May 20, 2018

The market spent the week consolidating the prior move off the early May lows. After a Monday gap-up attributable to a Presidential Tweet, the market pulled in and spent the remaining four days of the week in a tight sideways range. The S&P 500 Index, along with the rest of the market, traded in a tight range on Friday as volume expanded, thanks to options expiration.   ... [more]

May 16, 2018

The upside extension we were seeing in many leading stocks coming into the weekend finally ran into some logical selling yesterday. The catalyst for the market decline was allegedly higher interest rates, as the 10-year Treasury Note yield set a four-year high at 3.082% In addition, the Two-Year Treasury Note yield pushed up to 2.58%, its highest close since July 2008. Interest rate fears... [more]

May 13, 2018

Friday was an uneventful day for the indexes after they posted higher highs on Thursday. The NASDAQ Composite Index held in a tight range as volume declined, which looks constructive as an orderly one-day consolidation after five-straight days of upside since clearing its 50-dma. The index is now extended from the 50-dma and looking, at least for now, like it has its eyes set on... [more]

May 9, 2018

The 50-day moving average has been the parallel bar around which the major indexes are spinning, but today we saw oil stocks help to power the S&P 500 Index through its 50-dma. As I indicated in last night’s video report, this would be constructive as the S&P now joins the NASDAQ Composite Index, which regained its 50-dma last week.   ... [more]

May 6, 2018

News that iconic value investor Warren Buffett bought 75 million more shares of Apple (AAPL) sent the stock and the market pushing higher on Friday. This came on the heels of a big shakeout and reversal as the S&P 500 Index broke below its 200-dma, bringing on the consternation of market pundits who... [more]

May 2, 2018

The market has remained in the chop zone, with much of the action being dictated by the outcomes of big-stock earnings reports. On Monday, things looked to be starting out with a bang on the back of a strong earnings report from McDonald’s (MCD). But, as I tweeted early in the day, the gap-up rally looked like it could... [more]

April 28, 2018

The market looked primed for a big upside romp Friday morning after big-stock NASDAQ names Amazon.com (AMZN), Intel (INTC), and Microsoft (MSFT) all reported strong earnings and gapped up sharply in after-hours trading on Thursday. As the pundits on cable financial TV lauded the exploits... [more]

April 25, 2018

Things got ugly yesterday after stocks broke further to the downside on heavy volume. As I noted in my video report last night, the culprit this time came in the form of cautious comments from Caterpillar (CAT) and 3M Company (MMM) after both companies reported earnings before the bell. While MMM gapped down sharply at the bell, CAT ripped to the upside on a big... [more]

April 22, 2018

In my Wednesday report I noted the low-volume floater rallies we were seeing in big-stock NASDAQ names. As I pointed out, it made the market vulnerable to a pullback. We did indeed end the week with two days of downside distribution in the major market indexes, all of which dropped below their 50-dmas. The NASDAQ Composite Index broke decisively below its 50-dma on Friday,... [more]

April 18, 2018

The market found the necessary inspiration to abandon its sluggishness in a strong earnings report from (Netflix (NFLX) Monday after the close. This led to a strong gap-up open yesterday that sent the major market indexes back up through their 50-dmas. Big-stock NASDAQ names, moving in sympathy to NFLX, put the NASDAQ... [more]