Stocks Revert Back To Old Ways; A Day Of Back And Forth Meaningless Trading Ends With Stocks Slightly Higher On Lower Volume
April 5, 2007 | Leave a Comment
Stocks went back to their old ways of not doing much intraday but boring us to death, after a few important economic numbers hit the wires. The ISM service index fell to 52.4 in March from 54.3 in February. Expectations were for 54.7, so obviously this was not good news. The prices paid index rose to 63.3 in March from 53.8 in February, indicating inflation is still very real. Also, according to the Census Bureau’s factory orders, orders fell 1% in February after being down 5.7% in January. These numbers, overall, were very weak and not bullish. However, the market managed to put in more gains despite these poor economic numbers. 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.
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
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
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 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
Stock Indexes Erase Early Morning Losses, Rallying Into The Close, Closing Near Their Highs Of The Day
February 17, 2007 | Leave a Comment
Stocks fought off morning weakness, caused by a revenue warning from MSFT, and rallied the rest of the day to close flat and near the highs of the day. This bit of news from MSFT particularly hit the Nassy the hardest as MSFT represents 6% of this index. The strength in the indexes in the face of the selling in MSFT shares can only be seen as impressive. Many traders expected much worse, considering that the news came on top of a report showing Housing starts falling 14%. Read more
DJIA And SP 500 Outperform On Strong Volume; Nasdaq Flops Around In A Tight Intraday Range
February 14, 2007 | Leave a Comment
It was a tale of two tapes as the DJIA and SP 500 rallied quite well while the Nassy lagged as big-chips received bids. The reason for the outperformance was due in large part to shares of AA. Reports that BHP or RTP are bidding for the Aluminum giant helped the big-caps rally. Adding to the power behind the big-caps was MMM announcing a big buyback plan to buy $7 bill of its own shares. That, btw, is very bullish for a stock. Read more
The Tip-Off I Refered To On Wednesday Had Its Follow-Through On Friday
February 10, 2007 | Leave a Comment
It is kind of odd that a comments from the St. Louis Fed head William Poole, Cleveland Fed head Sandra Pianalto, and Dallas Fed head Richard Fisher could kick start a selloff like it did today, but that is in fact what happened. Stocks started off strong but his comments that he would vote for a hike if inflation stays above 2% was not what wall street was looking for. The momentum of the market took a turn on Wednesday and those comments, along with MU announcing price declines, sent stocks falling across the board with leading stocks in leading sectors getting hit hard.
Stocks End The Week With Strong Gains, After A Very Quiet And Choppy Session
February 3, 2007 | Leave a Comment
Stocks were able to hold on to the post-Fed gains, as uncertainty over interest rates off the job data helped keep stocks tight. Jobs coming in below estimates, unemployment ticking up, weak gains in wages, and a lower revision to the Michigan confidence numbers were all good reasons to knock stocks down. But strong factory orders and a clearly powerful uptrend was good enough to shake off the jitters that can be seen today in your intraday charts. Read more
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