Early dip met with strong buying
Index & Sector performance 2/13/14 The Market: The markets began to dip overnight and into early morning trading. Weaker than expected economic data didn’t help but just as the market officially opened the bottom was put in and the S&P 500 spent the remainder of the day rallying only taking a short midday break before continuing on to made the highs of the day near the close. The following noteworthy companies are scheduled to report earnings before tomorrow’s open: ALE, BAM, COTY, CPB, DTE, H, IPG, IPGP, ITT, JMP, LECO, LPNT, MINI, POR, RRGB, SJM, SNI, TRW, VFC, VTR,…
A low volume flat session
Index & Sector performance 11/25/13 The Market: Monday’s trading started with some optimism but that was sold in early trading and the market started climbing back toward the highs of the day after a pullback. The rally efforts topped around 2:30 pm EST and the market then declined into the close but after the dust settled it was a flat day. Again volumes were on the light side. Today’s economic calendar was light with only Pending Home Sales on the docket and came in worse than expected posting a -0.6% when 2.2% was expected. Tomorrow we get more housing data…
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…
S&P regains the 50
The Market: Today did not have anything to really speak of in terms of Economic data and the remainder of the week is not necessarily uneventful but also not one of the more data laden weeks we see. Tuesday morning brings the NFIB Small Business Index, Thursday the Unemployment Claims as well as Fed Budget Balance and Import prices. and Friday rounds out the week with Consumer Sentiment and Inflation Expectations as well as Retail Sales and PPI. We track the data and the numbers posted in the Events Calendar. Story Stocks: Shareholders of Delta Air Lines (DAL) have had…
Daily Wrap
DJIA +207.50 (+1.38%) to 15,248.12;S&P 500 +207.50 (+1.38%) to 1,643.38;NASDAQ +40.57 (+1.38%) to 2,990.87 Today the markets followed up on yesterday’s moves off the lows with a very impressive strong rally after a jobs number that many touted as “in the sweet spot”. Meaning that it was not strong enough to force the Fed to revisit their efforts but better than estimates showing an improvement in the employment picture. While the Jobs number slightly beat estimates, the Unemployment rate ticked up unexpectedly to 7.6% due to more people entering the workforce than expected. These are presumably people who were previously discouraged workers so if they feel…
Daily Wrap
DJIA +60.44 (+0.40%) to 15,275.69; S&P 500 +8.44 (+0.51%) to 1,658.78; NASDAQ +6.57 (+0.22%) to 3,002.62 A very choppy yet still strong day to follow-up on Tuesday’s rip higher. Today initially open lowered but by 11am EST was back to flat and then took off at what felt like an unabated rally which fell just shy of $1660 in the S&P 500 cash index. The market then swooned almost back to even and finally finished up 8 points and only roughly 3 from the high. There was a decent amount of economic data today and it was interestingly mixed but what will be watched for the…
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…
Week in Review
DJIA -35.71 (-0.27%) to 13,135.01; S&P 500 -5.87 (-0.41%) to 1,413.58; NASDAQ -20.83 (-0.70%) to 2,971.33; Friday’s action was red across the board and it was never in doubt. The downside was lead by the tech and inside tech the leader down was Apple Computers (AAPL) and names inside the AAPL universe. We had a small amount of economic data today but nothing that would have been able to or did change the course. The bias was clearly to go home today flat or short but not long as we saw the selling pick up after 2pm as traders have…
Daily Wrap
DJIA -2.99 (-0.02%) to 13,245.45; S&P 500 +0.64 (+0.04%) to 1,428.48; NASDAQ -8.49 (-0.28%) to 3,013.81; Today we started with a gap higher which consolidated in an orderly fashion until just after noon when we had the release of the Fed data. The market broke to new highs for the day but then started to give back some of the gains around 2 and then steadily trended lower the last hour finally closing just up for the day after spending a few minutes negative. This would be a classic, buy the rumor and sell the news type action. Even sometimes…
Week in Review
Friday’s Action: DJIA +45.93 (+0.37%) to 12,588.31; S&P 500 +6.55 (+0.48%) to 1,359.88 NASDAQ; +16.19 (+0.57%) to 2,853.13 Friday’s action was somewhat commensurate to what I would expect on an Op-Ex with a clear trend in place. Lots of choppy action and swings back and forth but ultimately the net change for the day is tepid. One thing of note is our 4 hour futures chart was able to peak above the downtrend line including after hours trading Friday. That will be something to note and it is always possible to get a gap the Monday after Op-Ex since hedging and position for the next contract…