January 29, 2017

To paraphrase Forrest Gump, bullish action is as bullish action does. And so far that seems to be the case. The S&P 500 Index holds in a two-day bull flag with volume drying up nicely on Friday following Wednesday’s gap-up breakout to new highs.   ... [more]

January 25, 2017

We can now mark this date as an historic one for the market, at least for those who have a fetish for big, round numbers. The Dow Jones Industrials Index opened this morning at 19,994.48 and then within an instant was trading above the “magical” 20,000 price level. By the time I was able to click my mouse to capture a screen shot of the event it was already above 20,012.   ... [more]

January 22, 2017

Friday was the first options expiration day of 2017, but you wouldn’t know it from the action of the NASDAQ Composite Index, which held tight at its 10-day moving average on lighter volume. Friday was also Inauguration Day, and, as the pundits have been telling us, the day to sell the inauguration after buying the election. That didn’t really play out on Friday as the... [more]

January 18, 2017

I tweeted yesterday that the long side of this market looked to be laboring as the indexes lost some traction and current leaders like Arista Networks (ANET) came under severe pressure after the U.S. Customs and Border Protection Agency revoked its November 2016 finding that Arista’s redesigned products don’t infringe... [more]

January 15, 2017

The NASDAQ Composite Index has taken a clear leadership role as the Dow Jones Industrials and the S&P 500 Indexes continue to move in tight sideways ranges. The upside charge in the Naz has been led by the big-stock NASDAQ names I’ve been discussing in recent reports and blog posts as having had recent pocket pivots. On the index chart,... [more]

January 11, 2017

The Dow Jones Industrial Index keeps stumbling along just below the 20,000 level, leaving many commemorative baseball cap vendors very unhappy. From an investment/trading standpoint, however it’s been all about watching the set-ups in individual stocks and simply going with the flow of set-ups. The bottom line is that who needs Dow 20,000 when the NASDAQ Composite... [more]

January 8, 2017

The Dow Jones Industrials Index came within a measly 37 cents of the magical 20,000 price level on Friday before news of a shooting at Ft. Lauderdale International Airport put a damper on buyers’ enthusiasm. By the close, the Dow could only manage to close at 19,963.80. a full 35.20 points below 20,000. Based on the fact that the Dow is holding within a very tight 1-2%... [more]

January 4, 2017

The market opened up the New Year with some left-over New Year’s Eve fireworks by gapping up sharply yesterday right off the bat. The Dow got up as much as about 178 points before things began to weaken. Once the Dow got down to low double-digits on the plus side, the opening gap-up rally appeared to be in jeopardy. Watching this unfold, it struck me as the stuff of a potentially spectacular... [more]

January 1, 2017

The market ended the year with a nice distribution day as the NASDAQ Composite Index closed down for the third day in a row on Friday. Volume was higher than Thursday. This gave Friday’s action less of a quiet pre-holiday trading day feel and more the feel of a steady exodus of sellers heading for the exits. So after starting out the final trading week of the year with... [more]

December 28, 2016

The Dow Jones Industrial Index again came within a hair’s breadth of the 20,000 level this morning, peaking out at 19,981.11 before turning to the downside on heavier trading volume. The index had been looking somewhat bullish over recent days, but in this market that and $6.50 will get you an expensive cup of coffee at Starbucks (SBUX). Today’s reversal... [more]