January 28, 2018

As the Dow Jones Industrials Index pushes to within 1.5% of the 27,000 price level, the NASDAQ Composite Index passed another Century Mark on Friday, closing above 7,500 for the first time in history on higher volume. The steepening uptrend that began on January 2nd has continued unabated, and while the market looks like it has gone the proverbial “too... [more]

January 24, 2018

The government re-opened on Monday after lawmakers came up with a compromise measure, sending the indexes rocketing higher. But it wasn’t like the market was all that concerned with the two-day government shutdown when it opened up on Monday morning. The indexes came off a little bit, but then stabilized, moving higher once it was apparent that a deal to re-open the government was going to happen.... [more]

January 21, 2018

All the media hand-wringing over a possible government shutdown didn’t affect the market as it just went about its business of making new highs. The NASDAQ Composite Index posted an all-time high on Friday, extending its upside run in 2018. In the process, it closed above 7300 for the first time in its history and exceeded its inflation-adjusted high of year 2000. Volume was lighter... [more]

January 17, 2018

The rally finally ran into some selling yesterday when the indexes all reversed on much higher volume. The evaporation of a big gap-up open and ensuing rally that saw the Dow Jones Industrials Index briefly clear the 26,000 level was attributed to a possible government shutdown as Democrats refused to play ball with the Republicans and pass a stop-gap spending measure. Of... [more]

January 14, 2018

The market continues to display incredible upside thrust in the New Year as the major market averages as the NASDAQ Composite Index made another all-time high on Friday, along with most of its other major market brethren on volume that was a shade higher. So far, barring a courtesy pullback on Wednesday, there has been no stopping this market. On Friday, the NASDAQ also decisively... [more]

January 10, 2018

Reports of China curtailing its purchases of U.S. Treasuries triggered a sell-off in bond and stock futures overnight, which in turn sent the market gapping down slightly this morning. In the grand scheme of things, a 100-point decline in the Dow isn’t much to sneeze at given that a 1% decline would burn up 250 Dow points. A little sell-off like that might not look so pretty on its face, but isn’t... [more]

January 7, 2018

The market made it four-for-four in 2018, rallying strongly every day this week. On Thursday, the Dow Jones Industrials cleared the mythical 25,000 level, bringing out “Dow 25,000” hats on the floor of the NYSE. These days, however, the exchange is a ghost town compared to what I remember it as back in the day when I used to roam on the floor with our floor brokers at William O’Neil + Co.,... [more]

January 3, 2018

Last Friday, the lack of enthusiasm didn’t do much to inspire a bullish tone. But, as is typical of this market, it gapped up smartly yesterday morning and never looked back. Now that the New Year has begun, we can now conclude that the Christmas-hating Ebenezer Scrooge from Charles Dickens’ A Christmas Carole has nothing on the market. During the allegedly favorable holiday... [more]

December 31, 2017

The major market indexes ended 2017 with a whimper, but the fact is that the overall action has been flat since the big gap-up move two Mondays ago. As the daily chart of the NASDAQ Composite Index illustrates, the past two weeks of holiday immersed trading have been nothing but one big gap-fill. In the process, the NASDAQ Composite on Friday scored its lowest close of the... [more]

December 27, 2017

The market is off to a slow start to the final week of trading in 2017 as trading was relatively sleepy. Among names I’ve discussed in recent reports, however, there were some fireworks today, which I’ll get to in just a bit. Meanwhile, the major market indexes may just end the year with a whimper. Yesterday, the NASDAQ Composite Index was dragged down by NASDAQ... [more]