February 7, 2018

All hell broke loose on Monday as the Dow slid to nearly -1,600 points lower on an intraday basis before closing down over 1,000 in the worst point decline in its history. The sell-off had the feel of panic, at least in the short-term, but at that point the indexes were only down about 7-8% below their recent peaks. That qualifies as an intermediate correction, and on Friday the indexes undercut... [more]

February 4, 2018

Investors were finally provided a reminder of what a decent sell-off is like as leaders across the board were raked with heavy selling volume on Friday. NYSE breadth was about as ugly as it gets with decliners leading advancers by a whopping 2747 to 304. The volatile intraday action we saw earlier in the week looked cautionary, as I noted in Wednesday’s report, and we saw that funky action come... [more]

January 31, 2018

The market finally took a good punch in the form of a -1.09% sell-off in the S&P 500 Index yesterday, but like a resilient prize-fighter it immediately punched back. The indexes gapped up sharply this morning after President Trump’s State of the Union speech and a strong ADP jobs number that showed 234,000 new jobs vs. expectations of 190,000. As expected, the Fed held... [more]

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]