Stocks Suffer A Distribution Day But A Late-Day Rally Sends Stocks Well Off Their Lows
June 6, 2007 | Leave a Comment
Stocks didn’t fair too well in the morning as hawkish comments from Bernanke helped send stocks lower and had the Nasdaq down as much as .9% at one point. However, the dip buyers showed up again and helped take stocks off their lows and sent them to a respectable close. Despite the respectable close, stocks still closed lower. The SP 600 led the way down with a .8% loss, the NYSE and the DJIA followed with .6% losses, the SP 500 lost .5%, and the Nasdaq lost .3%. Leading stocks did better, with the IBD 100 only down .1%.
The losses combined with higher volume, technically gives the indexes another distribution day. That makes it two for the DJIA and SP 500, three for the NYSE, and six for the Nasdaq during the past four weeks. However, like most distribution days that have hit the indexes the past couple of months, there was not a lot of conviction on the sellers as the reversals off the lows lasted until the closing bell. Real selling would not let buying take over like that. The only real negative was breadth being negative by about 3-to-1 on the NYSE during the lows of the session. But that really had the feeling of exhaustive selling. The other clearly negative action was that only three out of the 30 DJIA stocks finished in the green. Read more
Leading Stocks Lead The Way As A Very Bullish Week Comes To A Close; NYSE Short Interest At Five-Year Highs
June 3, 2007 | Leave a Comment
A lot of strong economic data helped stocks finish higher, on Friday, but they were off from their early morning highs. However, the closes were still impressive and the DJIA even had a very strong final hour, even with the Shanghai market falling another 2.7% (still up 50% this year). At the close the SP 600 hit an all-time high rallying .8%, the NYSE hit an all time high rallying .6%, the SP 500 hit an all-time closing high rallying .4%, the Nasdaq hit 6 1/2 year highs rallying .4%, and the DJIA rallied .3% hitting another all-time high. Read more
Leading Stocks Lead The Way As A Very Bullish Week Comes To A Close; NYSE Short Interest At Five-Year Highs
June 2, 2007 | Leave a Comment
A lot of strong economic data helped stocks finish higher, on Friday, but they were off from their early morning highs. However, the closes were still impressive and the DJIA even had a very strong final hour, even with the Shanghai market falling another 2.7% (still up 50% this year). At the close the SP 600 hit an all-time high rallying .8%, the NYSE hit an all time high rallying .6%, the SP 500 hit an all-time closing high rallying .4%, the Nasdaq hit 6 1/2 year highs rallying .4%, and the DJIA rallied .3% hitting another all-time high. Read more
Markets End Choppy Day Mixed On Higher Volume; M&A Activity Continues
June 1, 2007 | 1 Comment
Off the back of a 1.4% gain in the Shanghai market, it was more of the same for the Nasdaq and SP 600 as both indexes gained .5%. This helped the SP 600 hit an all-time high. The DJIA and SP 500 closed slightly lower as they could not build off yesterdays momentum, but the NYSE gained .2% higher. The gains also came on heavier trade, giving both the NYSE and the Nasdaq an accumulation day. This was the third day in a row of stocks rising on heavier volume. It was also the third day in a row that leading stocks beat the broad market. The IBD 100 gained .9%, outpacing the NYSE and the Nasdaq. Read more
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