Window dressing or more to come?
Index & Sector performance 3/31/14 The Market: The Quarter ends with a nice up session which has some throwing around the term “window dressing”. While we do not necessarily disagree with the sentiment, we also believe price is the ultimate indicator and therefore today’s action has to be respected. Otherwise it is ultimately a continuation of the short term consolidation between the highs on the S&P 500 cash at $1883.97 and the 3/14/14 lows of $1839.57. In the very short term the futures appear to be flagging overnight and could look to next target the 1875ES region. Support is 1862ES…
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. …