The Nasdaq closed today at a new all-time high, 5056.06. The thing about all-time highs…you never know when that’s going to be the all-time high that stands for another 15 years. It has taken the Nasdaq 15 years to get back to that point of extreme exuberance reached on March 10, 2000. The New York Composite Index (NYA) also closed a new all-time high. Continue readingShare This:
The trading range continues despite the big move on Friday and bounce-back yesterday. The DJIA, SPX and Nasdaq are all still in the trading range created since late March. I talk about this in the video. As a result of this trading range action, stocks seem to be having some difficulty with follow-thru.
In tonight’s video I look at the market action of the last two days and then check in on Apple (AAPL), Best Buy (BBY), Caterpillar (CAT) and Starbucks (SBUX).
Today at about 12 noon CT we welcomed by grandson, Jack Joseph Randazzo into the world! Baby Jack weighed in at 7lbs. 8 oz, 19 inches long and blue eyes.
Both Jack and his mother, Abby, are doing great. His father, Kyle, is doing great also. Grandpa and Grandma are very proud!
As a result I will not be publishing a video tonight but plan to publish Tuesday evening.
The market had a strong negative tone from the start yesterday. This was primarily because China put the hammer down on their stock market after their market closed for their Friday session. They are concerned that it was getting too hot and wanted to cool it off. The Chinese futures were trading hard down in the afterhours session.
But there is also still Greece hanging out there and that situation sure doesn’t seem to be getting any better. At some point the can will not be kicked down the road any further. So the U.S. markets got hammered with the DJIA down about 350 points at one point and ended down 279 point for the day. All the indices had that negative tone to them.
The key will be the follow-thru action that occurs on Monday-Tuesday. The last two times the market sold off like this was on March 25th and 10th. Both times there was one more day slightly down then a rally started. We’ll see whether that happens this week.
The DJIA and SPX both look like they are breaking down out of an ending diagonal pattern. If that plays out, this could become quite negative, very quickly.
In today’s video I look at yesterday’s market action and take a weekly view. I also look at my indicators, market ETFs and sectors ETFs. Trade ideas are also reviewed today. These include trade ideas exited last week on Facebook (FB), Apple (AAPL) and Twitter (TWTR).
Two two trade ideas entered: Celgene (CELG) and NXP Semiconductors (NXPI). And three more that I am working: United Continental (UAL), Apple (AAPL) and FireEye (FEYE).
The markets were practically unchanged today with the Dow down 6.8, SPX down 1.6, Nasdaq down 3.2, NYA down 1.3 and RUT down 2.4 points. So as I look at the charts I see some similarity to some previous tops of the last few months. It could be a stall or it could be a pause. I discuss this in tonight’s video.
In the video tonight in addition to today’s market action, I look at 3D Systems (DDD), Netflix (NFLX), Panera (PNRA) and United Continental (UAL). I also said in the video that I was going to look at China but accidentally omitted it. So I am showing the daily chart for the Shanghai Composite Index above. It is still on a tear!