Stressed Out And Tired; Stocks End The Week With A Boring Session, Leaving The Indexes Mixed And Flat
April 1, 2007 | Leave a Comment
Another wild-yet-boring intraday session came to an end, with stocks going nowhere. The lack of action today is a bit of a surprise, considering all the news items we had to digest. First, we got off to a positive start and continued higher early on, on the back of a bunch of macro news. The core personal consumption index rose .3% in Feb (biggest jump since August) and personal income and spending rose .6%, contributing to the fact that core inflation is now at 2.4% which is outside the Fed comfort zone of 1%-2%. This data should make it clear that the Fed will not be cutting interest rates anytime soon.
Stressed Out And Tired; Stocks End The Week With A Boring Session, Leaving The Indexes Mixed And Flat
April 1, 2007 | Leave a Comment
Another wild-yet-boring intraday session came to an end, with stocks going nowhere. The lack of action today is a bit of a surprise, considering all the news items we had to digest. First, we got off to a positive start and continued higher early on, on the back of a bunch of macro news. The core personal consumption index rose .3% in Feb (biggest jump since August) and personal income and spending rose .6%, contributing to the fact that core inflation is now at 2.4% which is outside the Fed comfort zone of 1%-2%. This data should make it clear that the Fed will not be cutting interest rates anytime soon. Read more
Stock Indexes Close Lower On Higher Volume, Producing The First Distribution Day Since The Follow-Through On Wednesday; Is This Rally Done Already?
March 29, 2007 | Leave a Comment
Stocks turned tail Wednesday and for the second day in a row dip-buyers did not show up as stocks moved lower, with an intraday roller-coaster ride mid-day after a speech by Ben to a Congressional panel, closing near the lows of the day. Things got off to a bad start, after the February durable good came out below expectations of a 3.5% gain with an actual 2.5% gain. That might have been bad but the ex-transportation numbers hitting YOY growth lows not seen since 2003 and capital goods coming in 1.2% lower and at lows not seen since 2004 were probably what really gave traders a scare. On top of that, add oil hitting six-month highs of $68 after-hours and settling in at $64.08 after weekly inventories were announced falling by 900k, comments by Ben that inflation is still a worry, and the tensions between Britain and Iran over the naval incident and you have plenty of reasons for stocks to go lower; and lower they went. Read more
The Bad News From The Housing Sector Just Doesn’t Stop; Stocks End Lower But On Lower Volume
March 27, 2007 | Leave a Comment
It was a day of bad news all around, as rising oil prices, more bad news from the housing market, and a drop in consumer confidence rocked stocks early. After the early morning rock, stocks basically spent the rest of the day boring everyone as all of the action was before the bell.
Stocks Reverse Intraday Losses, With Most Indexes Closing Higher On A Slight Uptick In Volume; Housing Market Continues To Swoon
March 26, 2007 | Leave a Comment
Stocks started the day pretty drift-less the first half hour, but soon the excitement started. After a report on new-homes sales falling 3.9% to 848k in February to new seven year lows (June 2000), a report on the months supply of homes on the market rising to 8.1 months which is a 16 yr high (January 1991), and a revision of new-home sales being lowered in November, December, and January, stocks were slammed. On top of that, Citigroup announced plans to cut 15k jobs and take a $1 billion charge to earnings, and oil rose to over $63 a barrel, closing at $63.30. Despite all of this, after the selling was over in the morning, stocks rose the rest of the day closing near their highs. This was a very positive bullish intraday reversal. Read more
A Boring Day Of Trading Ends With Stocks Mixed On Lower Volume; Best Week For Stocks In Six Months
March 24, 2007 | Leave a Comment
A boring, erratic, and overall lame session came to end Friday, after a week of surprises on many fronts. The only thing not boring today was the post-1pm EST action in the Nasdaq; up, wedge up, down, wedge down, and up. Still, that only led to a flat close. Today’s headlines were much more subdued than the previous four days, but we still had some important numbers to digest. Existing-home sales were up 3.9% in February to an annualized 6.69 million. That was the fastest growth since April and above economist estimates. This was a welcome report, after all the thrashing we received last month. The other news item making its way around was the 15 British sailors and marines that were captured by Iranian kidnappers. However, as expected, this was not market moving news. Read more
Stocks End Mixed After A Narrow And Choppy Session; Indexes Hold Up Well After Follow-Through
March 22, 2007 | Leave a Comment
Stocks traded in a narrow and choppy range today, digesting the gains from yesterday’s follow-through. That action was overall very positive considering that there were a couple of news items that could have sent stocks lower. Oil rose $2 to close over $61 and for the third week in a row, jobless numbers came in lower; this time by 316,000. However, stocks held up well, consolidating the gains from yesterday’s follow-through. Read more
Stock Indexes Follow-Through On Day Six Of Rally Attempt; Something Seems Wrong About This Follow-Through
March 22, 2007 | Leave a Comment
Stocks were boring and dead all day long, until 2:15pm when the Fed announced their decision on interest rates. When that happened, stocks exploded to the upside, destroying shorts in the process. The party was not started based on the decision, as everyone expected rates to stay at 5.25%. The fireworks erupted because the Fed left out the hawkish comments and adopted a more neutral rate policy. That sparked non-stop buying on strong volume, into the close.
Stocks Rally For Second Straight Day, On Lower To Flat Volume; Funds Still Have No Interest In This Market
March 20, 2007 | Leave a Comment
It was another day of light gains, for the stock market. However, today, had a bit more of a steady bullish bias to it, unlike yesterday, as big-cap indexes closed near their HOD. The good news for stocks came on the back of a better-than-expected housing starts number for February. That number was up 9% for the month, which is much better than the 14% drop in January. The bad news, in that mix, came from building permits as they fell again by 2.5%. The other positives effecting stocks was M & A activity. The news that CYTC is making a full bid for ADZA and that PALM might receive a bid for its business might have had a positive impact on stocks. Read more
Stocks Gap And Trap Shorts On Lower Volume; Second Lowest Volume Since Last Week of 2006
March 19, 2007 | Leave a Comment
It was an exciting morning, as stocks gapped higher, as many investors were expecting a big follow-through day. However, after that gap up, stocks did not go much further than that, giving a feeling of a short-squeeze and not real buying by funds. The gap up, this morning, gave credit to the overnight success of Asian markets and the rash of mergers and acquisitions that took place. Read more
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