May 10, 2017

The broader market has been churning around its highs over the past few days as the NASDAQ Composite Index keeps posting new highs. This has been driven mostly by continued strong action in the big-stock NASDAQ 100 names, including the biggest of the big-stocks, Apple (AAPL). The... [more]

May 7, 2017

Friday’s jobs number came out and the market yawned. The Bureau of Labor Statistics reported 211,000 new non-farm payrolls for April along with a new decline in the unemployment rate to 4.4%. At first the market didn’t know what to make of the number, but after an initial but brief sell-down, the indexes caught some wind in their sails and closed higher across the board on lighter volume. What... [more]

May 3, 2017

Earnings roulette season is in now in full swing, with the biggest of the big-stock tech juggernauts, Apple (AAPL), releasing earnings yesterday. Today, in after-hours trade we have heard from our friends Facebook (FB) and Tesla (TSLA), and both are trading down as I write this afternoon. Adding to the excitement was the Fed’s monthly policy... [more]

April 30, 2017

Huge upside momentum at the start of the week tapered off into a slow stall as the indexes suffered from a bit of the old syndrome.of too far, too fast. The NASDAQ Composite Index came in Monday with a big breakaway gap to all-time highs, and the momentum from that move carried it up through the milestone 6,000 level on Tuesday (I did not, however, see anyone wearing NASDAQ 6000... [more]

April 27, 2017

Last week the crowd thought this market was all about the inability of the Trump Administration to push through its legislative agenda. What the crowd perhaps wasn’t expecting was that it might be all about the French elections held on Sunday. As it turned out, a French round one election outcome that was considered benign sparked a massive futures gap-up move on Monday. This sent the major... [more]

April 23, 2017

The NASDAQ Composite Index, with the help of its NASDAQ 100 big-stock components, posted a new all-time closing high on Thursday, shaking off Wednesday’s bearish higher-volume churning action. The index looks strong as it pushes back up toward its highs, but the rally is being led mostly by the big-stock NASDAQ names.   ... [more]

April 19, 2017

All the major market indexes, apart from the NASDAQ Composite Index and its close relative, the NASDAQ 100, have been living like homeless indexes underneath the “freeway overpass” of their 50-day moving averages. The NASDAQ, which has been able to find support along its 50-day line earlier this week, didn’t show much in the way of sustainable strength today,... [more]

April 16, 2017

The underlying weakness of the market became a little more evident on Thursday ahead of the long three-day Easter Holiday weekend. The S&P 500 Index made a lower closing high on slightly higher volume, adding to the string of distribution days it has logged since mid-March. In the process, it has moved further below its 50-day moving average, which now represents overhead resistance. The... [more]

April 12, 2017

The market remains somewhat sluggish as it flops around in what is so far a sloppy six-week consolidation. Over the weekend the S&P 500 and NASDAQ Composite Indexes were each about 2% and 1% down from their recent highs, respectively. So far this week the market has been airing successive episodes of As the Market Turns. Each day seems to bring... [more]

April 9, 2017

Friday’s Bureau of Labor Statistics jobs number came in lighter than expected, with a mere 98,000 non-farm payrolls reported vs. expectations of 180,000. Meanwhile the now-mythical unemployment rate came in at 4.5% vs. expectations of 4.7%. By now, most market watchers understand the sleight-of-hand statistical machinations that produce such a disparity between weak jobs growth and a declining... [more]