Week in Review
DJIA +35.17 (+0.25%) to 14,089.66; S&P 500 +3.52 (+0.23%) to 1,518.20; NASDAQ +9.55 (+0.30%) to 3,169.74 Friday was an interesting day as we went into the weekend before Sequester (sounds like an SAT word right?) and rumors were abound which helped drive the markets one way or the other. We did finally close with a small gain on the day which continued the markets impressive move off Wednesday’s lows right near the 50 Day SMA’s. We had what I thought was mixed economic data through-out the day which over overall possibly canceled itself out but also continues to show the shaky ground we stand on. That isn’t…
Daily Wrap
DJIA -216.40 (-1.55%) to 13,784.17; S&P 500 -27.75 (-1.83%) to 1,487.85; NASDAQ -45.57 (-1.44%) to 3,116.25 Back to a full trading week and Monday started with a bang and the broad indices moving higher. Then as the trading day progressed the Russell 2000 went negative and soon the rest of the markets were following suit. This pullback turned into a full fledged sell of and while not reminiscent of the Flash crash it was also more than I expected to see in one day even though we were moving toward my target region highlighted in recent updates. What I find interesting is while we had no…
Daily Wrap
DJIA +39.55 (+0.30%) to 13,074.04; S&P 500 +4.66 (+0.33%) to 1,413.94; NASDAQ +15.57 (+0.52%) to 2,989.27; The majority of today was spend on the positive side of the line but never all that much as we closed at highs for the day. The market remains in this sloppy consolidation between the 38 and 62% fibs. Along with the fibs we have the 50 Day MA as resistance and the 20 and 200 below as support. As with many days i the past on both the up and down side, Apple Computers (AAPL) was a key focus for traders today. Last…
Week in Review
DJIA +3.76 (+0.03%); to 13,025.58 S&P 500 +0.23 (+0.02%); to 1,416.18 NASDAQ -1.79 (-0.06%) to 3,010.24; Friday’s action was another consolidation day just below the 50 Day SMA. The entire range for the day was 8 S&P points and while the index closed higher, we spent the majority of the day down. Stocks of the Day today included Advanced Micro Devices, Inc. (AMD). Finally bouncing off very depressed levels, this has been a name we have featured as a Trade Idea. There was news that the company plans to sell its Austin, TX campus but this rally seems more like en and of…