SP 500 And Nasdaq Pullback In A Calm Fashion On Lower Volume, While The DJIA And IBD Indexes Continue To Rally; Where Is The Volume And Where Are The New Leading Stocks?
December 7, 2007 | 5 Comments
Overall, it was a pretty choppy and inconsistent day on Friday, but it was still a good day when we take it and consider that we continue to hold well in the face of all the bad news from the subprime area of the economy.
CROX Helps Stock Indexes Gap Lower As They Continue To Selloff To The LOD at the EOD On Higher Volume
November 1, 2007 | Leave a Comment
Stocks gapped lower thanks to a negative sentiment off the CROX swoon and the expectations that the Fed had no reason to cut rates anymore. This seemed to weigh on the market and many stocks took very large hits. The worst was that the market according to my charting software sold off on higher volume marking a distribution day for the Nasdaq and the NYSE, SP 500.
Possible Stagflation?; Stocks Lose Ground On Higher Volume, Giving The Market Its Second Distribution Day
April 12, 2007 | Leave a Comment
Stocks started the day weak on the back of data from the NAR announcing that they expected existing home sales to fall in 2007-the first drop in 38 yrs-and also see lower existing and new home sales in the short term. That combined with higher gas prices weighed on stocks early. But once again the dip buyers showed up and started to bid stocks higher. That was until the Fed March meeting minutes came out at 2pm. That promptly sent stocks to new lows on the day before they received a minor bid into the close. Read more
Stocks Rally Again And Close Near Their HOD, On Stronger Volume; Volume Well Below The 50 Day Volume Average
April 11, 2007 | Leave a Comment
Stocks performed the same way as they have been recently, with the markets gapping up, selling off, and then finding dip-buyers to help bring them off their lows and sending them near their highs by the close. All of this happened despite a very healthy amount of bad news from the housing and mortgage industry. Almost half of my links that I received today involved stories about the housing and lending markets. However, stocks digested the data and did what they have been doing recently rallying the rest of the day. Read more
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
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
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 Finish Slightly Higher, On Lower Volume; Merger & Acquistions Trump Terrible Economic Numbers
March 15, 2007 | Leave a Comment
Stocks finished slightly higher, today, after a barrage of economic data, mergers & acquisitions, and even a scare from Alan Greenspan warning of the subprime loan sector spilling over and effecting other areas of the economy (people didn’t know that would happen?). However, the gains weren’t that impressive as a choppy day of trading had very little volume behind it. At the start of the day, the Philly Fed index came in with a disappointing 1.9 reading, the Empire Manufacturing index came in with a disappointing 1.85 reading, and the Employment Index came in with a -2.3. Jobless claims also jumped to 12,000. That was 4 times more than expected. To go along with that, the PPI almost doubled in February with a 1.3% gain. Analyst expected a jump of .6%. So we had terrible economic numbers along with an inflation scare that caused traders to talk about the Fed raising rates. That of course is the worst scenario possible. We call that stagflation. There is nothing worse than stagflation. Read more
Stock Market Averages Put In A Key Short-Term Reversal, On Stronger Volume; How Long Will This Bounce Last?
March 14, 2007 | Leave a Comment
It was a wild ride this Wednesday as stocks started the day off where they left off yesterday. On the back of Labor Dept. data showing the import price index rise .2% and the Commerce Dept. showing 4Q account deficits narrowing, stocks kept the pace of yesterday’s losses early. But after the markets made new lows for the year, breaking past the March 5th lows, stock market indexes quickly reversed and rose into the final bell, closing at or near their HOD. Read more
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