S&P 500 Moves towards Key Technical Resistance

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Posted on October 20, 2014 at 7:50 pm
Although a big 7% ding for IBM acted as a big headwind today, the market was able to forge ahead, and make some further progress off last week’s lows. Last night, indications were for a decent gap higher to start the day, but the futures reversed hard following a...

That Didn’t Last Long

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Posted on August 5, 2014 at 4:34 pm
After Monday’s quick bounce attempt, it was back to the red for the market on Tuesday, with the major indices losing just shy of 1% on the day. Weak earnings from TGT and soft data out of China were blamed on the early weakness, but whatever the reason, we...

All Clear?

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Posted on August 4, 2014 at 5:19 pm
Although they couldn’t do it Friday, the troops were able to put together a pretty good bounce today, even if they took their time and the buying wasn’t particularly enthusiastic. We came into the new week a tad on the oversold side, but despite some initial gains, the indices...

Stocks Close Flat after Whippy Session

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Posted on July 30, 2014 at 7:39 pm
Well, Fed Day has come and gone, and it was a whippy 6.5 hours between the bells. Weak closes ahead of the FOMC tend to be followed by a gap higher the next morning, and that’s exactly what we got today, with a strong initial reading on GDP helping...

Pattern Reverses – Stocks Close at Session Lows

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Posted on July 29, 2014 at 7:46 pm
The past couple of days, the market has been pulling back off last week’s highs, but the dip buyers were eager to jump on early weakness, closing stocks off initial lows. Today, however, we saw the opposite, as the indices started the day with gains, but rolled over mid-morning,...

Market Closes Mixed After Weak Open

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Posted on July 28, 2014 at 7:15 pm
After Friday’s generally lackluster day, market players kicked off the new week a little on the hung over side of things. Although the futures suggested only a modestly soft start to the session, this indices sank quickly once the opening bell rang. However, one thing that we keep harping...

Good Action Under Surface Despite Losses

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Posted on July 27, 2014 at 9:34 pm
Over the previous three days, the action wasn’t exactly enthusiastic, but it was steadily positive and left us a tad stretched to the upside, leaving us vulnerable to the sort of action that we saw on Friday. Of course, another big loss from AMZN didn’t help matters, as we...

Despite Fresh Highs, Choppy Action Persists

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Posted on July 24, 2014 at 9:25 pm
The market got more decent earnings from popular growth names like UA and FB, as well as another decent reading on initial claims, but the indices weren’t able to make much more progress, and closed flat on the day. Under the surface, though, the action wasn’t exactly sedate. The...

Pullback Continues

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Posted on July 8, 2014 at 8:43 pm
We wondered last night if yesterday’s poor action in small-caps was a hint that we might be in store for some further consolidation, and that turned out to be the case today. We gapped lower at the start of the session, and spent the rest of the morning moving...

Rug-Pull

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Posted on April 10, 2014 at 8:10 pm
After two days of a solid bounce off key support levels, the bulls has the rug pulled out from under their feet today. Despite a much better than expected reading on initial jobless claims (or maybe because of it), we started the day off on the weak side, and...