Stocks Close Slightly Higher, Ending A Week Of Low Volume Gains; Beautiful Charts Still Do Not Exist
March 10, 2007 | 2 Comments
Stocks gapped higher off a mixed jobs report. Total jobs for the month came in at the lowest level in two years but the unemployment data dipped to 4.5% from 4.6% and last months numbers were revised up continuing a recent pattern, possibly giving market players a bit of buying power. The gap higher then led to an immediate selloff, followed by a weak rally, that led to even more lows. However, at the end stocks actually caught a late bid, helping them close off the lows. A pattern that did not exist the rest of the week. The prevailing pattern, before Friday’s close was to rally until the final hour then either selloff or flatline. This is bearish action and combining that with the low volume rally puts and end to a dead-cat bounce week. Read more
Stocks Finish Higher Across The Board But Suffer A Late-Day Selloff; Lower Volume Shows Institutions Are Not Interested
March 9, 2007 | Leave a Comment
My girlfriends parents arrived on Maui, today, so I spent all day with the family. Therefore, I was not around at all after the closing bell.
However, I have reviewed my charts and can honestly say that nothing has changed. The gap up this morning and steady drift all day gave way to a selloff sometime after 2pm EST. That was a pretty nasty selloff and that has now happened for the third day in a row. Combine that with the lower volume and you have another technical negative. This bounce should see some volume if it is going to have any staying power. Read more
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
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
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
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.
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
- One Stock I Am Adding To My Existing CANSLIM Long Positions For Friday’s Stock Market Session
- One New Short Position For Friday’s Stock Market Session
- One New Speculative Long Position I Am Adding To My Current Position For Thursday’s Stock Maret Session
- No New Short Positions For Thursday’s Stock Market Session
- One New Short Position For Wednesday’s Stock Market Session
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