Icahn comments spark late day sell off
Index & Sector performance 11/18/13 The Market: It was a fairly quiet day in the markets until a comment from Carl Icahn appears to have started a late day sell off after noting that he could see the markets have a “big drop”. This sent the S&P 500 down roughly 12 points in the final hour of trading In economic date the NAHB Housing Market Index fell slightly short of estimates posting a 54 when 56 was expected. Today also some a mix of Fed speak and that continues tomorrow including Fed Chairman Bernanke at 7pm EST and President Obama…
Daily Wrap
DJIA -5.83 (-0.04%) to 15,419.68;S&P 500 -1.95 (-0.12%) to 1,689.47;NASDAQ +9.84 (+0.27%) to 3,669.95 Not too much action overall in the indices today. A gap down open in the S&P 500 was quickly bought and rallied back toward Friday’s close only to fall back after reaching flat on the day. The S&P fell until roughly 2pm est where it bottom and staged a late day rally which was unable to reach the highs of the day. The Russell 2000 and Nasdaq managed to gain ground with the Nasdaq was helped by Apple (AAPL) which gained 2.77% on optimism for a new iPhone model to…
Week in Review
DJIA +8.37 (+0.06%) to 13,981.76; S&P 500 -1.59 (-0.10%) to 1,519.79; NASDAQ -6.63 (-0.21%) to 3,192.03 A pretty lack luster Friday to close off a lack luster week. There wasn’t a shortage of events and things the market could use to drive direction one way or the other but it simply chose not to. The market seems firmly pitted between valuations that may seem somewhat extended and technicals that would like a pullback but the continued accommodating environment from the Fed and also the Government as they continue to run deficits and even if cutting it is slow to not shock the economy. How the market…
Daily Wrap
DJIA +47.46 (+0.34%) to 14,018.70; S&P 500 +2.42 (+0.16%) to 1,519.43; NASDAQ -5.51 (-0.17%) to 3,186.49 With no major economic data scheduled for announcement today, the markets were quiet today before the President’s speech tonight and often a quiet market will just consolidate or drift into the trend which has been undoubtedly higher since the November bottom. Not so quite today was Apple Computers (AAPL) and last night I noted that there was expectation going into the Goldman Sachs Technology and Internet Conference piggy backing on David Einhorn’s comments. Often in these cases it is a buy the rumor sell the news event and today that…
Daily Wrap
DJIA -21.73 (-0.16%) to 13,971.24; S&P 500 -0.92 (-0.06%) to 1,517.01; NASDAQ -1.87 (-0.06%) to 3,192.00 Today’s market held in a tight range and is reflected in the close in the S&P 500 which is down less than 1point. This week has a fair amount of data, fed speak and some scheduled Obama talk. I try and log it all and then update the numbers as they come out so visit the Event’s Calendar for the updates and there is also currently a dividends and splits list. The stock of the day today was Nordisk (NVO) which received an FDA Complete Response Letter indicating that the company’s insulin products will…