Daily Wrap
DJIA -32.41 (-0.21%) to 15,451.85;S&P 500 -6.24 (-0.37%) to 1,676.26;NASDAQ -8.99 (0.25%) to 3,598.50 A relatively boring down day as the highs for the day were marked in the opening minuted and then the S&P 500 to lose ground until it bottomed around 1:30 with some small positive divergences on the 5 minute MACD and then rallied until 2:30 pm EST where it again lost ground but held above those earlier lows. The market spent the last 30-40 minutes rallying but never regaining the 2:30 pm highs. In economic news we had CPI data with the core meeting expectations of up 0.2%…
Daily Wrap
DJIA +21.73 (+0.14%) to 15,324.53;S&P 500 +6.05 (+0.37%) to 1,654.41;NASDAQ +17.01 (+0.57%) to 3,011.83 After the Unemployment claims number came in slightly higher than expected the futures started to sell off in the pre-market but that soon turned and by the open we were slightly positive and then rallied higher for the remainder of the day until roughly 2:30 pm EST when the highs were seen and we drifted lower into the close. As noted in economic news Unemployment claims rose to $354K and 1st quarter GDP slightly disappointed with a 2.4% reading down from 2.5%. Dow member Disney (DIS) was in the news after the…
Week in Review
DJIA +10.37 (+0.07%) to 14,547.51; S&P 500 +13.64 (+0.88%) to 1,555.25; NASDAQ +38.51 (+1.40%) to 2,780.46 In Thursday night’s recap I noted that the bears were not yet in total control but the bulls needed to get the index moving or there could be a further imminent drop. Friday was able to firm up and take back some control but you wouldn’t know it by watching the Dow which only pressed into positive territory within the last hour of trading. The broader indices were much stronger. Weighing on the Dow were three big names which reported EPS that were not met with great…
Daily Wrap
DJIA -138.19 (-0.94%) to 14,618.59; S&P 500 -22.56 (-1.43%) to 1,552.01; NASDAQ -56.43 (-1.99%) to 2,781.98 Yesterday’s rally was short lived as the futures were slightly lower last night after the close and the losses picked up overnight and into the morning’s trading which then lasted the majority of the day not bottoming until just before 1pm EST. Today was a light economic data day, although there was some fed speak, and sets up into tomorrow with the week’s Unemployment claims number. I have estimates at 349K going into the number which is roughly where last week’s reading was (346K). The talk of…
Daily Wrap
DJIA +157.58 (+1.08%) to 14,756.78; S&P 500 +22.21 (+1.43%) to 1,574.57; NASDAQ +40.94 (+1.46%) to 2,838.41 Someone sounded an “all clear” notice today and the major indices all had nice gains including the S&P 500 which closed up over 1.4% for the day and at the day’s highs. The bottom was actually made in the futures yesterday not long after the close. Sometimes when you see bounces like this you will see an index like the Dow lead which I am always a skeptic of but today the S&P 500, Russell 2000 and Nasdaq Composite all outpaced the Dow to the upside with the…
Daily Wrap
DJIA +62.51 (+0.46%) to 13,712.21; S&P 500 +6.58 (+0.44%) to 1,492.56; NASDAQ +8.47 (+0.27%) to 3,143.18 Today was an interesting day. 4 Dow names reported before the bell but due t their mixed nature it didn’t seem to help provide any conviction either way so the market erred on the being down side. After wavering for the early part of the day the S&P finally pressed into positive territory around lunch and then started a trek higher closing up over 6 points for the day. In economic news, US existing home sales came in below estimates for December and the Richmond Fed Manufacturing survey looked to…