1:15pm (EST) The bulls needed a goldilocks Nonfarm Payrolls number this morning to break through resistance while the bears needed a number north of 200,000. Wall Street was shocked the monthly report showed Nonfarm jobs rose 74,000 versus expectations for 197,000. The unemployment rate fell to 6.7% versus a forecast
Uh Oh, Bulls Could Drop 2-in-a-Row/ Profit Alert!!!
Bears Riding Santa Out of Town/ Profit Alerts!!!
12:40pm (EST) Futures were showing a strong open ahead of this morning’s bell but a weaker China PMI number took the air out of the balloon that has led to today’s weakness. Some analysts are blaming it on tax selling but in any event, the bears are pushing near-term support. We
Bulls Stall at Resistance/ Gold Tanks
1:40pm (EST) We predicted a triple-digit move on the Dow yesterday and we said the Fed’s actions and comments could set the next trend into yearend. Following a rally back to the Black Friday highs, today’s slight pullback was expected and it will be important the bulls hold the first
Blue-Chips Get a Facelift/ Profit Alert (QQQ)!!!
12:10pm (EST) Out with the old, in with the new. The Dow Jones Industrial Average is made up of 30 stocks. From time-to-time, stocks are dropped and others added to make up 30 “blue-chips” companies. Today’s announcement in a 3-swap deal kicks Alcoa (AA, $8.07, down $0.02), Bank of America
Listen to Your Grandfather
1:40pm (EST) We wanted to start off today’s commentary on the S&P 500 Volatility Index ($VIX, 16.45, down 0.04) as we laughed out loud when one of the talking heads said this isn’t your grandfather’s VIX. To make a long story short, they basically said to discard the VIX when
Bears Looking for Monday Win
12:35pm (EST) We mentioned this morning the bulls might have a hard time extending their Monday win streak to five but given last Friday’s dramatic rebound anything is possible as we head into the second half of trading. Earnings will again be in focus this week but the economic news
Fed Speak Propping Market
12:40pm (EST) Our charts from last night were showing more upside potential following last week’s break out of the “symmetrical triangles” and the test to the 100-day MA’s (moving averages). Strong moves out of these technical patterns to the upside or downside usually lead to back tests and that is
Bears Push Near-Term Support
9:00am (EST) The bears erased the bulls’ gains for the week following Wednesday’s 1% drop across the board. The major indexes held near-term support after disappointing economic news and wishy-washy statements from the Fed. The Dow dropped 139 points, or 0.9%, to close at 14,700. The blue-chips traded to a
Bulls Get Hat Trick on another Strong Tuesday
9:00am (EST) The Dow stretched its Tuesday winning streak to 15 as the bulls won their third-straight session while pushing resistance and the top of the current trading range. The gains on Tuesday’s have accounted for 70% of the blue-chips advance this year but yesterday’s pop was nearly wiped out
Blue-Chips Up, Tech Pulls Back
9:00am (EST) The bulls fought hard to keep a few winning streaks going on Tuesday and were able to keep one but lost another. The Dow ended in positive territory before the close to extend its March winning streak to 8-straight sessions while the S&P 500 saw its streak of