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…