S&P 500 holds 1800
Index & Sector performance 12/10/13 The Market: On what amounted to only a small down day with the S&P 500 losing roughly 5 points, the index was able to hold the $1800 level as well as the 20 day SMA which it recently regained after a one day close below on 12/5/13. It was a light economic data day with the NFIB Small Business index coming in as expected posting a 92.5 with expectations at 92.7 and the previous reading 91.6. Wholesale inventories were higher than expected with a 1.4% reading when consensus was 0.3%. The previous month’s reading was…
ECB moved & so did the markets
Index & Sector performance 11/7/13 The Market: The S&P 500 spiked higher around 8am EST time after the ECB announced a rate cut. This move was further helped by a strong Q3 GDP number. While we opened off the pre-market highs, the real selling began after the bells. After each move lower the market tried to stage a rally but all were sold. The S&P 500 closed right at the 20 day SMA From peak to trough using the S&P futures we saw a near 30 point swing to the downside. In economic news, GDP came in much stronger than…
S&P 500 closes at new highs
Index & Sector performance 10/17/13 The Market: The government put the debt ceiling behind the nation….until the beginning of next year. The temporary resolution should take the issue off the front pages, for now. The markets started with a gap lower which was quickly bought up and a strong rally continued to build off the 10/09 lows with the S&P 500 posting all time closing highs. In economic news Unemployment Claims came in at 358K vs consensus expectations of 357K so inline and then the Philly Fed Manufacturing index saw a small drop but was better than expected. CNBC reported…