THE FINAL NUMBERS

NEWS: The major indices were able to hold onto modest gains today after both testing negative territory and a mid-day rally. The Dow closed up 53 points or 0.4%. The S&P 500 gained 5 points or 0.4%. The NASDAQ had a solid day, adding 12 points or 0.5%.

THE BOTTOMLINE:  The S&P 500 is sitting just below the important 1400 level and really close enough to consider it at the support/resistance area. As long as the index can hold in this area it proves nothing on the upside or downside. The next high volume move in either direction will be the first signal of the coming trend.

Looking at the PFG Breakout Scan at today’s close there were 141 stock/ETFs that made the cut and a few that caught my attention. A number of oil & gas stocks such a ... Read More »

THE FINAL NUMBERS

NEWS: A mildly weak open turned into one of the worst days in weeks for the US stock market. The Dow finished the day lower by 207 points or 1.6%. The S&P 500 took a bigger hit, dropping 25 points or 1.8%. The NASDAQ tumbled 44 points or 1.8%. Oil closed at a new record high, finishing up $1.69 at $123.53/barrel. Gold fell $6.50 to $871.20/ounce after the US Dollar rose.

THE BOTTOMLINE: The market was due for a pullback, but I am not happy with the magnitude of today’s drop that took the S&P 500 back below the 1400 breakout level. I expect a quick snap back above 1400 by the end of the week if the bulls want to remain in control of this market. A failure to get back above 1400 on the S&P 500 is very negative in the short-term and will result in technical selling, especially in the financials. The financial ... Read More »

THE FINAL NUMBERS

NEWS: Early morning losses turned into a strong day for Wall Street. The Dow closed the session up 55 points or 0.4%. The S&P 500 rallied 10 points or 0.8% and the NASDAQ also jumped ... Read More »

THE FINAL NUMBERS

NEWS: The breakdown of the merger between Microsoft (symbol: MSFT) Yahoo (symbol: YHOO) over the weekend and a surge in oil to $120 sent the markets lower to begin the week. The Dow closed o ... Read More »

THE FINAL NUMBERS

NEWS: High volatility was expected because of the Fed meeting. When the closing bell rang the Dow was down 11 points or 0.1% after hitting a 3 1/2-month high of 13,010. The S&P 500 also fell, losing 5 points or 0.4% to close at 1385. The index once again failed to close above the resistance level of 1400 after hitting an intraday high of 1404. The NASDAQ took the biggest hit, falling 13 points or 0.6%. Just like its peers, the tech-heavy index hit a new 3-month intraday high before dropping. Gold finished the regular session down $11, but rallied back after the Fed announcement to hit the $880 level. Crude fell again, closing at $113.46/barrel, off $2.17.

THE BOTTOMLINE: It appeared the market was finally going to break out with all three indices hitting 3-month highs after the Fed announcement. But just as all good ralli ... Read More »