November 18, 2018

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+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…