January 15, 2020

As the indexes and leading stocks get further extended, the likelihood of a pullback intuitively increases. Given how far things have come since the early-October lows, a reasonable excuse can easily trigger some selling as we saw yesterday. Then, it was reported that the U.S. would not be rolling back previously imposed tariffs on China now that the Phase One deal was in the books. A rally... Read More

January 12, 2020

The Force has been strong in this market (yes, I did just go see the latest Star Wars movie), and new highs have been the order of the day once the headwinds presented by the short-term Iran Crisis blew over. That all sent the NASDAQ Composite Index and the other major market indexes to all-time highs on Thursday. On Friday, the indexes ran out of... Read More

January 8, 2020

The market started the week off with another gap-down open with the same result. A downside gap in the morning provided a long-entry opportunity near the open and the market then slugged its way back to the upside from there. In essence, by Monday’s close it appeared that the market was entirely shrugging off any geopolitical risk. Yesterday the market seemed to be sensing something was... Read More

January 5, 2020

The 2020 trading year has started out as a two-day microcosm of what made 2019 so much fun. News of more QE from the Chinese central bank sent the market shooting higher on Thursday, and then news of the U.S. taking out a top-level Iranian commander in Iraq overnight on Thursday sent it skidding back in the other direction. The action on Friday was not as bad as it started out to be overnight... Read More

January 1, 2020

The indexes sputtered into year-end with the NASDAQ Composite Index selling off for two days in a row off the all-time highs before finding support at the 10-dma on Tuesday. Volume was higher on the final trading day of the year, giving the day the look of supporting action at the line. So far, just a bout of year-end profit-taking.   ... Read More

December 29, 2010

The NASDAQ Composite Index looked like it was ready TO celebrate the twelve days of Christmas on Friday as it embarked on another rally early in the day to build on its first-ever move above 9,000 on Thursday.  This would have made it twelve-straight up days in a row, but a late-day sell-off took the index back into the red on higher but still light volume.   ... Read More

December 24, 2019

The Santa Claus Melt-Up has remained in force, with varying results from individual stocks underneath the surface. If you’re in the right names, however, there has been plenty of money to be made. The NASDAQ Composite Index tucked itself to bed today with another new closing high, its tenth in a row to be precise, and visions of sugar plums no doubt dancing in... Read More

December 22, 2019

The market completed eight-straight up days in a row on Friday in something I would call more of a Santa Claus Melt-Up than a Santa Claus Rally. What could be causing such unabashed ebullience? Many attribute the rally to the Phase One trade deal, but as I see it the deal is mostly a nothing-burger, although some see it as a truce more than anything else. I tend to think that the market move... Read More

December 17, 2019

Riding the wake of last week’s trade news and weekend “news” regarding Chinese pledges to buy $200 billion worth of stuff from the U.S., the rally has stayed alive. But the action has been less than robust as the indexes have mostly churned around their highs over the past two days. The NASDAQ Composite Index shows the basic price action here with two... Read More

December 15, 2019

Once the Fed meeting was over and done with on Wednesday, the news flow became all China all the time. On Thursday, an alleged trade deal was announced by the Trump Administration, but the terms were vague, and the Chinese did not rush to confirm anything until they held a press conference Friday morning. Nevertheless, that sent the major market indexes to new highs on heavy volume. The NASDAQ... Read More