Friends Stocks were poised to open lower this morning as the Russian/Ukraine conflict escalated over the weekend, and indeed a sell-off occurred at the opening bell. The Dow dropped by more than 200 points by mid-morning, but did alleviate some of the damage as...
Friends It looked like the bulls had broken free from the recent resistance levels for most of the trading session, as the S&P was forging new highs and making things very uncomfortable for the bears. But continued bad news out of Ukraine’s Crimea finally dampened...
Friends Well, for most of the last hour of trading it looked like we were participating in the movie Groundhog Day. After a nice up move, and the S&P 500 once again dancing in new high territory for most of the trading session, stocks began the retreat and fell...
Friends Another day and another failed rally. Once again, the bulls took a run at new highs for the S&P 500 and came up short, as selling kicked in during the afternoon part of the trading session. As we discussed yesterday, bull markets are usually not built on...
Friends A new pattern has begun to develop, and at least in the short term, it is not a good one for the bulls. That pattern that is developing is stocks selling off in the last hour of trading after failing to hold onto new highs. Once again, there has been no real...
Friends We have been discussing the important resistance level of 1848 to 1850 on the S&P 500 for the last week or so, and the bulls took a run at and were able to penetrate that level in today’s session. Stocks rocketed to early gains with the S&P touching...
Friends There was not much to talk about today with regards to economic data and traders seemed totally uninterested in participating in today’s trading session. Stocks straddled the flat line until the last few minutes of trading, when a small sell-off occurred. The...
Friends Another interesting day. Stocks once again seemed to ignore the daily drumbeat of negative economic data (today’s being the negative Philly Fed Survey, although to be fair Leading Indicators were ok, PMI Manufacturing Index Flash was too). Regardless, stocks...
Friends After yesterday’s quiet action, we did get some volatility today. After a quiet opening, the bulls stepped in, and in a quick buying spree sent stocks up 90 Dow points by late morning. But as the release of the Fed minutes got closer, stocks gave up the gains...
Friends The markets were open today, at least I think so. In one of the least volatile days we have experienced in years, stocks flat-lined for about 6 and half hours. The economic data continues to deteriorate (now you can decide whether the soft data is due to...
Friends The negative economic data continues to pile up, with today’s Industrial Production number being the latest disappointment (consumer sentiment did however hold steady). Nevertheless, stocks continued to climb (are we climbing the wall of worry once again?),...
Friends Stocks got off to a rocky start this morning as a disappointing retail sales number(perhaps because of dreadful weather throughout the country) combined with a lethargic weekly jobless claims number gave the bears something to chew on as trading began. But...
Friends If you are a bull, you see a day like today and figure that stocks have rallied hard over the past four days, and a little pause in the action, is probably a good thing. If you are a bear you see this short “dead cat bounce” over the past four days as one that...
Friends I think Janet Yellen is still talking. As far as I’m concerned she can keep talking all week. Stocks seem to like what she was selling. Now, what was she selling? Nothing new. The Fed will remain accommodative as long as necessary. The taper will continue...
Friends Traders are focused on Fed Chair Janet Yellen’s first Congressional testimony which will be coming up tomorrow and then again on Thursday. In the meantime it was a very quiet day of trading. We did not see any of the volatility that marked last week’s trading...
