Low volume day follows the trend
Index & Sector performance 11/22/13 The Market: The market made solid gains trending higher all day to close over $1800 in the S&P 500. If there was anything concerning about today’s rally, it was the volume which seemed very light but seeing a market move in the direction of the trend on low volume days is not uncommon. There was not much on the Economic data front today besides some fed speak but Thursday the 21st was big. Unemployment Claims came in better than expected posting 10K below (323K vs 333K) expectations while the previous week was adjusted slightly higher…
Fed open to scale back causes pullback
Index & Sector performance 11/20/13 The Market: Initial optimism on better than expected economic data pre-market saw early selling as the S&P pulled off the highs of the day in the first hour of trading and then the market meandered waiting for the Fed minutes to be released. After the 2pm EST announcement the market began selling off as the Fed showed they are prepared to scale back on the rate of asset purchases. The S&P 500 was able to use late trading to close a few points off the lows of the day. In economic data, Core CPI came…
US Government shuts down and gains open up
Index & Sector performance 10/01/13 The Market: The old market adage Buy the rumor and Sell the news is somewhat in affect here today with the markets reaction to the Government shutdown. As we noted in last night’s Game Plan, with the realization of the shutdown now in affect and the worry of the shutdown gone, short term longs would look for opportunity to trade a bounce. A gap up was quickly consolidated after roughly 30 minutes of trading and then pressed higher until 12:30 pm EST. After 12:30 there was a roll over which took the index down until…
Daily Wrap
The markets started today with another gap down and twice tried to rally and failed. he first rally started roughly around noon and continued until the Fed minutes were announced which then sent the S&P tumbling quickly to new lows for the day but that dip was bought and in a volatile hour was not only higher but positive on the day. As soon as the gains were had they were lost and the final hour of trading again sent shares lower closing above but near the lows of the day. In economic date we had existing home sales come…
Daily Wrap
DJIA -80.41 (-0.52%) to 15,307.17; S&P 500 -13.81 (-0.83%) to 1,655.35; NASDAQ -27.32 (-0.90%) to 2,999.13 So the markets can have a substantial day down! Today’s move lower was tied to Mr. Bernanke’s statement to congress as well as the release of the Fed minute which showed the willingness to decrease bond purchases. In the grand scheme today was a solid down day but nothing in comparison to the recent rise. The question is not of today’s move but whether or not it signifies a more significant realization being a top is in. That is a common phrase but my answer is always “for…
Week in Review
DJIA +8.37 (+0.06%) to 13,981.76; S&P 500 -1.59 (-0.10%) to 1,519.79; NASDAQ -6.63 (-0.21%) to 3,192.03 A pretty lack luster Friday to close off a lack luster week. There wasn’t a shortage of events and things the market could use to drive direction one way or the other but it simply chose not to. The market seems firmly pitted between valuations that may seem somewhat extended and technicals that would like a pullback but the continued accommodating environment from the Fed and also the Government as they continue to run deficits and even if cutting it is slow to not shock the economy. How the market…
Daily Wrap
Today was an ugly day for the markets. We had highlighted, for the Bulls, a potential inverse H&S setting up on the 60 minute SPY chart but noted that the lows from 11/13/12 HAD to hold or the market could be looking at a bad situation. The SPY made the highs for the day in the first 5 minutes of trading and then faced selling for the remainder. The first leg down completed around 11am EST and then we meandered until later until around 2:15 pm EST when we broke hard for the rest of the day. The President spoke…