Daily Wrap
DJIA +19.66 (+0.14%) to 14,567.17; S&P 500 +7.25 (+0.47%) to 1,562.50; NASDAQ +29.61 (+1.06%) to 2,810.07 Monday’s action started with a gap higher which was promptly sold until just before 11am EST when the S&P 500 finally bottomed and then rallied the majority of the day. The high for the day was set just before 3pm EST and the remainder of the day was spent consolidating with a slightly lower bias. In economic data we saw a slightly downbeat housing (existing sales) number coming in at 4.92M vs a 5.02M estimate. Caterpillar (CAT) announced earnings that seemed to be overall disappointing with a…
Daily Wrap
DJIA +125.95 (+0.89%) to 14,253.77; S&P 500 +14.59 (+0.96%) to 1,539.79; NASDAQ +42.10 (+1.32%) to 3,224.13 Up up and away the market went today with the Dow closing at record highs. Starting the week I had the expectation that this week would be a consolidation week but then as Monday started, something bothered me. The 4 hour emini S&P 500 chart. It didn’t just look bullish it look destined to head higher. I posted it over at StockTwits (WSConsensus) and again in my nightly recap. The way the markets closed and also started the next day seemed to be confirming the pattern and…
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…