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.
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
A Boring Day Of Trading Ends With Stocks Mixed On Lower Volume; Best Week For Stocks In Six Months
March 24, 2007 | Leave a Comment
A boring, erratic, and overall lame session came to end Friday, after a week of surprises on many fronts. The only thing not boring today was the post-1pm EST action in the Nasdaq; up, wedge up, down, wedge down, and up. Still, that only led to a flat close. Today’s headlines were much more subdued than the previous four days, but we still had some important numbers to digest. Existing-home sales were up 3.9% in February to an annualized 6.69 million. That was the fastest growth since April and above economist estimates. This was a welcome report, after all the thrashing we received last month. The other news item making its way around was the 15 British sailors and marines that were captured by Iranian kidnappers. However, as expected, this was not market moving news. 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 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
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
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
Markets Fail Attempted Rally, Falling Across The Board And Closing At Or Near Their LOD; Are Any Of My Readers Surprised? No
March 14, 2007 | Leave a Comment
It was another very ugly day for the stock market as the continuation of non-stop bad news keeps coming out. Today, before the opening bell, it was retail sales coming in at a less than .1% gain, when economist were expecting a .3% gain. That got the day started on the wrong foot but by noon time there was more pain to be delivered. The news that foreclosures rose to a .54% total of all mortgages outstanding, mortgage delinquencies rose to 4.95% of all loans, and that subprime delinquencies rose to 14.4% of all loans sent stock swooning into the close. These poor loan numbers were the worst since mid-2003. 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
- No New Long Positions For Friday’s Stock Market Session
- Two New Short Positions For Friday’s Stock Market Session
- No New Long Positions For Thursday’s Stock Market Session
- Two New Short Positions For Thursday’s Stock Market Session
- No New Long Positions For Wednesday’s Stock Market Session
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