Bulls fight back after a gap down
Index & Sector performance 11/13/13 The Market: Losses after a gap down on the open were completely recouped in the first hour of trading. After a brief consolidation, the S&P 500 moved strongly higher into the close posting a 14 point up day but from trough to peak the moved covered 22 points. In economic data the Federal Budget Balance came in better than expected with a -91.6B vs expectations of -104.3B. Tomorrow there is more economic data including the usual Unemployment Claims which we have an estimate of 331K. Another noteworthy even is that Janet Yellen testifies tomorrow at…
Daily Wrap
DJIA +24.50 (+0.17%) to 14,700.80; S&P 500 +6.37 (+0.40%) to 1,585.16; NASDAQ +14.54 (+0.51%) to 2,848.66 The S&P 500 started with a small gap higher after a better than expected Unemployment claims number (339K vs 352K) which then waffled for the initial trading and then started to press higher. After an intraday consolidation, the S&P 500 again until around 2:30 pm EST when the index started to fade and continued lower until roughly the end of the day. While still closing higher, the S&P was roughly 7 points off the high. As we are in the thick of the earnings reports, each day…
Daily Wrap
DJIA –14.05 (-0.10%) to 13,881.93; S&P 500 -2.78 (-0.18%) to 1,500.18; NASDAQ +4.59 (+0.15%) to 3,154.30 I had to blink twice and rub my eyes but it was true that the S&P 500 closed lower. The Dow followed suit but AAPL finally having an up day helped the Nasdaq manage to eek out a small gain. Now before we get crazy, this was a near 3 point down day on the S&P after 8 straight days of moving higher. I have been looking for some consolidating which really hasn’t come to fruition. Any pullbacks still look to be greater opportunities…
Daily Wrap
Today the markets Started with a gap down over 10 points on the S&P 500 but quickly bottomed and started to rebound. That rebound took the index all the way back to positive territory resulting in a nearly 20 point rally off the lows. The index also retook the 200 Day MA but around 11:15 am EST the rally peaked and the midday slowly drifted back down morphing into a hard sell off into the close and leaving us at 1374.53 on the S&P 500. This marks the 3rd day closing below the 200 Day SMA. The 60 minute SPY…