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
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
Stocks Show Why It Is Silly To Short The Market Before A Clear Downtrend Is In Place.
January 24, 2007 | Leave a Comment
A lot of good earnings helped the market shake off some recent selling as stocks rose across the board with leaders leading the way.
At the close, the Nasdaq led the way with a 1.4% gain as the index reclaimed its 50 dma, the SP 600 followed with a 1% gain, the SP 500 was up .85%, and the DJIA put in a very solid .7% gain. Leading stocks were the clear winners, with the IBD 100 up 1.6%. Big cap tech was the best on the day, however, as the Nasdaq 100 rallied 1.65%. Read more
Stocks Finish The Week With More Strong Gains; Nasdaq Follows Through On Thursday’s Breakout.
January 13, 2007 | Leave a Comment
On the back of a bullish retail sales report showing December sales rose .9%, stocks scored more gains with the Nasdaq making it five for five this week with positive finishes. The DJIA hit another all-time high and the Nasdaq inched closer to a new six-year high.
At the close, the SP 600 led with a .75% gain, the Nasdaq followed with a strong .7% gain, the SP 500 gained .5%, and the DJIA finished up .3%. The IBD 100 came in with a .3% gain, unfortunately for leading stocks. However, for the week the IBD outpaced the market with a 3.4% gain.
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.
Stock Market Indexes Take Off After An Early Choppy Session, Closing Near The Highs Of The Session
January 11, 2007 | Leave a Comment
A day of minor volatility gave way to a nice rally after 1pm EST sending all the indexes in a nice solid uptrend into the close. The possible reason for the rally was a left-over feel good effect off the AAPL news in combination with another drop in crude oil. Today’s 3% drop now brings the yearly damage to 12% for crude.
At the close, the Nasdaq led the way with a .6% gain, the DJIA and the SP 500 followed with a .2% gain, and the SP 600 lagged with a .01% gain. The big winners were the IBD 85-85 and IBD 100 indexes which gained .7% and .9% respectively and the Nasdaq 100 which gained 1.1%. This was the sixth day in a row the Nasdaq and the Nasdaq 100 staged very strong intraday reversals. One look at the daily charts and all those tails shows that any selloff is being bought.
Low Volume Pullback Is All I Want For Christmas.
December 21, 2006 | Leave a Comment
It was another day of a strong opening turning into an ugly close. For the fourth day out of the last five days, markets opened strong or at least positive to reverse and trend lower for the rest of the day. The data point that was blamed was the Philly Fed manufacturing index. It came in below estimates and was the lowest reading since April 2003.
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