6 day win streak ends..new starts?
Index & Sector performance 4/23/14 The Market: Today’s session snapped a 6 day winning streak for the S&P 500 but the losses were small and maintained a very orderly structure throughout the day. In after hours trading, the futures traded sharply higher helped by Apple’s (AAPL) earnings which beat EPS and revenue along with announcing a 7 for 1 stock split, increase in the buyback, and an 8% increase in the dividend. With tonight’s overnight action, the S&P 500 is now closing in on the all time highs . Focus will continue to be on earnings especially with a very…
S&P on 5 day win streak
Index & Sector performance 4/21/14 The Market: The S&P 500 has been on an impressive 5 day winning streak but much like the “V” bottom we say back in February this year, this rally is coming on lower than average volume with today being by far the lowest in the S&P 500 sector ETF “SPY”. We stated in our 4/14 write-up that we would not be surprised to see the market used short term oversold levels and the shortened holiday Op-Ex week to rally. The question now is as traders get back to the desk in both the U.S….
Stong gains for shortened Op-Ex week
Index & Sector performance 4/16/14 The Market: From our recap Monday we noted that while the market still appeared vulnerable to the downside, we would also not be surprised to see oversold short term levels and the shortened holiday trading week provide a bounce. We did not at that time realize that we would get both the downside and the rally all in one day but that is in fact what happened on Tuesday and today was a follow-through on that action. Tomorrow is the last day of trading for the week since the market is closed Friday in observance…
Market dips early but fights back
Index & Sector performance 1/21/14 The Market: This is the type of market that frustrates both the Bull & the Bears. Strong moves in each direction serve to whip weak traders our of their positions. After a very light futures trading session Monday with the Stock Market closed, the S&P 500 futures pressed higher in late Monday/early Tuesday trading. Just before the open the futures printed $1844 and then started to sell off right at the open. The market finally found a bottom near noon EST but only after losing roughly 18 points from the pre-market highs. The S&P 500…
Beige Book helps market off lows
Index & Sector performance 12/4/13 The Market: The S&P 500 started with a gap down which was quickly bought and rallied to slightly positive on the day but that rally topped at 11am EST and made its way back down to and through the earlier lows. The market found a bottom prior to the Beige Book coming out but the release did not hurt the rally and the S&P 500 finished near flat on the day and above the 20 day SMA. In economic news we saw ADP Non-Farm Employment Change come in much better than expected posting a 215K…
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…
The Market’s all a TWTR
Index & Sector performance 11/4/13 The Market: A gap higher in the S&P was quickly sold down to 11:30 am EST where the market found support and then rallied to the close making new highs for the day in the final few minutes. In economic data Factory orders came in lighter than expected and while there was some Fed speak, nothing too groundbreaking. Tomorrow we see ISM and Economic Optimism. Looming Thursday is the Unemployment Claims data which has a very low estimate and looks like a softball for the markets to beat. A big miss with already low expectations…
Fed day snaps S&P 4 day win streak
Index & Sector performance 10/30/13 The Market: A small gap up on the open was quickly sold and the market pulled back but losses were relatively contained until the Fed announcement which sent the S&P spiking lower. Buyers did then step in and used the last hour of trading to help close the index off the lows but not enough to keep from snapping the S&P 500’s 4 day win streak. In economic news, ADP Non-Farm came in lower than expected printing a 130K with 151K the expectation. Core CPI was also light coming in at 0.1% when 0.2% was…
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 +207.50 (+1.38%) to 15,248.12;S&P 500 +207.50 (+1.38%) to 1,643.38;NASDAQ +40.57 (+1.38%) to 2,990.87 Today the markets followed up on yesterday’s moves off the lows with a very impressive strong rally after a jobs number that many touted as “in the sweet spot”. Meaning that it was not strong enough to force the Fed to revisit their efforts but better than estimates showing an improvement in the employment picture. While the Jobs number slightly beat estimates, the Unemployment rate ticked up unexpectedly to 7.6% due to more people entering the workforce than expected. These are presumably people who were previously discouraged workers so if they feel…