Stocks Close In The Green But Fail To Recover Much Of The Severe Losses From Yesterday; Where Did All The Nice Charts Go?
March 1, 2007 | Leave a Comment
Stocks gapped higher in the morning but soon lost those gains, off the back of three weak economic numbers. First Q4 GDP came in with a final revision of a 2.2% gain. That was much lower than the initial 3.5% reported and below 2.3% estimates. Then new home sales came in with a Y over Y fall of 16.6%. That was the worst fall in 13 years. Finally, the Chicago PMI fell to 47.9, below the neutral 50 mark, signaling that the factory sector is slowing down. However, Ben came to the rescue, with comments that the economy was “fine” and that the economy is showing “moderate growth.” This helped lift stocks off the lows, leading them to green closes. The tame gains, compared to Tuesday’s losses, however, shows that yesterday’s losses were more than just a one day “mistake.” This had to be disappointing to market bulls, even though they will not tell you it was.
At the close, stocks barely recovered any of their losses, with the SP 500 leading the way with a .6% gain, the DJIA followed with a .4% gain, the Nasdaq gained .3%, and the SP 400 and 600 gained .1%. This was not the kind of buying that inspires confidence that the selling from yesterday was a one day phenomenon. The IBD 100 gained 1.3% and the IBD 85-85 gained 1.2%. Both well below their 5.3% losses yesterday. Today was not bullish.
Indexes All Finish In The Red But Still Finish Well Off The Lows; Leading, Tech, And Small-Cap Stocks Lead This Week
February 24, 2007 | 2 Comments
Stocks finally decided to take a break, across the board, as stocks meandered in the red all day, closing off the lows. However, a slight change of character was the fact that there was no last hour rally. That is probably due to most traders starting the weekend early as an exhaustive holiday shortened week comes to an end. There was no doubt that with no economic news of significance today that digesting this week’s gains was a good thing. Read more
Blue Chips Get Hit; Nasdaq Stages Another Bullish Intraday Reversal, Closing At Its HOD
February 22, 2007 | Leave a Comment
Stock indexes gapped lower this morning as CPI data came in higher than expected. The CPI rose .2% as core prices had their biggest jump since June. That along with Fed minutes showing that the Fed is still targeting inflation was enough to send all the indexes lower. However, showing just how strong this market is, stocks crawled off their lows of the day and the Nasdaq even closed at its HOD. Read more
Boring Day On Wall Street Ends With Stocks Slightly Lower
February 9, 2007 | Leave a Comment
Stocks suffered small losses, on what was a very dull session, overall. After an early morning-selloff, stocks found support and slowly ticked up the rest of the day, finishing well off their lows. The story of the day belonged to retail stocks, as same store numbers rose a better than expected 3.9% with over 60% of all retail stocks beating views. Read more
Stocks End Mixed On Lower Volume, As A Big Merger Rumor Helps Lift Stocks Off Their Lows.
January 27, 2007 | Leave a Comment
Stocks started the day off very strong but soon started selling off, after strong durable goods orders, strong new-home sales, and bond yields ticking higher sent signals to traders that the Fed would not be cutting rates any time soon. Thankfully, a rumor of Bank of America and Countrywide Financial merging and more positive earnings helped lift stocks well off their lows. Read more
Oil’s Collapse Helps Lift All Indexes On Higher Volume; Nassy Near Six-Year Highs.
January 12, 2007 | Leave a Comment
Stocks gapped up in the morning, held those levels, and rallied for the rest of the day on the back of another back-breaking decline in oil. This huge 4% drop in oil helped the entire market rally, on Thursday. Oil has now fell 15% in 2007.
At the close, with techs and small caps leading, the SP 600 gained 1.2%, the Nasdaq rallied 1% breaking out above the December highs, and the SP 500 and DJIA gained .6%. The DJIA also hit another all-time high.
Stocks End Mixed On Heavy Volume; Churning?
January 9, 2007 | Leave a Comment
On a day where a strong IBD/TIPP poll shows that investors are gaining confidence and AAPL releases the new iPhone and Apple TV, stocks decided to churn one in today. The only exciting action came in the SP 600 which turned a 1.1% loss into a gain by the end of the day.
Happy New Year!; Markets Produce A Distribution Day On The Last Trading Day Of 2006.
December 30, 2006 | Leave a Comment
Happy New Year!; Markets Produce A Distribution Day On The Last Trading Day Of 2006.
THIS IS THE VERY LAST FREE “DAILY MARKET ANALYSIS and NEW SWING LONGS/SHORTS” POST ON THIS BLOG.
On the very last trading day of the year, stocks decided to end the year on a slightly nasty note, offering distribution days across the board. There was no news catalyst on this Friday the last trading day of 2006. The only possible reason for the selling that was floating around the street was the fact that traders might not want to be long over the long weekend. My question is: wouldn’t they also not want to be short? Oh well.
Stocks End Slightly Lower As Wall Street Looks To Be Starting Christmas Early.
December 20, 2006 | Leave a Comment
Stocks started the morning pretty flat, then accelerated after the opening, but soon turned tail and trended down for the rest of the day. There were no news catalyst for the reversal but the fact is that stocks did reverse.
Ugly Morning Finds Support As Stocks Rally Into The Close.
December 19, 2006 | Leave a Comment
The market started the day with a nasty gap down on two possible news stories. A big jump (largest since 1974) in Producer Prices for November and a scare over a possible new Asian-market meltdown put a lot of pressure on the indexes. However, bulls remain extremely strong in the face of selling and rallied the indexes off the lows all the way into the final hour.
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- Bep Verberk
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