The markets added another push higher today with a fair amount of volatility in the afternoon after the Fed announced no change in interest rates. The DJIA ended the day up 198 points and the Russell 2000 started to play catch-up also, up 33 points, almost 3%.
Oil looks like it may trying to trap some bears with the move today. In tonight’s video I also talk about 2 new trade ideas on Apache (APA) and Chevron (CVX). Continue reading
All the indices were down today with NYSE Composite and the Russell 2000 down to a greater degree than the others. The breadth of the market and the indicators are leaving me wondering if the move down has now started. I talk about this in the video tonight.
Stock market land mines continue to go off throughout this entire rally. IBM was down 4% today on news that the SEC was investigating their revenue recognition process. IBM is now down 9.5% from its Oct. 9 countertrend closing high.
And Twitter (TWTR) reported earnings after the market closed and hit a land mine, trading down 12.3% in after hours trading. Apple (AAPL) on the other hand was basically unchanged on their earnings, as of 5:15pm CT. Continue reading
The market was very tight today with the Dow Jones Industrial Average (DJIA) trading in a 58 point range and the S&P 500 (SPX) trading in a less than 9 point range. This is extreme compression.
In today’s Weekday Market Wrap video I also look at the SPX monthly chart to see what is setting up and what it might mean. Continue reading
The Dow Jones Industrial Average (DJIA) was up 320 points today as it opened up and never looked back. All the indices were up but the Russell 2000 (RUT) acted the weakest of the key indices.
I saw a video clip with Art Cashin, of UBS, today where he talked about the news from the ECB and comments by Mario Draghi. That’s when he said there was “joy in Mudville…brought in by Mario Draghi”. I thought that summed it up pretty well. But as usual, some stocks celebrated and some didn’t.
In tonight’s Weekday Market Wrap video I look at all the price action and then check in on all our trade ideas. In addition I look at Southwest Airlines (LUV) which was +7.4% today and Under Armour (UA) which was -5.4%, both on earnings releases today. Continue reading
The DJIA, SPX, Nasdaq and RUT were all up slightly today but the NYSE Composite Index (NYA) was down 30 points. In tonight’s Weekday Market Wrap video I review my Elliott Wave count for the SPX and discuss the scenario that I am expecting for the stock market.
I also review the key signal that was given by the Short Term Trading Index (TRIN). Netflix (NFLX) and IBM are discussed tonight. Continue reading
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