Daily Wrap
DJIA -46.92 (-0.34%) to 13,880.62; S&P 500 -9.53 (-0.63%) to 1,502.42; NASDAQ -32.92 (-1.04%) to 3,131.49 Today we had a slew of economic data which included a Jobless Claims number that came in higher than consensus estimates (362K vs 353K). As always you can visit the Event’s Calendar for the release of economic data, scheduled meetings and other news that could move the market. The markets were unable to build much positive momentum after yesterday’s decline and we marked a second straight day of declines. The Dow saw the least damage but that was somewhat deceiving due to an end of day rally by Hewlett-Packard (HPQ) into their earnings…
Charts of Interest
Thoughts and analysis are provided on each chart itself or you can go read some quick comments for each at StockTwits (WSConsensus) GMCR, ZIP, GT, DECK, QCOM, AL, AMD, SBUX, EXPD, GTAT, PCLN, TSLA, CIM, CEL, FSLR, RIMM, DISH, ABMD, PANW, RF
Charts of Interest
Let’s recap a few charts we are watching. First is the McClellan. We highlighted that the McClellan reached Stage 1( below -80) levels on a closing basis and also posted an intraday chart showing we almost reached Stage 2 (-100). Friday’s rally has already taken us out of Oversold levels but often with strong moves like this we see divergence on the indicator before a more substantial bottom is set. TSLA – Could be taking out a long term down trend line. TSLA is often noted as a electric car manufacturer but TSLA has also started providing their components to…