2:15pm (EST) The battle at Dow 16,000; S&P 1,825; and Nasdaq 4,200 continues with the bulls reclaiming and holding these levels as we head into the final few hours of trading. We were pleasantly surprised when we arrived to the office this morning as the power was on and didn’t
Bulls Reclaim Resistance/ New Trades!!!
Market in Wait-and See Mood
9:00am (EST) “Here at home the Federal Reserve did nothing and disappointed the suit-and-ties who were looking for a QE3 sugar fix. We repeatedly said the Fed wouldn’t act but the zombies will be meeting again at the end of the month in Jackson Hole, Wyoming. There is a strong
Final Hour Could Get Interesting
3:10pm (EST) The bulls are bouncing back following their second-worst beating of the year as the market is up 0.5% heading into the final hour of trading. The opening gains by the major indexes are simply a retest to resistance which just served as short-term support. Much of the strength
Arena Pharmaceuticals (ARNA) Pops Past $7
12:30pm (EST) The $125 billion Spain Bank Aid has turned into a temporary bank aid that Wall Street isn’t buying as the market is trading lower heading into the second half of trading. Futures were showing a strong open when we hit the rack last night but were cut in
3-Week Trading Range Could Be Broken
9:00am (EST) “Another clue and possibly the final piece of the bear’s puzzle will be if they get a negative close on Monday. The S&P has not closed down on back-to-back Friday’s and Monday’s all year. The prior THURSDAY and Monday were down days and this past Friday was a
Dow Slips but Bulls Keep Momentum
9:00am (EST) We were a little surprised to see Tech show strength yesterday given the Microsoft (MSFT, $27.72, down $0.12) news that PC sales had dipped 1% but the bulls were able to brush aside the bear attacks as the major indexes finished higher for the most part. Normally, a
Market Flat After Bullish Breakout
1:10pm (EST) The market has traded in a tight range following yesterday’s breakout but the action is on the upside as the major indexes are showing slight gains. Economic news has been mixed but hasn’t been much of a factor and the “high profile” earnings reports are already out of
Cisco Systems Update
8:00pm (EST) Cisco Systems (CSCO, $18.72, up $0.80) had a super day as it added nearly 5% and closed near its high on Monday. I had talked about buying the stock and writing a covered call against the shares in the Weekly Wrap which would have lowered your cost basis.