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…
Daily Wrap
DJIA +109.67 (+0.73%) to 15,179.85;S&P 500 +12.31 (+0.76%) to 1,639.04;NASDAQ +27.40 (+0.93%) to 2,971.26 The market started the week strong with a gap higher on upbeat earnings reports and optimism that the Federal Reserve and Ben Bernanke will remove uncertainty around the current bond buying situation. While lack of clarity does hamper the markets, I think the market is also betting on a statement that will leave the foot on the monetary gas for the longer. If the committee as a whole starts to sound more hawkish there could be, even albeit only initiate, adverse reaction. Two big name companies announcing a partnership…
Daily Wrap
DJIA +180.85 (+1.21%) to 15,176.08; S&P 500 +23.84 (+1.48%) to 1,636.36; NASDAQ +36.76 (+1.26%) to 2,962.90 An second retest of the 50 day Moving Average proved to be a spring board sending the S&P 500 screaming higher on the day and of the major indices only second to the Russell 2000. Helping today’s cause was two positive data point in economic news. First the retail sales rose 0.6% when consensus expectations were 0.4% and then initial Unemployment claims came in at 334K when I had 354K as the estimate or a 20K beat. What I am watching now is the 20 day SMA…
Daily Wrap
DJIA -106.59 (-0.69%) to 15,302.80;S&P 500 -11.70 (-0.70%) to 1,648.36;NASDAQ -17.12 (-0.57%) to 2,994.82 The markets spend the entire day down and started off with a 10+ point drop. After finally finding a bottom around 11am EST down over 17 the S&P 500 rallied into the 2:30 pm EST time frame and finally drifted lower the remainder of the day giving up some of those midday gains. The market did not breach the 5/23-5/24 lows and has also remained above the 20 day SMA. Overall I still view the market as bullish and deciding whether it will consolidate as a triangle with the short term lows…
Daily Wrap
DJIA +82.71 (+0.64%) to 13,034.49; S&P 500 +2.23 (+0.16%) to 1,409.28; NASDAQ -22.99 (-0.77%) to 2,973.70; Today’s action was somehow boring and choppy all at the same time. While we had some moves back and forth it didn’t encompass the entire day and the other times the S&P 500 showed relatively tight action. More exciting was the Dow and Nasdaq which had moves more that 4 times the S&P although both closed within 1% of the previous day’s close. Weighing on the Nasdaq today was Apple Computers (AAPL). More trading than news drove today’s action. I even saw a note…
Analyst Comments
If you see a symbol that interests you in this list then make sure to check out the Upgrades/Downgrades section for the complete list and details! Upgrades: DLTR, FRAN, GFI, HNT, OMER, PSA, PTNR, RENN, SBAC, SFD Downgrades: CAJ, CECO, COT, DMD, EXA, IACI, NXTM, PNM, ZEUS