Stocks Finally Provide The Confirmation To The March 21st Follow-Through; Nasdaq Leads Market Higher, On Higher Volume

April 3, 2007 | Leave a Comment

Possible good news out of Iran over the release of the 15 hostages, oil prices falling 2% to $64.64 as the result of the possible release, positive foreign market gains in Europe and Asia, and positive news from the housing market was just what the market needed, as stocks gapped higher, held the gains, and rallied into the close to close near their HOD. Read more

Posted by Joshua Hayes | Filed Under Free Commentary 

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

Posted by Joshua Hayes | Filed Under Free Commentary 

A Choppy Day With A Downside Bias Ends With Stocks Slightly Lower; Quadruple Witching = Quadruple Boring

March 16, 2007 | Leave a Comment

It was a weird sluggish session, today, but in the end it was another typical quadruple-witching Friday. However, there was plenty of data for Wall Street to go through, despite this once a month event. The CPI rose a little over .4%, a bit higher than the .3% estimate. But the core prices came in line rising .2% for a year over year change of 2.7%. Industrial production jumped 1% in February, over the readings for a .3% increase and its largest increase since November. Michigan consumer confidence fell (are you surprised there?) to 88.8. Add the fact that oil fell below $58 and might have thought it would have been a more exciting day. Nope. Quadruple-witching ruled the day. Read more

Posted by Joshua Hayes | Filed Under Free Commentary 

Wild And Choppy Intraday Action Ends With Most Indexes Red; Day Two Of Rally Attempt

March 8, 2007 | Leave a Comment

It was a choppy day today (no surprise here) as stocks opened flat, then fell, the rallied, and then took a last hour nosedive. When it was over, all indexes ended in the red closing near the LOD, except the MidCap 400 index. There was not much in economic news to move the market. The Fed Beige Book showed modest growth in the economy, with 3 out of 12 districts slowing down. This lack of econ news kept the market in a benign trading range that led to a last hour selloff that killed a possible green close. Read more

Posted by Joshua Hayes | Filed Under Free Commentary 

The Oversold Bounce I Expected Arrived Earlier Than Anticipated; Big Gains Come On Lower Volume

March 6, 2007 | Leave a Comment

Stocks staged an extremely strong rally, off the back of an overnight rally in Asia and Europe. But the big log-jam higher came during comments by Ben arguing for more regulation over the mortgage giants FNM and FRE. Stocks were pulling back slightly ahead of those comments. However, that being a reason for the rally is hogwash. The reason was that stocks were beaten a lot over a very short period of time and a very powerful oversold bounce was to be expected. There was a bit of bad econ news today out of the factory orders. Orders fell 5.6%, below economist expectations and coming in with the worst drop since July 2000. This had no effect on the market, as can be seen below, as all stock indexes recouped all of Monday’s losses. Read more

Posted by Joshua Hayes | Filed Under Free Commentary 

Bottom Guessers Continue To Lose Money As Stocks Continue To Selloff; Charts Are Getting Very UGLY UGLY UGLY (Not A Normal Pullback)

March 5, 2007 | Leave a Comment

Stock market indexes took traders on a wild and crazy wild, on Monday, as stocks gapped lower due to fears out of Asia, the subprime mortgage market, and other various reasons. By the middle of the day stocks managed to make it to the green but were then slammed in the final hour on heavy selling sending the averages right back to where they started. Read more

Posted by Joshua Hayes | Filed Under Free Commentary 

Stocks End The Week With More Losses, Capping Off Their Worst Week In Years

March 4, 2007 | 2 Comments

A falling dollar to a rising yen and euro and concerns of the subprime mortgage market helped weigh on stocks on Friday. However, after the damage Tuesday and the weak bounce on Wednesday and Thursday, further selling was to be expected. The most disturbing part of Friday’s selloff was the fact that almost all the indexes closed at their LOD. Read more

Posted by Joshua Hayes | Filed Under Free Commentary 

Stocks Stage An Impressive Reversal Off The Morning Lows; Stock Indexes Close Red, Across The Board

March 2, 2007 | Leave a Comment

Stocks started off the day with a nasty replay of the action on Tuesday. However, stocks found support shortly after and managed to rally to a respectable close, helping rescue trapped longs. Early weakness caused by a selloff in Asian and European markets (China down 2.8%) and inflation worries quickly sent stocks for a loop. The core personal consumption price expenditure index rose .3%, giving it a year over year increase of 2.3%. That is ahead of the Fed’s target 1-2%. But shortly after that nasty gap down, the ISM manufacturing index came in with a 52.3 reading, above the neutral 50 level. This and a heavy round of short-covering sent the indexes higher and even sent them into the green. But in the final hour, sellers reasserted control, ending the hopeful wishes of a green close by the bulls. Read more

Posted by Joshua Hayes | Filed Under Free Commentary 

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

Posted by Joshua Hayes | Filed Under Free Commentary 

Stock Indexes Rally Off The Lows, Once Again, But Close Mixed

February 23, 2007 | Leave a Comment

It was another wild session, with an intraday bullish bias, after a weak opening. Thanks to bad news out of Iran (did you expect anything else?) and crude oil rising 1.5% on news that inventories were smaller than expected, big caps suffered. However, some positive action in Semiconductor stocks and news that WFMI is buying OATS helped save the Nasdaq. A mixed day to a wild yet uneventful session best sums it up. Read more

Posted by Joshua Hayes | Filed Under Free Commentary 

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