Happy Chinese New Year! Today is the first day of the Chinese New Year and it’s the year of the Rooster. This celebration actually started on Friday, New Year’s Eve and goes on for a couple of weeks. It is also called the Spring Festival. I talk about this more in a previous post.
The stock markets in China were closed on Friday and won’t open again until next Friday. The Hong Kong Stock Exchange is closed on Monday and Tuesday.
Well, we now have a new president with Donald J. Trump sworn in as the 45th President of the United States yesterday. The stock market has been on a tear since the election.
As of the close on January 19, the last trading day prior to inauguration, the Dow Jones Industrial Average (DJIA) is up 7.6% from the close on November 8, Election Day. Continue reading
The Santa Claus Rally in the stock market has typically been defined as a rally that occurs between Christmas and New Year’s Day. Well that didn’t happen this year or last year or the year before.
In December 2014 the S&P 500 (SPX) was down 1.1% then chopped up and down in January ending the month down 3.1%.
In December 2015 the SPX was down .84% then got whacked pretty good in January ending down 5.1%. (at one point it was down 11.3%) Continue reading
The bulls are running on Wall Street but the breadth of the market in the move since November 4 has been weak. Friday was a great example. The DJIA was up 142 points with advancing and declining stocks dead even on the day…1496 up, 1529 down.
So this fifth wave up from March 2009 began in February and is now 10 months old. In March 2017 this market will be a Fibonacci 8 years old. We are at the top of this country’s greatest bull market.
This final cycle wave V started in 1982 with a huge upside explosion. As of Friday’s close the DJIA is up 18,979.93 points or 2,543% from the August 12, 1982 close of 776.92. Continue reading
This week the semiconductor stocks got hit very hard on Thursday. The supposed catalyst was indications that Apple was cutting back on iPhone 7 production. But many tech stocks are also getting hit.
Some say it is a rotation into sectors like finance, infrastructure and energy. But some of this is also related to global commerce and sourcing. Fears of a trade war with China are not helping stocks like Apple. Continue reading
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