March 28, 2024

Daily Wrap

DJIA -36.86 (-0.24%) to 15,521.97;S&P 500 -6.32 (-0.37%) to 1,685.33;NASDAQ -14.02 (-0.39%) to 3,599.14 Today the S&P 500 started with a small gap down that initially tried to rally back to Friday’s close but couldn’t hold and slipped lower until finding a bottom just before noon EST.  After gaining some traction the S&P rallied until roughly 2:30 EST before falling again in the last hour of trading but did not make new lows for the day. There was a notable merger in today’s news and while the stocks didn’t move very much, due to the size of the companies it was note worthy…

Daily Wrap

DJIA +106.20 (+0.72%) to 14,818.75; S&P 500 +11.37 (+0.72%) to 1,593.61; NASDAQ +26.40 (+0.93%) to 2,866.95 The market continues its recovery from the recent dip now not also challenging recent highs but making all time highs (closing and intraday).  The trend remains strongly in-tact with the SPY up over 12.36% YTD and maybe more astoundingly 16.99% over a rolling 12 month period. In economic news today we saw Personal Spending meet forecasts with a 0.2% increase but Personal Income not only missed forecasts of a 0.4% gain but actually ticked down 0.2%.  Lastly, Pending Home sales beat expectations with a 1.5% increase over last month when…

Daily Wrap

DJIA –14.05 (-0.10%) to 13,881.93; S&P 500 -2.78 (-0.18%) to 1,500.18; NASDAQ +4.59 (+0.15%) to 3,154.30 I had to blink twice and rub my eyes but it was true that the S&P 500 closed lower.  The Dow followed suit but AAPL finally having an up day helped the Nasdaq manage to eek out a small gain.  Now before we get crazy, this was a near 3 point down day on the S&P after 8 straight days of moving higher.  I have been looking for some consolidating which really hasn’t come to fruition.  Any pullbacks still look to be greater opportunities…

Week in Review

DJIA +43.85 (+0.33%) to 13,435.21; S&P 500 +7.10 (+0.49%) to 1,466.47; NASDAQ +1.09 (+0.04%) to 3,101.66 Hopefully slow and steady will win the race when it comes to the Jobs market.  Adding another 155K non-farm jobs  was just a tick above analysts expectations and the revised Unemployment rate for November to 7.8% held into December. The market started the morning somewhat choppy while seemingly digest the morning’s economic data and then started a near uninterrupted climb closing near highs of the day. Supervalu (SVU) gapped higher and closed up over 13.5% on a Wall Street Journal report that private equity firm Cerberus Capital is close…

Daily Wrap

DJIA +308.41 (+2.35%) to 13,412.55; S&P 500 +36.23 (+2.54%) to 1,462.42; NASDAQ +92.75 (+3.07%) to 3,112.26 The majority of today’s gains were made on the open resulting from the market’s elation on a fiscal cliff deal.  I would like to think that this is the last time we focus on Washington but unfortunately I feel it is not.  Otherwise today was a strong rally on better than average volume and the second one in a row at that.  What was even more interesting was the fact that Small caps and Tech lead (including everyone’s favorite AAPL) which lends to the…

Charts of Interest

Let’s take a look at some charts I am watching going into the next week. Deckers Outdoor (DECK): One of our more favorite trades as it had clear levels to trade against.  I noted on Stock Twits (WSConsensus) that DECK could now be approaching initial resistance around $35 and would expect a pause to refresh and that quick traders could take some off to look to re-enter.  Now the 20 Day SMA (green line) should be support and if you did lose some you could look to add.  This one is a potential Long Term trade but we always take…