Stocks Defend Support- For Now: In the short term, the market continues tracing out a large topping pattern. The top will be confirmed if/when the neckline is breached (on a closing basis). On Friday, the Russell briefly undercut its neckline and then rallied and closed higher on the day. Underneath the surface the benchmark S&P 500…
Ugly Action Continues On Wall Street: The market sold off hard last week as sellers continued to pound stocks. As previously mentioned, the vehemence of the sell-off suggests more time is needed before the bulls regain control. The tech-heavy Nasdaq composite has fallen (on heavier volume) in each of the past 3 weeks. All of the major averages are…
STOCK MARKET COMMENTARY: FRIDAY, MARCH 28, 2014 This has been a very “busy” month for stocks as the market digested a slew of negative headlines (Russia, China, Yellen, etc) and a ton of heavy selling in biotechs, momentum, and growth land. Monday is the last trading day of the month and quarter. So far, the…
STOCK MARKET COMMENTARY: FRIDAY, February 14, 2014 The market continues acting great considering how weak it was acting at the end of January. The benchmark S&P 500 is 0.6% below its record high which is very impressive. So far, this market continues to support our thesis that this is just another pullback within a broader…
STOCK MARKET COMMENTARY: FRIDAY, February 07, 2013 In the short term, the buyers are back in control after what appears to be another shallow pullback in size (% decline) and scope (weeks, not months). The major averages positively reversed for the week (opened lower and closed higher) which is typically a bullish sign. For weeks- we…
STOCK MARKET COMMENTARY: FRIDAY, JANUARY 10, 2013 The S&P 500 ended the week a few points higher as it continues consolidating its very strong year-end rally. The market still looks very strong and a pullback of some sort would be welcomed at some point. Remember the bullish fundamental backdrop is still in place for stocks….
STOCK MARKET COMMENTARY: Friday, October 12, 2013 The market positively reversed last week (opened lower and closed higher) after investors believed that a deal would get done in DC. So far this appears to be just another shallow pullback in size (% decline) and scope (weeks, not months). The primary catalyst behind this 4.5 year…
STOCK MARKET COMMENTARY: FRIDAY, October 04, 2013 The market fell last week but closed in the upper half of its range after the US government shutdown for the first time since 1996! The S&P 500 is fighting to stay above its respective 50 dma line but the DJIA broke below it. The Nasdaq Composite and…
STOCK MARKET COMMENTARY: FRIDAY, September 06, 2013 Stocks have been under pressure (pulling back) since early August as a slew of external “fears” continue to plague Wall Street. Here are some of the “fears:” Attack on Syria (will it esclate?), Fed Taper, Lackluster earnings growth, Debt limit, & higher energy prices, to name a…
Friday, January 04, 2012 Stock Market Commentary: Stocks are back in a confirmed uptrend after congress finally managed to put the best interest of the country ahead of their petty bickering. Stocks soared and closed above all near term levels of resistance that have been outlined here several times in this report (50 DMA line,…