GDP disappoints but market ignores
Index & Sector performance 4/30/14 The Market: As you can see in the table below, the U.S. Q1 GDP number came in well below expectations. While Q1 was not expected to be a high growth quarter, clearly analysts did not expect a near negative number. Certainly the colder than expected weather could have and likely did play a role but on our opinion you cannot completely blame a miss like this on the weather. So why might traders and investors be willing to look past this data besides the weather? Possibly because a number like this allows the Fed to…
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 +130.63 (+0.89%) to 14,831.58; S&P 500 +14.89 (+0.94%) to 1,597.59; NASDAQ +37.79 (+1.32%) to 2,911.14 Today was another one of those small gap and run days where the market drifted higher the entire day. There is not much else to say except it seems as though the market was happy to rally on today’s better than expected Unemployment Claims but the focus will quickly flip to the Non-Farm Employment Change numbers. I have estimates at 155K and remember last report came in at 88K. In economic news today, Unemployment Claims came in at their lowest levels in over 5 years and well below analysts expectations. …
Daily Wrap
DJIA +21.05 (+0.14%) to 14,839.80; S&P 500 +3.96 (+0.25%) to 1,597.57; NASDAQ +20.49 (+0.71%) to 2,887.44 Today saw some jockeying for position by the indices as they started the day moving lower and then recovered to close slightly up for the session. In economic news the Case/Shiller index rose 1.2% from the previous month’s reading and topped estimates with a 9.3% vs 9.1% estimate. Chicago PMI on the other hand fell short of estimates recording a 49 vs 52.5 estimate. Consumer confidence came in mainly inline with a 68.1 vs 68.4 estimate. Before the open, Pfizer (PFE) reported earnings which missed on both revenues ($13.5B vs $14B) and EPS (54c…
Daily Wrap
DJIA -44.23 (-0.32%) to 13,910.19; S&P 500 -5.89 (-0.39%) to 1,501.95; NASDAQ -11.35 (-0.36%) to 3,142.31 Today the markets moved lower and more decisively so compared to that other down day this. What was also interesting is that the Small Caps lead the way down and generally I like to see the Small Caps lead (along with the Techs if I can get them). This still has to be taken in stride based on the current trend in place but the recent action definitely does highlight the need for a consolidation as I have been calling for and also that…