the open, pulled back and went again but was unable to break through a pivot confluence resistance area.  The pullback into the noon EST period started to consolidate but the MACD was telling that more downside was likely.  As we reached the 2-2:30 pm EST time frame the S&P again started to weaken and broke to fresh lows for the day. We will be watching for $1860ES and then further $1850ES for support levels.  On the S&P500 cash index the 20 day SMA comes in around $1853. In…

Daily Wrap


DJIA -32.41 (-0.21%) to 15,451.85;S&P 500 -6.24 (-0.37%) to 1,676.26;NASDAQ -8.99 (0.25%) to 3,598.50 A relatively boring down day as the highs for the day were marked in the opening minuted and then the S&P 500 to lose ground until it bottomed around 1:30 with some small positive divergences on the 5 minute MACD and then rallied until 2:30 pm EST where it again lost ground but held above those earlier lows.  The market spent the last 30-40 minutes rallying but never regaining the 2:30 pm highs. In economic news we had CPI data with the core meeting expectations of up 0.2%…