Wednesday, March 11, 2009
Follow through on the rally is faltering
Yesterday's market rally was impressive and the party continued this morning for about 30 minutes. Stocks shot higher at the open but quickly ran out of gas. The U.S. indices have been slipping toward unchanged..
Tuesday, March 10, 2009
NASDAQ up 6%, S&P surging 5.5%
The U.S. markets are seeing a very widespread rally with several factors as potential catalysts. A lot of traders, while happy to see some market strength, don't expect this rally to last since the sudden spike...
Monday, March 9, 2009
Morning Bounce Fades Into Losses
Global markets were weak again as investors focused on a lack of solutions for the financial crisis and struggling banks. European markets fell to new twelve-year lows but managed to bounce while the Japanese NIKKEI index hit a new 26-year closing low.
Friday, March 6, 2009
Market Gains Evaporate After Jobs Report
The markets have now given back the brief gains achieved after the Non-Farm Payrolls report came in better than expected. The Dow has declined to the low of the day
Thursday, March 5, 2009
Markets Sink to New Lows
Wednesday's oversold bounce is gone. One again it is the financial sector that is leading the market lower. There was a lot of news out today with the monthly retail same-store numbers.
Wednesday, March 4, 2009
Global Oversold Bounce
China sparked an oversold bounce that spread across the world on Wednesday. News that Wen Jiabao, the Chinese Premier, was considering new plans to expand his country's $585 billion stimulus package fueled the advance.
Tuesday, March 3, 2009
Blame It On Bernanke
The U.S. stock market was trying to bounce back from twelve-year lows this morning but negative comments from Fed Chairman Ben Bernanke sucked the wind out of the market's sails.
Monday, March 2, 2009
In like a Lion, March sends Dow under 6,900
The month of March begins with a global market slide. New fears over the crumbling economic landscape and no solution for the financial quagmire pushed most of the world's major stock market indices to 3.5% losses.
Friday, February 27, 2009
Teetering on the edge
The U.S. markets teeter on the edge of the cliff as investors react to a wave of bad news on Friday. The U.S. GDP numbers came in worse than expected and the S&P 500 sank to new multi-year lows...
Thursday, February 26, 2009
Another Big Bounce in the Banks
The banking indices were market leaders this morning but the major averages were struggling to keep up with the rebound in financial stocks. Overseas markets were mixed...
Wednesday, February 25, 2009
Stocks Churning Lower
The U.S. market opened lower this morning following what many investors felt was a disappointing speech by President Obama last night. The market has been craving details about the administration's plan to solve this financial crisis and last night did not deliver any. The sour mood was compounded...
Tuesday, February 24, 2009
Oversold Bounce Right On Schedule
U.S. markets are bouncing in spite of a widely negative day for stocks across global markets. News out last night that insurance giant AIG is poised to report the largest quarterly loss in U.S. history of $60 billion next week failed to truly weigh on American markets. The rest of the world was not so resilient.
Monday, February 23, 2009
Friday Afternoon Bounce is Dead
The U.S. market's Friday afternoon bounce is dead, long live the Friday afternoon bounce! Maybe the correct name should be Friday afternoon short covering. After a big down week last week successful shorts covered positions and took profits ahead of the weekend.
Friday, February 20, 2009
Banks Crumble Under Nationalization Fears
The U.S. stock market continues to sink as financial stocks lead the way lower. Fears that major banks might need to be nationalized fueled the sell-off. Earlier this morning the Dow Jones Industrial Average (DJIA) was on pace for its lowest close since October 1997.
Thursday, February 19, 2009
Indecision in the Market
The U.S. stock market isn't sure what direction to go but the path of least resistance seems to be down. Currently the Dow Jones Industrial Average (DJIA) is flirting with a close under its November 2008 lows near 7,550. A closing print under this low would be technically very bearish.
Wednesday, February 18, 2009
Digesting the Housing Plan
This morning the country waited for President Obama to unveil his new housing plan and the government's attempt to stem the rising foreclosure rates. Unfortunately, while investors waited they did not stop selling stocks.
Tuesday, February 17, 2009
Global Markets Slide
U.S. markets re-open to big declines as global markets sink against a wide range of concerns. The major European markets were plunging on fears that Western European banks may have too much exposure to struggling Eastern European debt and credit. Eastern Europe is seeing a massive slowdown
Friday, February 13, 2009
No Follow Through On The Bounce
Last night the bulls were declaring victory after a very impressive and very sharp last hour rally in the U.S. market. Sadly there has been no follow through higher on the bounce today, which casts doubt about the internal strength of the rally.
Thursday, February 12, 2009
Wall Street Still Unhappy with Washington
The talk on Wall Street is still about Treasury Secretary Tim Geitner's lack of details in his speech on Tuesday. The market is worried about how the government is going to approach the pricing of toxic mortgage-related assets. This is leading to some very large declines in the financials today.
Wednesday, February 11, 2009
Oversold Bounce is Fading
Wednesday's session started out with some hope that Tuesday's drop was overdone and that stocks were short-term oversold. Investors were buying the dip this morning but it looks like enthusiasm for stocks is quickly fading. The gains in the major averages have melted into losses
Tuesday, February 10, 2009
Investors Respond with a Sell the News Reaction
The U.S. markets are down sharply today as investors react to the government's latest plans on reversing this economic crisis and stimulating the economy. This seems like a classic "sell the news" type of move but word on the street was that investors were unhappy by the lack of details in Geitner's speech.
Monday, February 09, 2009
World Waits For Stimulus
The U.S. markets churned sideways on both sides of zero as the world waits for news on the U.S. stimulus package. This past weekend brought news that a compromise had been reached on Friday night but by Sunday the Obama administration doubted it would have enough votes to pass the stimulus package.
Friday, February 06, 2009
Bulls Buy the Bad News
Stocks are sharply higher on Friday in spite of grisly numbers from the Labor Department's non-farm payroll (jobs) report. The Dow Jones Industrial Average and the S&P 500 are both on track to end a four-week losing streak.
Thursday, February 05, 2009
Bouncing Back from the Lows
The Wednesday afternoon decline continued into Thursday morning and the Dow Jones Industrial Average lost 111 points to hit 7,845. This was a new ten-week low for the DJIA but the bears had little time to rejoice.
Wednesday, February 04, 2009
Stocks Sideways but for How Long?
The U.S. markets got a boost this morning after European markets surged higher late in the day. Unfortunately for American investors the rally seems to be losing steam.
Tuesday, February 03, 2009
Drug Stocks Lead a Rebound
The major stock market indices were positive on Tuesday with the Dow Jones Industrials and the S&P 500 index both ending a three-day losing streak. Positive earnings reports from two large drug makers and a bounce in the transportation sector is leading the market higher.
Monday, February 02, 2009
February Opens With A Down Day
Widespread losses across European markets on Monday led the U.S. indices to spike lower at the open. The Dow Jones Industrial Average produced another triple-digit decline with a drop to 7,880 this morning.
Friday, January 30, 2009
GDP Not So Bad, Stocks Sink Anyway
I think investors have reason to worry. It was widely expected that the GDP for the fourth quarter of 2008 would come in around minus 5%. As of yesterday this number was pretty much "baked in" to the market.
Thursday, January 29, 2009
Economic Data Depresses
Stocks snap a four-day winning streak as investors react to some depressing economic data. The Dow Jones Industrial Average (DJIA) is off about 220 points and back under the 8,200 level. Tech stocks are taking in on the chin with the NASDAQ down 3.2% and completely erasing yesterday's gains.
Wednesday, January 28, 2009
Stocks are higher on Wednesday as a confluence of sentiment, news, and analyst opinion all flowed together to lift global markets. A big bounce in banking stocks is powering most of the move but the rally in technology stocks isn't too shabby.
Tuesday, January 27, 2009
Upside Bias in the Churn
Stocks are still churning sideways but there appears to be an upside bias of higher lows. It is encouraging to see buyers coming out to play in spite of negative earnings news and a new record low in consumer confidence.
Monday, January 26, 2009
Morning Bounce is Dead
The market's morning bounce has died. The Dow Industrials managed to breakout above its short-term trend of lower highs and it looked like we were set up for a bullish day. Sadly the rally failed at the DJIA's simple 10-dma. The NASDAQ and S&P 500 produced similar moves.
Friday, January 23, 2009
Another Bounce from the Lows
Another day, another triple-digit move in the Dow Industrials. The market continues to see big intraday swings. The bulls are trying to defend stocks in the 7900-8000 zone. This morning's weakness was influenced by European markets.
Thursday, January 22, 2009
A Seasick Microsoft Stinks Up the Market
It was all about tech stocks on Thursday. A surprise earnings report from Microsoft and a bad one at that left investors feeling sick. Once again the market reversed course and stocks where down sharply midday.
Wednesday, January 21, 2009
Trying To Bounce
Wednesday feels like a quiet day for the stock market. Stocks are trying to bounce after yesterday's painful sell-off. The media is focused on the congressional hearings for Treasury Secretary nominee Tim Geithner. Individual stocks are reacting to earnings news.
Tuesday, January 20, 2009
No Obama Bounce, Bank Stocks Sink
Tuesday marked Obama's inauguration as the nation's 44th President. His speech and the media's suggestion that America is feeling a new wave of optimism did little to lift shares on Wall Street. At 2:00 p.m. stocks were at their worst levels of the day. The DJIA is off more than 200 points and quickly approaching the 8000 level again.
Friday January 16, 2009
No Follow Through
The market was up briefly this morning. The DJIA managed to gain more than a hundred points before plunging to minus 70. The NASDAQ and S&P 500 delivered similar performances. Banks once again weigh heavily on the market and investor confidence.
Thursday January 15, 2009
10% Plunge in Seven Days
The market continues to plunge lower. Thursday's decline marks the longest drop in the market since Lehman Brothers disintegrated back in October 2008. In the last seven days the Dow Jones Industrial Average has fallen more than 1,000 points for a 10% drop.
Wednesday January 14, 2009
Major Indices Breakdown
Wednesday's session was a tough one for investors. Stocks jolted lower on another round of negative earnings results and a dismal December retail sales report. Financials were leading the way in what is a very broad-based market sell-off.
Tuesday January 13, 2009
Another Round of Bad Earnings News
The first fruits for the Q4 earnings season are rotten. Negative earnings news from multiple sectors have pushed the major indices toward support.
Monday January 12, 2009
Stocks Sink on Earnings News
Stocks are struggling as we step into the second full week of January. The Dow Jones Industrial Average is marking its fourth decline in a row. The tone on the street was apprehensive as investors look for earnings season to begin tonight.
Thursday January 8, 2009
The DJIA and the S&P 500 may be down but they are off their worst levels of the day. Meanwhile the NASDAQ is leading the way higher with a 0.5% gain. The Dow Jones Industrial Average found support intraday at the 8650 level...
Wednesday, January 7, 2009
Stocks Sink on Job Loss Fears
The major averages are trading at their lows for the day as the market experiences a widespread sell-off. Not one sector index is trading higher as investors react to dour economic news.
Monday, January 5, 2009
Lack of Profit Taking
The market was unable to build on last week's gains. Yet what I find interesting is that there was not much profit taking now that we have begun a full week of trading on Wall Street...
Monday, December 29, 2008
Mid-East Tensions Plague Stocks
The stock market is recovering from its lows. Bears have been in control almost all day. Rising tensions between Israel and Palestinians spooked the markets...