Analyst Comments
Today’s featured analyst comment is by Goldman Sachs who upgraded Gartner, Inc. (IT) to Buy with an $85 price target. IT has been on a strong run up over 38% the trailing 12 months and Goldman believes there is more in the tank. Looking at the chart there is some work needed but we think they may be right. If IT can continue to digest under the recent highs while the MACD continues to recycle then this could lay the ground work for another leg higher. What we are watching specifically on the stock is the MACD and the 50…
The Calm before Jobs data storm?
Index & Sector performance 1/9/14 The Market: A mixed consolidation day in S&P 500 saw the futures up in the pre-market only to sell off at the open. That sell off persisted until 11am EST losing roughly 15 S&P points from the pre-market highs and then the S&P bottomed and staged a rally which didn’t make it back to the pre-market highs but did take back more than half of what was lost. In Economic data today, Unemployment claims came in better than expected posting a 330K number when 337K was expected but the previous week was revised about 6K…
Early Gains quickly fade
Index & Sector performance 1/06/14 The Market: Pre-market optimism was met with early selling which took the S&P 500 from $137 on the open own to $1824 by midday. The market bounced along crafting a bottom until roughly 2pm EST when the S&P managed to rally off the lows. While it never made it back to the morning high, the S&P managed to rally back toward even on the day but then sold off in the last hour closing near the lows of the day. In economic news we saw Factory Orders and Services PMI come in as expected while…
S&P 500 closes at new highs
Index & Sector performance 10/17/13 The Market: The government put the debt ceiling behind the nation….until the beginning of next year. The temporary resolution should take the issue off the front pages, for now. The markets started with a gap lower which was quickly bought up and a strong rally continued to build off the 10/09 lows with the S&P 500 posting all time closing highs. In economic news Unemployment Claims came in at 358K vs consensus expectations of 357K so inline and then the Philly Fed Manufacturing index saw a small drop but was better than expected. CNBC reported…
Daily Wrap
DJIA +130.63 (+0.89%) to 14,831.58; S&P 500 +14.89 (+0.94%) to 1,597.59; NASDAQ +37.79 (+1.32%) to 2,911.14 Today was another one of those small gap and run days where the market drifted higher the entire day. There is not much else to say except it seems as though the market was happy to rally on today’s better than expected Unemployment Claims but the focus will quickly flip to the Non-Farm Employment Change numbers. I have estimates at 155K and remember last report came in at 88K. In economic news today, Unemployment Claims came in at their lowest levels in over 5 years and well below analysts expectations. …
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 -50.92 (-0.38%) to 13,384.29; S&P 500 -4.58 (-0.31%) to 1,461.89; NASDAQ -2.85 (-0.09%) to 3,098.81 The small 60 minute divergence we noted last week played out today with a small gap lower which then meandered most of the day before finally rallying after 2pm EST recovering about half of the day’s losses. The broad trend still seems to be strongly in-tact and right now it looks like that small divergence might just be setting up for a MACD recycle. Stocks in the news today included Epocrates (EPOC), up over 21% after agreeing to be acquired by athenahealth (ATHN) for…