Sunday, January 23rd, 2005 | By Jim Brown
Turn Out The Lights
Will the last bull out the door please turn out the lights. The party may be over if this week's market action is any guide.
Thursday, January 20th, 2005 | By Jim Brown
New lows across the board and all the indexes have moved back to the brink of disaster. I feel like a broken record with the markets stuck in a playback loop.
Wednesday, January 19th, 2005 | By Linda Piazza
Inflation was the catch-word in Wednesday's trading. Market watchers scrutinized economic releases for signs of inflation and poured over Fed speeches and the Beige Book for clues as to how the FOMC felt about the issue.
Tuesday, January 18th, 2005 | By Jim Brown
Two Days Not a Trend
For the first time in 2005 the S&P has posted back to back gains. Bulls are backslapping each other and high fives are evident everywhere.
Sunday, January 16th, 2005 | By Jim Brown
Back From the Brink
Friday's trading was erratic, lackluster and directionless and on low volume BUT we did pull back from the brink of a potential disaster. Traders should be breathing easier this weekend with the decent gains but we are not out of the woods yet.
Thursday, January 13th, 2005 | By Jim Brown
Not A Pretty Picture
After a rebound on Thursday and a positive open thanks to Apple earnings the markets lost momentum early and began to slip. As the day progressed oil prices greased the skids and the closing drop was anything but bullish.
Wednesday, January 12th, 2005 | By Jane Fox
January's "Early Warning System"
The Stock Traders's Almanac states that January's First Five Days of trading is an "Early Warning System" for the rest of the year. It goes like this - if the First Five Days of January are up then there is an 85.3% chance the rest of the year will be up also.
Tuesday, January 11th, 2005 | By Jim Brown
Intel Beats, UPS Warns
Tech holders are breathing a little better tonight after Intel beat street estimates slightly. However, the broader market may focus on dropping package volume at UPS as real evidence the economy is slowing.
Monday, January 10th, 2005 | By Jonathan Levinson
Bulls Push Back
Bulls picked up the ball from faltering bears and ran the indices higher. The intraday bounce broke the upper end of the sideways range from last week on the SPX, while for the Dow and Nasdaq the range highs held.
Sunday, January 9th, 2005 | By Jim Brown
Follow The Money
It has been a long time since funds have seen cash outflows in January. For the week ended on Wednesday $3.7 billion flowed out of U.S. funds. $3.1 billion flowed into funds that invest internationally. $1.3B also flowed into bond funds.
Thursday, January 6th, 2005 | By Jim Brown
Are We There Yet?
How often have you been asked that question on a long road trip? My email was full of that same question today as traders wanted to know if we had reached the rebound point.
Wednesday, January 5th, 2005 | By Jane Fox
Are the Wheels coming off?
This morning stocks opened bearishly near yesterday's lows but appeared to grab a bid and started to rise. All the bulls gave a sigh of relief, "the selling was over for now."
Tuesday, January 4th, 2005 | By Jim Brown
We expected a drop this week and I have reported those expectations in this commentary more than once. After two days of decline the market pundits are suggesting the market conditions have changed and the bears are coming out of the woods to feast on fresh hamburger.
Monday, January 3rd, 2005 | By Jonathan Levinson
The big guns returned to the market today after last week's siesta, with the Nasdaq trading 2.076B shares and the NYSE 1.5B shares. With increased volume came increased selling, and the indices closed just above their session lows.
Sunday, January 2nd, 2005 | By Jim Brown
Going Out With A Whimper
The markets were listless on Thursday on very low volume and you would have almost thought the market was already closed for the year. While Friday is a normal trading day it will be anything but normal with volume expected to slow to a trickle.
Wednesday, December 29, 2004 | By Linda Piazza
The year's end presents a time appropriate for looking back, for taking stock of the year's developments and projecting those for the next year. Consider looking back further than the beginning of 2004, however.
Tuesday, December 28, 2004 | By Jim Brown
Back From The Brink
The earthquake depression that weighed on the market on Monday appeared to lift today with the market returning to the recent highs. The Monday dip had pushed the indexes back to support and right on the brink of a potential trend change.
Monday, December 27, 2004 | By Jonathan Levinson
The stock indices followed the dollar and treasury bonds lower in a very light volume session. There was little news but plenty of volatility, with the NYSE unable to break 1B shares and the Nasdaq 1.5B.
Sunday, December 26, 2004 | By Jim Brown
Too Much Eggnog
After several weeks of pre holiday celebrating that sent many of the indexes to new highs the markets stumbled into Thursday's close and barely remained positive. The tipsy trading on Thursday exhibited very little bias as the markets closely resembled the winding down of a holiday party with revelers heading for the door.
Wednesday, December 22, 2004 | By Jonathan Levinson
The Dow and SPX hit new highs for the year as the Nasdaq trailed behind. An unexpected rise in oil inventories saw crude oil drop sharply, a move that was credited by some reporters for the higher high in the Dow and SPX.
Tuesday, December 21, 2004 | By Jim Brown
While there is a new high celebration in progress on most of the indexes there were a couple not yet feeling the holiday cheer. The SOX continues to hold below resistance at 425 and well off the December highs at 453.
Monday, December 20, 2004 | By Jane Fox
Check your inverted yield curve.
Buoyed by oil prices failing more than a $1.00 a barrel, the DOW charged out of the gate this morning, gained about 85 points, hit its daily high of 10732 and reversed and unfortunately from there it was downhill for the rest of the day.
Sunday, December 19, 2004 | By Jim Brown
What a way to end the week! There was a constant barrage of drug news both positive and negative that helped remove any remaining bullish bias.
Thursday, December 16, 2004 | By Jim Brown
Companies are in a shopping mood this season and today was a banner day for deals. Symantec and Veritas, JNJ and Guidant, Nobel Energy and Patina were all caught up in the holiday shopping excitement.
Wednesday, December 15, 2004 | By Linda Piazza
Wednesday offered a view of the U.S. economy from several vantage points, including the White House's. One of the first of those vantage points occurred when Treasury Secretary John Snow appeared on CNBC Wednesday morning ahead of the open of the White House's economic forum.
Tuesday, December 14, 2004 | By Jim Brown
The markets continued to trade higher before the Fed news today with a quarter point hike already priced into the mix. The Fed did not disappoint but lacking any new bias from the Fed traders were left looking for direction once the Fed meeting was over.
Monday, December 13, 2004 | By Jonathan Levinson
The equity indices probed the highs today, with SPX setting a nominal new high as the Dow and Nasdaq rose below theirs. Volatility as measured by the VXO and QQV rose along with price as tensions mounted ahead of tomorrow's FOMC meeting.
Sunday, December 12, 2004 | By Jim Brown
Fourteen Days and Counting
While the -49 Dow points for the week, -20 Nasdaq, may not look impressive on the surface we finished the week in much better position than many expected. With fourteen trading days left in 2004 the Dow covered nearly its entire range from 10600 to 10400 this week and then regained 75% of that drop by Friday's close.
Thursday, December 09, 2004 | By Jim Brown
Ho, Ho, Ho!
While the chip sector may be getting coal in their stocking this year there were some stocks receiving votes of confidence from Santa's elves today. The housing sector proved to be the golden child and the sector most likely to be blessed with holiday dollars.
Wednesday, December 08, 2004 | By Linda Piazza
Wednesday, President Bush asked U.S. Treasury Secretary John Snow to stay on as a member of his cabinet.
Tuesday, December 07, 2004 | By Jim Brown
It appears Santa made a list of those who have been naughty and nice and traders ended up on the naughty list. While we are still far away from the normal Santa Claus rally it was mentioned many times today and not in a complementary fashion.
Monday, December 06, 2004 | By Jonathan Levinson
Traders perturbed by the whippy price action were comforted by the extremely light volume today, with QQQQ barely managing to trade half of Friday's volume. Despite the relatively tight price range and light volume, however, volatility rose sharply (QQV +10.09%)for the QQQQ while declining slightly (VXO -.7%) for the OEX.
Sunday, December 05, 2004 | By Jim Brown
Did Santa Come Early?
Many traders are beginning to wonder if Santa Claus came early to the market during the post election bounce. Nearly everyone expected the Microsoft cash to provide a strong bounce to the market but so far the last two days have been less than exciting.
Thursday, December 02, 2004 | By Jim Brown
Hedge the News
After a blowout on Wednesday the markets traded sideways on Thursday as dividend cash began to hit traders accounts. On a day that most analysts expected to see a rising market it did make some new highs but closed almost exactly flat.
Wednesday, December 01, 2004 | By Linda Piazza
Ignoring dire headlines such as "British Pound Advances to Twelve-Year High against the Dollar" and downgrades in several semi-related stocks, indices chipped through overhead resistance in Wednesday's trading.
Tuesday, November 30, 2004 | By Jim Brown
The markets could not make up their mind today and spent the entire dsession trading in a range and passing time while waiting for Friday. Funds planning on purchases with the Microsoft dividend money likely spent the day adjusting positions and dropping less desirable stocks.
Monday, November 29, 2004 | By Jonathan Levinson
Traders returned from the holiday with pockets full, gapping the indices higher at the open and driving the Nasdaq to a new rally high in the first 15 minutes of the session. Those gains were reversed in a drop that ended just before noon, and a sharp bounce brought the indices back to lower highs.
Sunday, November 28, 2004 | By Jim Brown
New Threat Ahead
We knew it was coming eventually but nobody expected it to appear so soon. A little over a week ago Greenspan warned the G20 summit attendees that the U.S. deficit was unsustainable and they should reconsider their U.S. investments in our bonds and Treasury notes.
Wednesday, November 24, 2004 | By Jonathan Levinson
The markets opened and traded as scheduled, but hearts and minds appeared more acutely focused on the promise of turkey and trimmings. Light volume and slight ranges dominated the indices ahead of the (almost) long weekend.
Tuesday, November 23, 2004 | By Jim Brown
Several times this week the markets tried to rally but sputtered and failed. The misfires all started off with a bang but could not produce enough momentum to push the Dow over 10500 for more than a few minutes.
Monday, November 22, 2004 | By Linda Piazza
As the World Turns
Thanksgiving week opened with a day light on U.S. economic releases, but heavy on global news that might impact our markets.
Sunday, November 21, 2004 | By Jim Brown
Lame Duck Drop
Lame duck Alan Greenspan took his market-crashing act on the road on Friday and comments made in Germany dropped our markets for the first weekly loss in four weeks.
Thursday, November 18, 2004 | By Jim Brown
On The Verge of a Breakout?
As OpEx week comes to a close the SPX is poised to move higher after a week of moving sideways. Last Thursday we saw the SPX come to a dead stop just under resistance at 1175.
Wednesday, November 17, 2004 | By Linda Piazza
A Complicated Dance
The relationship among costs, the dollar's behavior, and equities' performance composes a complicated dance. That's particularly apparent when the costs being considered are fuel costs, paid for in dollars.
Tuesday, November 16, 2004 | By Jim Brown
Finally, A Pause To Reload
After three weeks of a sustained uptrend the market finally decided to take a day off and rest its weary legs. The surge to new highs has been relentless and those not already long have been wringing their hands in anguish over the thought of having to go long at new highs with no profit taking for a safer entry.
Monday, November 15, 2004 | By Jonathan Levinson
Bulls and bears alike were on the alert for an overdue pullback in the indices as option expiration week kicked off. A premarket dip was bought, however, as was every other dip that followed for the rest of the day as the indices held their gains, closing mixed to positive by session's end.
Sunday, November 14, 2004 | By Jim Brown
Chalk up another big day for the bulls and new highs all around on the major indexes. Even the Dow almost made it across the major resistance zone at 10450-10550 without stopping.
Thursday, November 11, 2004 | By Jim Brown
1175, The End or The Beginning
The markets finally broke out of their range and moved higher despite the lack of economic reports and the bond market being closed. The Dow inched up into very strong resistance over 10450, the Nasdaq sprinted over 2050 but the SPX came to a dead stop at 1175.
Wednesday, November 10, 2004 | By Linda Piazza
It Was a Setup
Dictionary.com defines "setup" as "a contest prearranged to result in an easy or faked victory," among other definitions. Both bulls and bears fear that the day's events set them up for someone else's victory.
Tuesday, November 09, 2004 | By Jim Brown
After three days of trading at the highs but seeing no forward motion there are quite a few traders beginning to worry that the bounce is failing. The Dow continues to spike over 10400 but cannot seem to hold the high ground.
Monday, November 08, 2004 | By Jonathan Levinson
Equity bulls ran the clock on hapless bears today, as intraday downphases succeeded only in moving the price sideways. The Dow and Nasdaq finished fractionally higher while the SPX finished fractionally lower.
Sunday, November 07, 2004 | By Jim Brown
Breakout in Progress
If investors had realized how strong the post election Bush bounce was going to be the margin of victory may have been a lot wider. The markets are in breakout mode and a sudden burst of jobs activity should guarantee they stay that way.
Thursday, November 04, 2004 | By Jim Brown
It appears on the surface a bull market has broken out and while many credit Bush it may be just a relief rally now that the election is over. Two days without constant campaign ads could make any trader happy but more than likely it is relief that there were no terrorist events and the election outcome was settled in only one day.
Wednesday, November 03, 2004 | By Linda Piazza
Traders in the pits must have had a busy morning Wednesday morning, juggling the implications of election results and then earnings and economic releases.
Tuesday, November 02, 2004 | By Jim Brown
All Over But the Counting
By the time you read this tonight the early returns should be starting to trickle in and based on the exit polls on the Internet the edge is going to Kerry. The market had priced in a relief rally with breakouts to new highs across the board but once those polls began to break so did the market.
Monday, November 01, 2004 | By Jonathan Levinson
Low Range, High Anxiety
It was a relatively quiet day, punctuated by small number of sharp, narrow range moves. Volume was light overall, not surprising as we approach the elect with its attendant direct and indirect uncertainties.
Sunday, October 31, 2004 | By Jim Brown
The markets are predicting a Kerry victory but it depends on which market you are looking at. A normally dependable indicator says if the Dow falls in the three months prior to the election the challenger will win 81% of the time or 9 of the last 11 elections.
Thursday, October 28, 2004 | By Jim Brown
Tape Painting Eases
Mutual fund tape painting eased on Thursday despite a drop in oil and a strong IPO market. Volume remained high but at 4.2B shares it fell short of the 4.75B shares traded on Wednesday.
Wednesday, October 27, 2004 | By Jane Fox
Recipe for a Rally
The U.S. petroleum inventories morning report was the fuel needed for a huge drop in oil prices and a massive climb in the stock market. The DOW closed above 10000 at 10002.30 for a daily rally of 113.80 points.
Tuesday, October 26, 2004 | By Jim Brown
Better Late Than Never
The historical end of October ramp finally appeared but the reasons remain far from clear. The Dow has been the laggard for weeks but today the blue chip index roared higher with a +138 point jump to almost regain the 9900 level.
Monday, October 25, 2004 | By Jonathan Levinson
The Decline that Wasn't
The indices opened lower and got slammed in the morning as oil reached a new record high. Bonds and gold were rallying, and it appeared that bull season was on.
Sunday, October 24, 2004 | By Jim Brown
It is official! The Dow closed at the low for the year on Friday at 9757.
Thursday, October 21, 2004 | By Jim Brown
Nearly 400 companies reported earnings on Thursday and the results were all over the board. Good news was mixed with bad news and delivered so quickly investors were left dizzy and confused.
Wednesday, October 20, 2004 | By Linda Piazza
Bull in a China Shop
In a twist on the usual version of the bull-in-a-china-shop story, today China delivered a blow to bulls. Fears about China's slowdown, perhaps to be revealed in the GDP number to be released this week, smashed overnight markets.
Tuesday, October 19, 2004 | By Jim Brown
Halloween Coming Early?
The markets may be warning us that Halloween is coming early this year. The markets gave back an early bounce to sink back to critical support and there were no bulls in sight at the close.
Monday, October 18, 2004 | By Jonathan Levinson
What started as a now-routine thrashing of the Dow and SPX, this time following bad news from MMM, whipsawed into a strong bullish reversal before noon. Price ran vertically higher through multiple resistance lines, reversing a synchronous set of intraday downphases from what appeared to be a nearly perfect bearish intraday setup.
Sunday, October 17, 2004 | By Jim Brown
Hunt for Red October
Last Sunday cracks were beginning to show in the October
rally and today it would take more than Visine to get the
Thursday, October 14, 2004 | By Jim Brown
Thank You Elliott Spitzer
Single-handedly Elliott Spitzer turned into a one man wrecking crew and sent the indexes into a death spiral at 10:30 this morning. Spitzer took aim at the major insurance companies in what he called a major scandal and financial stocks imploded.
Wednesday, October 13, 2004 | By Jonathan Levinson
Bulls lost their footing as oil staged a dramatic intraday reversal from lows below the 52 level, giving up gains across the indices and diving to mid-afternoon lows. A hesitant rangebound bounce ensued, with equities finishing the day in light negative territory.
Tuesday, October 12, 2004 | By Jim Brown
Close, But Was It Close Enough?
Intel and Yahoo announced earnings after the bell and both were close to analyst's estimates. The question is were they close enough?
Monday, October 11, 2004 | By Linda Piazza
With the Nikkei dark in overnight trading and bond markets closed for Columbus Day, Monday proved to be a set-up day for trades that might materialize later in the week.
Sunday, October 10, 2004 | By Jim Brown
Last Sunday the bulls were charging out of the gate with massive back to back buy programs that lifted the Dow +200 points from the Thursday lows
Thursday, October 07, 2004 | By Jim Brown
Drug Interaction Warning
Warning, certain drug stocks may not be tolerated well by bulls. Serious negative reactions may occur. Limit consumption to only those drug stocks that have reached well know support levels.
Wednesday, October 06, 2004 | By Linda Piazza
Leaning into the Wind
The market day didn't feel like one beset with heavy winds, but that was because the indices' strength matched the strength of those winds. When the winds abated late in the day, indices pitched forward.
Tuesday, October 05, 2004 | By Jim Brown
Fresh off their Bowflex workout the bulls continue to hold the indexes at their highs. Pumping iron would be an easy task compared to holding up the Nasdaq at these levels but the bulls are making it look easy.
Monday, October 04, 2004 | By Jonathan Levinson
Flagpole Rally II
It was a very quiet, almost cadaverous market for traders watching the cash markets during regular trading hours, as the real action occurred in the premarket. After the initial gap up, there little tradeable action and a narrow range ensued.
Sunday, October 03, 2004 | By Jim Brown
That will probably be the Saturday morning headline on the stock pages across the country. The truth may be entirely different but the results are the same.
Thursday, September 30, 2004 | By Jim Brown
No, not the one between Bush and Kerry tonight but the debate over market direction over the next two weeks. The markets struggled to move higher over the last few days and were it not for the end of quarter window dressing the Dow would be under 10K instead of over tonight.
Wednesday, September 29, 2004 | By Linda Piazza
The Better to See You With, My Dear
Although a Fed president painted a rosy picture for the economy Tuesday night and the GDP was revised slightly upward Wednesday morning, some consider the specter of higher crude costs the wolf that lurks in "transitory" clothing.
Tuesday, September 28, 2004 | By Jim Brown
Sun Still Shining
Oil crossed $50 and the world did not end. In fact the Dow ended with a +88 point gain and even more amazing the Transports closed with a +31 point gain.
Monday, September 27, 2004 | By Jonathan Levinson
Lower Highs, Lower Lows
The indices gapped lower today and failed at or just below Friday's lows. A narrow range emerged following the gap open, but an afternoon breakdown drove the indices below the intraday range to finish at the lows.
Sunday, September 26, 2004 | By Jim Brown
Tough week for the markets but not as bad as it could have been. The Dow lost -2.3% and was the weakest link.
Thursday, September 23, 2004 | By Jim Brown
Chips In Charge
After only one day of declines the chip sector fought to move back higher and single handedly kept the entire market from a serious disaster. The SOX finished up +2.05 and that kept the Nasdaq in positive territory and the Russell only fractionally negative.
Wednesday, September 22, 2004 | By Jane Fox
The Good the Bad and the Low Carb Diet
I tell you at some point the Low Carb diet will be blamed for the high price of oil. The latest to use this diet as a scagegoat is the makers of Twinkies and Wonder Bread Interstate Bakeries (IBC) when they filed for Chapter 11 bankruptcy reorganization.
Tuesday, September 21, 2004 | By Jim Brown
Surprise, No Surprise
The FOMC meeting has passed into the history books and there was very little change from the last meeting. The Fed hiked rates and kept the "measured pace" language.
Monday, September 20, 2004 | By Jonathan Levinson
Naz Pulled up by the SOX
The Nasdaq tested last week's highs, following the SOX which closed higher by 2.93% and broke week's high on a closing basis.
Sunday, September 19, 2004 | By Jim Brown
The Stage Is Set
The indexes clung to the levels reached last week with the tenacity of a rock climber 200 feet up a cliff. The Dow managed to fight off several attempts to break 10250 and closed the week with only a minor loss.
Thursday, September 16, 2004 | By Jim Brown
On the surface today was rather unspectacular with all the major indexes finishing very close to the flat line. They all gave up some decent midday gains but rallied back from a late day sell off to keep the bullish bid intact.
Wednesday, September 15, 2004 | By Linda Piazza
Earnings warnings, economic numbers, results of an OPEC meeting, and discussions of Ivan's impact bombarded investors Wednesday. Along the Gulf Coast, homeowners and businesses prepared for the coming storm.
Tuesday, September 14, 2004 | By Jim Brown
Quad Witching Approaching
For a quadruple witching week the volatility has been very calm. The Dow traded in a very narrow 37 point range and continued to hold right below significant resistance.
Monday, September 13, 2004 | By Jonathan Levinson
The markets marched higher today on solid volume, breaking Friday's highs and setting new highs as the volatility indices scoped multiyear lows.
Sunday, September 12, 2004 | By Jim Brown
No, there are no newspaper headlines claiming a win before the final ballots are cast but the markets appear to already be trading on the news.
Thursday, September 09, 2004 | By Jim Brown
Semiconductor bears woke up to an unpleasant surprise as bad news from Texas Instruments sent chip stocks soaring. The reversal of fortunes sent the Nasdaq higher but mixed economic news failed to impress the Dow and the decline continued.
Wednesday, September 08, 2004 | By Linda Piazza
Global bourses waffled around in overnight trading. U.S. futures drifted higher and then lower, setting up the expectation that our markets might show the same lack of direction.
Tuesday, September 07, 2004 | By Jim Brown
Eight Out of Ten
Today's market advance stretched the recent bullish streak of post Labor Day advances to eight of the last ten years. Unfortunately that trend normally precedes another trend of September being the worst month for the Dow and SPX since 1950.
Sunday, September 05, 2004 | By Jim Brown
OK, Now What
The conventions are over and the Olympics have ended.
Thursday, September 02, 2004 | By Jim Brown
Don't you hate to open a bag of chips and find them settled into a pile of crumbs at the bottom of the bag? The chip sector may soon look like a sector of crumbs after the news released on Thursday.
Wednesday, September 01, 2004 | By Linda Piazza
A Difficult Trading Environment
Many market technicians determined at Tuesday's close that Wednesday might be a difficult day to trade. Little did they know how difficult it would be.
Tuesday, August 31, 2004 | By Jim Brown
Brought to You By the Letter "E"
Today's market action was brought to you by the letter "E". Elections, earnings, extremists, energy, economy, employment and events all seem to have played a part in the early negativity and the ending rebound.
Monday, August 30, 2004 | By Jonathan Levinson
Low volume, low prices
Extremely light volume probably attributable to heightened security for the GOP convention in New York coincided with losses across the indices as bonds rallied throughout the session. Crude oil extended last week's losses, closing below 43 and dipping below 42 intraday on the Nymex.
Sunday, August 29, 2004 | By Jim Brown
Quiet Before the Storm
Friday morning continued the pattern set on Thursday and was Boring with a capital B. Volume was non existent and reports from the NYSE compared it to a ghost town.
Thursday, August 26, 2004 | By Jim Brown
Bulls Applying Pressure
The major indexes may have finished in the red but it was only by a narrow margin.
Wednesday, August 25, 2004 | By Linda Piazza
Last night, two planes taking off from the same airport in Moscow crashed within minutes of each other, killing all of the almost 90 people on board the two aircraft.
Tuesday, August 24, 2004 | By Jane Fox
Sitting here in No-man's Land.
The Dow gained 25.58 points to settle at 10098.63. The Nasdaq slid 1.81 to end the day at 1836.89 and the S&P ended pretty well flat at 1096.19.
Monday, August 23, 2004 | By Jonathan Levinson
Higher Dollar Sinks Most Boats
The US Dollar Index rose throughout the session, trading above 89 resistance as of this writing, and driving foreign currency pairs, US treasury bonds, gold, silver and oil lower.
Sunday, August 22, 2004 | By Linda Piazza
Oversupply and Undersupply Stories
Oversupply and undersupply stories dominated reports early Friday morning, with those reports pressuring markets. Futures eased during the overnight session.
Thursday, August 19, 2004 | By Jane Fox
Oil is spoiling all the fun.
Although I will not belabor oil prices for I'm sure they will get a very good summary in the futures wrap I would like a minute to address some issues. Crude oil prices have surged about 30% in the past six weeks and stand about 50% higher than they were a year ago.
Wednesday, August 18, 2004 | By Linda Piazza
A New Meaning
Jim attends a conference through the end of this week, and will return next week.
Monday, August 16, 2004 | By Jonathan Levinson
The Nasdaq led again, on this time it was to the upside on a rally that added 1.31% to the Dow and 1.46% to the Nasdaq. Volume was on the lighter side of moderate at 1.172B NYSE shares and 1.269B Nasdaq shares, 10:1 in favor of advancing shares on the NYSE and just over 4:1 on the Nasdaq.
Sunday, August 15, 2004 | By Linda Piazza
Dell's after-Thursday's-close earnings report was slated to be the big news Friday, sending tech-related indices higher. Pre-market articles talked about the bounce that was to come, but the day didn't unfold that way.
Thursday, August 12, 2004 | By Jim Brown
Hewlett Packard Disappoints
Disappoint is probably the wrong word for the HPQ earnings this morning. Not only did the news knock -16% off HPQ stock but knocked tech stocks back to August 2003 levels.
Wednesday, August 11, 2004 | By Linda Piazza
Out of Steam
A post-Fed-decision rally carried the Nikkei and some other Asian bourses to another day of gains, but then lost steam by the time European markets opened. U.S. futures turned down with cash markets following, but then the decline ran out of steam, too.
Tuesday, August 10, 2004 | By Jim Brown
Measured Pace Continues
The markets waited on pins and needles for the Fed news and once it came they realized there was no change. The morning rebound faltered for a few minutes while everyone waited to see who would blink first and then charged ahead.
Monday, August 09, 2004 | By Jonathan Levinson
The Day After
The dust from Friday had a chance to settle today, with equities rising weakly throughout the session and bonds, metals and foreign currencies pulling back.
Sunday, August 08, 2004 | By Jim Brown
Want to See Something Really Scary?
That title may be a famous line from the Twilight Zone movie but you only need to take a look at the index changes for the week in the table above for a real nightmare on Wall Street. The Nasdaq lost nearly -5% for the week and all the indexes are at their lows for the year.
Thursday, August 05, 2004 | By Jim Brown
Markets Fears Pink Slips
There were multiple reasons given for the market slide today and fear of a disastrous Jobs report on Friday was one of them. Given the current environment of daily terror news, oil at new highs and election polls changing leaders daily the last thing investors want to worry about is losing jobs in a weak economy.
Wednesday, August 04, 2004 | By Linda Piazza
Markets again waffled around near support Wednesday, refusing to break out in either direction. Daily candlestick charts show many indices producing high-wave candles, candles with small bodies but long upper and lower shadows.
Tuesday, August 03, 2004 | By Jonathan Levinson
The Fed's open market desk allowed 6.5B in maturing repos to expire unrefunded today, draining that amount from its primary dealers' accounts. Oil was higher, continuing its explosive rally, and the net effect of these two bearish factors was widespread weakness for equities.
Monday, August 02, 2004 | By Jane Fox
Still bullish but willing to so bearish if I need to
Yesterday Homeland Security Secretary Tom Ridge raised the threat alert to "orange," or high, for areas of New York City, northern New Jersey and Washington because new intelligence pointed to Al Qaeda terrorists targeting Wall Street and international financial institutions.
Sunday, August 01, 2004 | By Jim Brown
That Was Exciting
The market celebrated the end of convention event risk with a yawn and the concern immediately shifted to the lower than expected GDP. The critical convention event risk expired with no more excitement than a week old newspaper.
Thursday, July 29, 2004 | By Jim Brown
It is almost over, July that is. So far it has run true to its historical election year norm with weakness leading up to the convention and disappointment over summer guidance.
Wednesday, July 28, 2004 | By Jane Fox
Sometimes the Market Can Make You Dizzy.
The markets were able to pull back from the brink of disaster powering higher in the last hour of trading to erase almost all of the day's earlier losses. The market is not sure where it wants to go and in the meantime it is making traders dizzy while it tries to figure it out.
Tuesday, July 27, 2004 | By Jim Brown
So Far So Good
With the Democratic convention 25% over the markets rallied off its lows for the year in anticipation of a successful conclusion. The massive security and multi block long safety zones on all sides of the convention must have convinced investors the event risk was far overdone.
Monday, July 26, 2004 | By Jonathan Levinson
QQQ and Nasdaq broke below their previous year-to-date lows this morning, the first of the major indices to do so. The OEX, Dow, and SPX all came close to doing so but managed to hold above the previous lows.
Sunday, July 25, 2004 | By Jim Brown
Ready, Set, Wait
After a terrible week for the major indexes we closed at critical support levels and very close to lows for the year. The markets are poised to wait out the Democratic convention in hopes it will pass uneventfully.
Thursday, July 22, 2004 | By Jim Brown
New Nine Month Low
The Nasdaq was hit with strong selling this morning and dropped to a new nine month low of 1853 before bargain hunters appeared. The Dow broke 9950 briefly and the Russell fell to strong support at 540.
Wednesday, July 21, 2004 | By Jonathan Levinson
Key Downside Reversal
The MSFT rally carried the markets to a strong open that failed immediately for the Nasdaq while carrying the Dow and SPX until 11AM before the decline kicked in.
Tuesday, July 20, 2004 | By Jim Brown
Cash Talks in After Hours
The weakness from the last several days finally wore off just prior to the Greenspan testimony and the major indexes recovered some of their losses. That was not the big story of the day.
Monday, July 19, 2004 | By Linda Piazza
Work Horses of the Big Caps
Two work horses of the big caps, MMM and MSFT, pulled the opposite direction Monday morning, plowing index prices first one direction and then the other.
Sunday, July 18, 2004 | By Jim Brown
We have been trapped in this trading range for five months but it appears we may be in for a change of confinement.
Thursday, July 15, 2004 | By Jim Brown
No Surprise Yet
As the earnings momentum increases the markets continue to trade sideways as investors hold their breath expecting big surprises. So far those surprises have not appeared and we are seeing earnings much like the economics, mixed.
Wednesday, July 14, 2004 | By Linda Piazza
Disappointment over some aspects of Intel's earnings report set markets up for a decline in Wednesday's trading.
Tuesday, July 13, 2004 | By Jim Brown
Traders fought to a deadlock today as they waited for Intel earnings after the close. All the major indexes added together were still within a dozen points of the flat line with the SPX, OEX, SOX, RUT all failing to gain/lose a full point.
Monday, July 12, 2004 | By James Brown
Both the Dow and the Nasdaq test last week's lows, the Dow holding and the Nasdaq falling below, and both reversed to the upside to close near the upper end of their day ranges.
Sunday, July 11, 2004 | By Jim Brown
After a little more than six months of the year has expired the S&P-500 is trading exactly where it closed 2003 at 1112. Six months of hope, excitement, surprise and disappointment and we have gone nowhere.
Thursday, July 08, 2004 | By Jim Brown
Day in Court
Today was taken over by court TV with Ken Lay's indictment and press conference taking center stage. Another sideshow came from the Adelphia trial where the Rigas family head was found guilty on almost all counts.
Wednesday, July 07, 2004 | By Jonathan Levinson
Coming and Going
It was a laborious session that ended with light gains for the Nasdaq, Dow and S&P, but at least the indices didn't break to new lows. Key support levels were tested and held, but the daily picture does not look encouraging for bulls in the short term.
Tuesday, July 06, 2004 | By Jim Brown
The market reacted strongly to the continued flurry of earnings warnings and definitely surprised traders. The constant drone of company after company warning that large corporations are not spending money has soured expectations and traders took their wrath out on stocks.
Sunday, July 04, 2004 | By Jim Brown
Much Ado About Nothing
Multiple major events came and went and the markets yawned with indifference. End of quarter window dressing turned into a strip search as weak economics and earnings warnings started to chip away at investor confidence.
Thursday, July 01, 2004 | By Jim Brown
The key word in the Fed announcement was "nonetheless" and not "measured pace" and that difference was felt in the market action on Thursday. Post Fed trading was less than inspiring as a new flurry of earnings warnings produced a cloud over the markets.
Wednesday, June 30, 2004 | By James Brown
Two Down, One to Go
The second of this week's three big events has passed and for the most part stocks remain stuck inside their trading range. In what has been described as the most telegraphed interest rate move of all time the FOMC raised rates by 1/4 point, just as expected.
Tuesday, June 29, 2004 | By Jim Brown
Watch Your Language!
That is what the investor community is saying to Greenspan tonight. While the actual rate decision may be anticlimactic tomorrow the language of the announcement is the key to the reaction.
Monday, June 28, 2004 | By James Brown
Iraq Officially Free Yet Stocks Sink
Stocks were off to a strong start this morning on the surprising news that the formal handover of power in Iraq had occurred two days earlier than expected. Unfortunately, U.S. equities began to weaken in late afternoon trading and the major indices turned negative by the closing bell.
Sunday, June 27, 2004 | By Jim Brown
Tick, Tick, Tick
While most Americans are oblivious to the coming events the clock continues to count down to June 30th. Whether it will pass as a major calendar event or pass quietly like a mini Y2K is yet unknown.
Thursday, June 24, 2004 | By Jim Brown
Pause To Reflect
After a very strong breakout on Wednesday the markets paused to reflect today and managed a very orderly profit taking session. The Dow tried twice to move higher and grab the brass ring at 10500 but fell about a dozen points short on the attempt.
Wednesday, June 23, 2004 | By James Brown
A Day for Breakouts
Express courier Fedex got us started on the right foot when the company announced earnings this morning and raised its earnings guidance for the next quarter. Unfortunately, the markets continued to trade inside its three-week trading range - that is until the last hour.
Tuesday, June 22, 2004 | By Jim Brown
In a repeat performance of recent weeks the markets nearly made a complete round trip from resistance to support and back again over the last two days. The Dow, which topped at 10430 on Friday and Monday retreated to exactly the low of 10307 marking the bottom of the recent range that was made on the 14th.
Monday, June 21, 2004 | By James Brown
All the financial media, including this column, is starting to sound like a broken record. The markets are just not moving as investors wait for the June 30th deadline for the Iraq handover of "power" and the interest rate decision by the Federal Reserve.
Sunday, June 20, 2004 | By Jim Brown
Ten Days and Counting
The markets traded to a draw once again as the indexes passed time waiting for coming events. We are ten days away from the Fed meeting and coming rate hike.
Thursday, June 17, 2004 | By Linda Piazza
One to Go
One day remains in this option-expiration week. Only one more day of boredom remains before markets break out of their recently established consolidation patterns.
Wednesday, June 16, 2004 | By James Brown
Stocks Snooze Despite Strong Economic Data
Wednesday's market action can be summed up in one word: boring. The major averages traded sideways with the Dow Jones Industrials in a 40-point range, the NASDAQ in a 12-point range and the S&P 500 index in a 5-point range for the day.
Tuesday, June 15, 2004 | By Jonathan Levinson
Inflation or Deflation?
The markets were dominated with news and discussion surrounding the thorny inflation vs. deflation issue, with the CPI report released in the morning ahead of Greenspan's testimony before the Senate Banking Committee.
Monday, June 14, 2004 | By James Brown
A "Measured" Decline
Monday proved to be a defeat for the bulls as stocks slid lower in a very widespread decline. Traders once again obsessed over concerns that the Federal Reserve may have to raise rates faster than previously expected.
Sunday, June 13, 2004 | By Jim Brown
Let Those Bulls Loose!
That was the most remembered comment from President Reagan when he last visited the NYSE. Multiple interviews with floor traders this week brought tears to their eyes as those words were remembered.
Wednesday, June 09, 2004 | By James Brown
Stocks Slide Into Reverse
After three days of gains in the stock market investors decided to take some money off the table. Wednesday's decline was very widespread affecting every stock and sector specific index.
Tuesday, June 08, 2004 | By Jim Brown
Major Resistance Ahead
You could not tell it from the indexes during the morning session with red across the board but the market is still in rally mode. They did not stray far from the bullish trend started on Monday despite the negative start.
Monday, June 07, 2004 | By James Brown
Bulls Stampede Pushing NASDAQ Over 2000
Stocks were off to a strong start this morning but not before Wall Street honored the passing of President Reagan with two minutes of silence. The rally slowed a bit during the lunchtime lull but picked up speed again heading into the afternoon.
Sunday, June 06, 2004 | By Jim Brown
D Day For Bulls
With the bears hunkered down in their bunkers wondering what happened to their reinforcements the bulls are gaining in strength on a daily basis.
Thursday, June 03, 2004 | By Jonathan Levinson
Waiting for Jobs
An afternoon decline picked up speed and urgency as the session drew to a close, with the Dow declining 67.06 to finish at 10195.91 and the Nasdaq losing 28.7 to close at 1960.3.
Wednesday, June 02, 2004 | By James Brown
Bluechips Rally on Oil's Weakness
Positive comments from Saudi Arabia's Oil Minister a day before OPEC's official meeting in Beirut sent crude to a 5.6% decline, its biggest drop in six months.
Tuesday, June 01, 2004 | By Jim Brown
Resistance Test, Again
For the third consecutive day the indexes rebounded back to strong resistance and failed to breakout. However, after the afternoon dip to initial support we should be grateful for any rebound back to resistance. For all practical purposes this was just another holiday with volume only 3.1B shares across all markets.
Sunday, May 30, 2004 | By Jim Brown
What A Difference A Week Makes
I predicted last Sunday that there was a bounce building in our immediate future. I outlined the reasons I thought the selling was over and why I thought we would rally.
Thursday, May 27, 2004 | By Jonathan Levinson
Equities added to the week's gains, with the Dow closing higher by .94% at 10205, the Nasdaq +.42% to 1984.5 and the SPX adding .57% to close at 1121.28.
Wednesday, May 26, 2004 | By James Brown
Tech Stays Positive
The Dow Industrials may have ended in the red today but bulls can still claim a victory. After yesterday's big 159-point gain the INDU only lost about 8 points due to weakness in SBC and VZ.
Tuesday, May 25, 2004 | By Linda Piazza
Russell Leads the Way
While market participants focused on the Iraq situation, crude oil prices, the Consumer Sentiment and Existing Home Sales, the Russell 2000 was making a sneak assault on the top boundary of its nearly month-long rectangular congestion zone.
Monday, May 24, 2004 | By James Brown
Stocks Slide Sideways as Oil Rises
Monday turned out to be a relatively quiet session. The lack of any decision from the OPEC meeting could have pushed the market lower but news that Saudi Arabia would volunteer to raise production lent the stock market early strength.
Sunday, May 23, 2004 | By Jim Brown
Bullish Signs Appearing?
It may be far too soon to make any definite bullish predictions but there are some signs that there may be a bounce ahead.
Thursday, May 20, 2004 | By Jim Brown
If you added the closing point changes for the day on the Dow, Nasdaq, S&P-100, S&P-500, Wilshire-5000, Russell-2000 and the SOX you get +1.45 points for the day. In any measure the markets were as neutral as possible on very low volume of barely three billion shares across all markets.
Wednesday, May 19, 2004 | By Linda Piazza
Despite Being Primed, the Pump Runs Dry
With the NYMEX crude contract easing back toward $40.00 as U.S. markets opened, the pump was primed for market gains. Asian markets had realized those gains, also helped by tech strength and reassurances out of China.
Tuesday, May 18, 2004 | By Jim Brown
The Day the Market Stood Still
Almost like a scene out of an old science fiction movie the markets gapped open on Asian relief and then just stopped. They traded almost completely flat after 10:30 on very light volume.
Monday, May 17, 2004 | By Jane Fox
Market Skids Lower
About the only effect the economic reports had on the ES was for us to see two-sided trade. It traded as much above the balance area of 1093.75 as below it.
Sunday, May 16, 2004 | By Jim Brown
Escaped With A Minor Loss
After a very rocky week traders escaped with only a minor loss across all the indexes. The Dow was the most negative at -104 for the week and mostly on the back of losses in CAT, IBM, MRK, C and JPM.
Thursday, May 13, 2004 | By Jim Brown
Traders worst nightmares began to resurface today with a higher than expected PPI report. The overnight gain in the futures was erased in minutes and the markets opened under a rate cloud once again.
Wednesday, May 12, 2004 | By Linda Piazza
Markets Slip on Oily News but Barton Biggs Bounces Them
Despite the conjectures of one television commentator, Barton Biggs' assertion that the markets were primed for a big bounce, only moments before that late-day bounce occurred, did not prompt the gains. Here's what more reasoned thinkers believe happened.
Tuesday, May 11, 2004 | By Jim Brown
Nervous Bargain Hunters
Buyers returned at the open on Tuesday but they were unable to force any material gains in the Dow. Tech stocks and the small caps saw the strongest buying but it was very cautious.
Monday, May 10, 2004 | By Jonathan Levinson
Dow 10K, S&P 1100, Naz 1900 Fall
The selling began after the cash close on Friday and resumed in the futures last night. The markets gapped lower at the open, ran to their lows just before noon and then bounced, moving sideways in a range for the duration of the session.
Sunday, May 09, 2004 | By Jim Brown
Stronger Than Expected
April was a strong month for jobs according to the employment report released on Friday. The much stronger than expected numbers led to some serious volatility as traders alternately bought and sold the markets on supposed Fed fears.
Thursday, May 06, 2004 | By Jim Brown
Job Fears Rampant
Few traders are afraid of losing their job but they are very afraid that too many workers may have found jobs in the month of April. That April Jobs report will be released at 8:30 on Friday.
Wednesday, May 05, 2004 | By Linda Piazza
Caution and defensive posturing appeared to direct trading behavior Wednesday. Some recently beaten-down sectors such as the SOX gained, and one recently gaining sector, the oil services sector, fell.
Tuesday, May 04, 2004 | By Jim Brown
Fed Raising Rates
Using Fedspeak Greenspan said they were ready to raise rates but they are not raising them now. The Fed left rates unchanged but said they could begin raising rates at a measured pace in the near future.
Monday, May 03, 2004 | By Jonathan Levinson
Waiting for the Fed
Monday kicked off on a positive note after Friday afternoon's deep selloff in the futures. The Semiconductor Industry Association (SIA) announced that March chip sales had risen to $16.8B, up 4.4% from April's level on increased demand for computers and communications devices.
Sunday, May 02, 2004 | By Jim Brown
For the third consecutive day the markets sold off on heavy volume and serious technical damage has been done.
Thursday, April 29, 2004 | By Jim Brown
It only took two days but the trend is on the verge of a drastic change. The Dow hit 10537 on Tuesday and 10219 today.
Wednesday, April 28, 2004 | By James Brown
Wall Street Wilts Under Metal Melt Down
It was a tough day for stocks around the globe as investors reacted to earnings news and renewed fears over rates and geo-political tensions. I guess you could say it was just more of the same but this time the sell-off was market wide.
Tuesday, April 27, 2004 | By Jim Brown
The market sold off at 2:PM and the excuse given was either fighting in Iraq or explosions in Syria. Far as I know there has been fighting in Iraq for quite some time.
Monday, April 26, 2004 | By James Brown
Stocks Suffer Monday Blues
Stocks edged lower on Monday after their bullish start faded quickly into a sluggish session. Sparking the early morning strength was big news in the biotech sector and a big contract win for Dow-component Boeing.
Sunday, April 25, 2004 | By Jim Brown
The markets closed at the high of the day, the day after a big gain and in front of a weekend.
Thursday, April 22, 2004 | By Jim Brown
It appears that size and quality does matter when it comes to earnings and Thursday was a banner day for quality results. Good news was breaking out all over and analysts were pounding the table about the new bull market.
Wednesday, April 21, 2004 | By James Brown
Greenspan Calms, Markets Climb
Stocks opened lower following yesterday afternoon's steep decline and proceeded to trade in choppy action into the lunch hour. Fed Chairman Alan Greenspan managed to soothe the market's inflation and interest rate fears after his comments sparked yesterday's weakness.
Tuesday, April 20, 2004 | By Jim Brown
It was supposed to be a calm day with no doomsday comments from Alan Greenspan as he talked about the banking system. The prepared comments were tame and nobody got excited but the Q&A turned up the heat.
Monday, April 19, 2004 | By James Brown
A Quiet Monday as Investors Wait on Greenspan
The action on Wall Street was rather mild on Monday. Major indices traded in a narrow range as investors continue to fret over higher interest rates despite generally positive earnings news.
Sunday, April 18, 2004 | By Jim Brown
The Nasdaq struggled with the psychological 2000 level Friday as the list of techs with earnings problems continues to grow. The Nasdaq was negative most of the day while the cyclical heavy Dow rallied out of its mid week slump.
Thursday, April 15, 2004 | By Jim Brown
If you have not done your taxes your time has run out. Or you may have done the rough draft and found that your refund was significantly less than you expected.
Wednesday, April 14, 2004 | By James Brown
Markets Turn Choppy
U.S. stocks markets turned in a mixed session as investors couldn't decide which to focus on: interest rate fears or stronger corporate profits. The CPI numbers this morning confirmed that inflation is on the rise, which means the Fed will likely act sooner rather than later.
Tuesday, April 13, 2004 | By Jim Brown
Too Much Good News
Analysts would have you think the reason for today's drop was too much good news. Higher than expected Retail Sales and higher than expected Business Inventories were said to have increased fears of higher interest rates and that caused the sell off.
Monday, April 12, 2004 | By James Brown
Stocks Rebound on Relief Rally
Stocks soared quickly higher at the open on Monday as investors breathed a sigh of relief that the holiday-long weekend passed without a terror-related incident. This allowed traders to focus on the Q1 earnings season, which is about to hit in force starting tomorrow.
Sunday, April 11, 2004 | By Jim Brown
The earnings blowout by Yahoo had traders in Internet stocks yelling Yahoo! on Friday but they we about the only traders with any real excitement. YHOO gained +7.86 to $56.20 and a three year high.
Wednesday, April 07, 2004 | By James Brown
Earnings Worries Weigh On Wall Street
Major stock indices traded lower on Wednesday due to concerns that Q1 earnings may not meet expectations.
Tuesday, April 06, 2004 | By Jim Brown
Nokia dialed a wrong number for the markets on Tuesday and the result was a serious drop in tech stocks. Apparently more cell phone buyers are opting for the cheap phones instead of those laden with expensive and profitable features.
Monday, April 05, 2004 | By James Brown
Markets Rise Again on Monday
A new record high on the ISM services index and strong business optimism keep the markets in the green after last week's rally. Although volume was light stocks shot higher in the last hour of trading while bonds sold off again on the stronger economic news.
Sunday, April 04, 2004 | By Jim Brown
The administration finally found all those lost jobs and they eagerly took to the airwaves to pound their economic drum.
Thursday, April 01, 2004 | By Jim Brown
AT&T, EK and IP were kicked out of the Dow. Google is seeking employees to work in an oxygen depleted environment. The administration is ready to reinstate cheap generic gasoline and Martha Stewart wants a retrial because a juror may have hit his girlfriend several years ago.
Wednesday, March 31, 2004 | By James Brown
Q1 Ends In The Red
The first quarter of 2004 has ended and the Dow Industrials and the NASDAQ Composite both posted losses. Disappointing economic news, production cuts from OPEC, concerns over this Friday's jobs report and new violence in Iraq were all factors in today's declines.
Tuesday, March 30, 2004 | By Jim Brown
The markets woke up with a hangover this morning after triple digit gains on Monday and promptly went back to sleep. The minor wandering movements for the majority of the day could be seen as traders sleep walking through the session while waiting for the floor show to begin tomorrow.
Monday, March 29, 2004 | By James Brown
Two out of Three
Buyers returned refreshed and ready for a new week and sent the Dow Industrials to their second triple-digit gain in the last three sessions. The NASDAQ and the S&P 500 joined the rally with the S&P moving back into the green for 2004.
Sunday, March 28, 2004 | By Jim Brown
Was it the end of the bounce or just fear of weekend event risk that sent the indexes plummeting at Friday's close? We will have to wait for Monday's open to tell if the highs set Friday afternoon will be surpassed.
Thursday, March 25, 2004 | By Jim Brown
Back From The Brink
The bulls had been pushed to the cliff's edge with more than a couple being turned into hamburger on the rocks below but the remainder of the herd dug in its heels, lowered their horns and pushed their way back from the brink. There was no magic moment, no sudden change in economics or smooth tongued words of wisdom by a Fed head.
Wednesday, March 24, 2004 | By James Brown
Markets Meander Midweek
Stocks seesawed sideways on Wednesday as the major averages tested support only to see the rebound fail in the afternoon hours. The Dow Industrials and the S&P 500 index both posted their fifth loss in a row while the NASDAQ managed to end its losing streak with a bounce in the semiconductor sector.
Tuesday, March 23, 2004 | By Jim Brown
The markets rebounded strongly at the open and celebrated that support had held and terrorists had disappeared again. Unfortunately that celebration lasted about as long as the opening bell.
Monday, March 22, 2004 | By James Brown
Stocks Sink Worldwide on Terror Concerns
Mondays have been pretty rough for the markets this month but this time the selling was felt globally. Early morning news that the Israeli military had killed a key Hamas leader in Palestine sent stocks lower around the globe on heightened terror concerns for retaliation.
Sunday, March 21, 2004 | By Jim Brown
Don't Look Now!
While the talking heads were focused on the battle in Pakistan and the market analysts were talking about option expiration and S&P rebalancing the SOX quietly headed south.
Thursday, March 18, 2004 | By Jim Brown
Al Qaeda Expiration
News that the number two man in the Al Qaeda organization may expire along with March options lifted the markets off their lows and back to the highs for the week. The rumors were flying fast and the market makers earned their money today keeping the SPX under 1125 and guaranteeing the most SPX options would expire worthless.
Wednesday, March 17, 2004 | By James Brown
Markets Blossom Green on St. Patrick's Day
Stocks sprinted higher for the second day in a row buoyed by tame inflation data and positive earnings reports. The rally was very widespread with 27 of the 30 Dow components closing higher.
Tuesday, March 16, 2004 | By Jim Brown
The Fed met and caught up on all the pertinent family news, enjoyed a leisurely lunch, talked a little economics then threw the markets into a turmoil with a carefully worded announcement. How do you get a job like that?
Monday, March 15, 2004 | By James Brown
Last Friday's rally eased the pain from a brutal week in the markets but the question investors were left with over the weekend was, "Is it an honest reversal or just an oversold bounce?" Monday's 137-point loss answered that question.
Sunday, March 14, 2004 | By Jim Brown
What a Week!
Last Sunday we were jubilant that the Dow managed to close up on Friday and right at 10600 after the disappointing Jobs report.
Thursday, March 11, 2004 | By Jim Brown
The terrorist attack in Spain that killed 192 and injured over 1400 bombed our markets as well. The indexes opened down but well off the overnight reaction lows. After an attempt to rally that lasted until after 2:00 bad news sent them down again.
Wednesday, March 10, 2004 | By James Brown
Markets Implode on Anniversary
Ka-BOOM! The major stock indices have stretched this week's declines to three in a row.
Tuesday, March 09, 2004 | By Jim Brown
I have been telling you for the last six weeks to keep buying the dip and selling the highs as long as we stayed in our range. That range was 10450-10700 on the Dow and 2000-2100 on the Nasdaq.
Monday, March 08, 2004 | By James Brown
Singing The Monday Blues
The markets struggled to find direction on Monday for most of the session as investors peered through a post-jobs report hangover. Last Friday the major indices all performed relatively well despite the abysmal jobs number but now that Wall Street has had the weekend to think about it investors seem a little more apprehensive.
Sunday, March 07, 2004 | By Jim Brown
Bad News Bulls Are Back
Jobs were drastically lower than expected. Markets gaped down at the open and bonds soared on the weak economic news.
Thursday, March 04, 2004 | By Jim Brown
After a day of mixed markets, sweaty palms and tension so strong you could smell it, Intel lowered its guidance ever so slightly. The initial reaction was negative until the spin doctors hit the airwaves and the damage was muted.
Wednesday, March 03, 2004 | By James Brown
Stocks Churn Ahead of Intel and Jobs Report
A slight majority of stocks turned around early morning weakness on Wednesday to close mildly higher as major indices ended the session near unchanged. Uninspiring economic news coupled with caution ahead of Intel's mid-quarter update on Thursday night and the jobs report on Friday morning kept stocks in neutral.
Tuesday, March 02, 2004 | By Jim Brown
Greenspan must be irritable lately because every time he takes the stage he takes aim at the status quo. The shot heard around the world today sent the dollar to the largest one day gain against the Euro ever.
Monday, March 01, 2004 | By James Brown
March Opens Bullish
Investors came back from the weekend in a buying mood and sent the Dow to one of its best gains in 7 weeks and the NASDAQ above short-term resistance at 2050. Fueling the market-wide rally was the ISM index that reported growth in the manufacturing sector for the 10th month in a row.
Sunday, February 29, 2004 | By Jim Brown
Battle Lines Drawn
The Dow changed sides from offense to defense several times on Friday with several strong moves in each direction but the end result was a +3 point gain and a close at almost exactly the same level that it started the week. The battle line continues to be 10600 and the Dow crossed that line six times on Friday.
Thursday, February 26, 2004 | By Jim Brown
Battle For Control
The fight for leadership continues to keep the markets in their recent ranges as mixed indexes and sector rotation proceeds on low volume. The Dow closed down while the Nasdaq stretched its gains but the real heroes were the Russell and the SOX.
Wednesday, February 25, 2004 | By James Brown
What felt like a rather slow day on Wall Street actually turned into a rather bullish session. Stocks ignored disappointing home sales data and rising oil and gas prices to focus on positive comments from Fed chairman Alan Greenspan.
Tuesday, February 24, 2004 | By Jim Brown
That is how long it has been since the Dow and S&P have been down five days in a row and that is what happened today. The technical support levels are being hit left and right but in reality nothing has changed.
Monday, February 23, 2004 | By James Brown
Stocks Fall for Fourth Day
The last week of February began with a decline as the NASDAQ erased its 2004 gains and stocks fell for their fourth straight session. The tech-heavy NASDAQ traded to 1999.59 in the last hour of trading before bouncing back above the 2000 level.
Sunday, February 22, 2004 | By Linda Piazza
Questions and More Questions
Was Friday's market weakness caused by the CPI data? Did Tokyo's raised terror alert spook the markets? Did the dollar's strength hit those stocks that had seen gains in an export-friendly, low-dollar environment?
Thursday, February 19, 2004 | By Jim Brown
Good earnings news breaking out all over but economics are not following the plan. The combination of these factors in an option expiration week turned into new highs and a strong drop from those highs.
Wednesday, February 18, 2004 | By James Brown
Lots of News for a Slow Day
The major averages closed in the red again for the third day in four sessions. It would appear to be plain old profit taking after yesterday's market-wide rally.
Tuesday, February 17, 2004 | By Jim Brown
Home In The Range
Positive events in the chip sector and takeover speculation sent the indexes back to the top of their recent ranges. The coming option expiration probably helped with the futures up substantially before the cash markets opened for trading.
Sunday, February 15, 2004 | By Jim Brown
Now Entering The Catalyst Void
With earnings basically over for the 4Q we are entering the period in the earnings cycle where there is a lack of a catalyst to move stocks forward. The economic calendar will heat up next week and there is a greater risk of a disappointment than a positive surprise.
Thursday, February 12, 2004 | By Jim Brown
Thank You Mr. Greenspan
After sending the Dow to a new two year high on Wednesday the master of disaster carefully avoided any comments today that would have reversed that gain. The positive comments about GDP growth, job growth and the Fed's patience comforted bulls and despite some minor profit taking today the markets held those gains.
Wednesday, February 11, 2004 | By James Brown
The Picture Has Brightened
"...the picture has brightened." sums up the day and Greenspan's perspective on the U.S. economy. The excerpt was part of Federal Reserve Chairman Alan Greenspan's official comments before congress in day one of a two-day semiannual meeting.
Tuesday, February 10, 2004 | By Jim Brown
The Fed Man Cometh
Investor positioning ahead of the Greenspan testimony tomorrow kept the markets in a tight range but it could not keep them from posting a decent gain for the day. The Dow closed back over 10600 and the Nasdaq surged to 2075. Not a bad day when you consider the fear some have of the Greenspan testimony.
Monday, February 09, 2004 | By James Brown
Stocks Drift Mildly Lower
Monday turned out to be a session of mild profit taking after Friday's big rally. The earnings parade is starting to dwindle and this week's economic reports are due out on Thursday and Friday.
Sunday, February 08, 2004 | By Jim Brown
The semiconductor sector cured the Nasdaq from its bout of profit taking flu with a +4.77% gain on Friday and a total of +23.68 points. Considering the Nasdaq gained +44 points you can see where the real strength appeared.
Thursday, February 05, 2004 | By Jim Brown
The Moment of Truth
Friday morning at 8:30 AM is the moment of truth for the markets. At least that is what the talking heads were telling traders all day.
Wednesday, February 04, 2004 | By James Brown
Investors React to CSCO's Earnings
The NASDAQ has almost wiped out its 2004 gains after investors used CSCO's earnings report last night as another excuse to take profits. What started out as a tech-specific decline quickly widened into a market-wide sell-off.
Tuesday, February 03, 2004 | By Linda Piazza
Hope Minus Worry Equals Stagnation
Traders today could easily identify the hopes and worries that affected markets, but had more difficulty predicting which would most fan market behavior.
Monday, February 02, 2004 | By James Brown
Did The Market See Its Shadow?
Saying that stocks were mixed today would be an understatement. A day after the Super Bowl investors seemed undecided on which direction to take the market.
Sunday, February 01, 2004 | By Jim Brown
The wheels came off the whisper number bus Friday when the GDP failed to reach even the weakest estimates of 4Q growth. All the analysts quoting obscene growth numbers were left to sift positive component numbers out of the overall report in an effort to justify their missed estimates.
Thursday, January 29, 2004 | By Jim Brown
Buy The Dip?
Some traders bought the dip as the indexes neared critical support but there was no V bottom blast off as many had hoped. The low of the day came around 2:PM with alternating buy/sell programs fighting for control.
Wednesday, January 28, 2004 | By James Brown
Stocks Plunge on Fed Announcement
With just a few choice words the FOMC was able to do what the bears have been unable to accomplish - put the bulls on the run. Stocks traded mostly higher earlier in the session, despite some disappointing economic news until the Fed's decision on interest rates sparked a very widespread sell-off.
Tuesday, January 27, 2004 | By Jim Brown
After a +134 point gain on Monday to a new two year high the Dow slipped -92 today as put buyers outweighed call buyers almost 3:1. The Nasdaq gave back all its gains from Monday and returned to the low 2100s on weakness in the semiconductor sector.
Monday, January 26, 2004 | By James Brown
Momentum is positive
Overheard in a conversation between to bearish traders about the current rally, "It can't be bargained with! It can't be reasoned with! It doesn't feel pity, or remorse, or fear.
Sunday, January 25, 2004 | By Jim Brown
Two Out of Three
Two of the top three indexes broke their long running winning streaks. Two of the three busiest weeks in the earnings cycle are now over.
Thursday, January 22, 2004 | By Jim Brown
Volume Still Strong
Volume on Thursday was nearly five billion across all markets and stretched the string of high volume days to 13. Declining volume was unfortunately the highest since Sept-24th and twice the up volume.
Wednesday, January 21, 2004 | By James Brown
Adrift in an Eddy of Earnings.
Earnings, earnings, earnings. The markets ran higher for weeks in anticipation of strong Q4 earnings numbers and now that they're finally here we're getting good news.
Tuesday, January 20, 2004 | By Jim Brown
It was all about guidance as the bluest of blue chips began presenting their earnings. However, good news did not buy much in the way of investor appreciation as strong earnerswere pounded when good results fell short of overly optimistic expectations.
Sunday, January 18, 2004 | By Jim Brown
One Down, Two To Go
With January half over we have one significant earnings week behind us and two monster weeks ahead. The majority of 4Q earnings from U.S. companies will be released over the next two weeks.
Thursday, January 15, 2004 | By Jim Brown
Good news, Bad news and news overload all combined to confuse investors on Thursday. The earnings parade began with some tech leaders and while the earnings were good the guidance was questionable to some.
Wednesday, January 14, 2004 | By James Brown
Let the Fireworks Begin
Today was a big day in the U.S. stock markets. Investors translated yesterday's weakness as a buying opportunity and stocks soared at the open.
Tuesday, January 13, 2004 | By Jim Brown
The markets suffered another setback today and analysts were racing to find a reason. Greenspan's speech? Rising oil prices or O'Neil's criticism of the president?
Monday, January 12, 2004 | By James Brown
Once again tech stocks lead the rally as investors eagerly await the Q4 earnings season to hit full swing. Consensus estimates are for a 20% to 22% jump in quarterly earnings and it is this strong level of optimism that helped the markets weather such an abominable jobs report last Friday.
Sunday, January 11, 2004 | By Jim Brown
Bears Confused By Facts
The Jobs Report on Friday confused the bears but failed to sway the bulls. The terror threat level was lowered and a doctor with an MBA was the first wannabe cut by Donald Trump.
Thursday, January 08, 2004 | By Jim Brown
Resistance Targets Hit
It was not pretty but after a day of strong volume and numerous direction changes the indexes edged up at the end of the day to close exactly at those very strong resistance levels I have been discussing for the last three weeks. The Dow was the only laggard with a close at 10592 missing my 10600 resistance target by -8 points.
Wednesday, January 07, 2004 | By James Brown
Techs Lead Again
The Santa Claus rally has morphed effortlessly into a strong "January effect" and the trend from mid-December remains unbroken. Charging to the forefront was the NASDAQ composite, which closed at 29-month highs (best since August 2001) on the backs of strong gains for the networking and disk drive sectors.
Tuesday, January 06, 2004 | By Jim Brown
New Highs Once Again
Bad news from Gateway failed to deter tech buyers and the Nasdaq rose to a new two-year high at 2061. It was just yesterday that semiconductor billings came in at the lowest level in three months.
Monday, January 05, 2004 | By James Brown
Greenspan Says No New Bubble
The first real day of trading for 2004 started with a bang as U.S. markets launched to an early start as investors breathed a sigh of relief that there were no terror events over the weekend.
Sunday, January 04, 2004 | By Jim Brown
Happy New Year, I Think
The Dow surged at the open on Friday on relief that there were no terrorist events over the holiday. The first economic present of the new year came in the form of the ISM report and investors cheered once again while any shorts from before the holiday were squeezed out of the market.
Wednesday, December 31, 2003 | By James Brown
The Books Close on 2003
It's not every day that the floor traders at the NYSE serenade the TV audience with "Wait till the Sun Shines Nellie" so that must mean one thing.
Tuesday, December 30, 2003 | By Jim Brown
Going Out at the Top!
A combination of factors produced a strong Monday rally to new 52-week highs and the markets held the high ground on Tuesday. Profit taking was limited to some consolidation but no real selling despite a triple dose of weaker than expected economic reports.
Monday, December 29, 2003 | By Jane Fox
Has anyone got a nose bleed yet?
Has anyone got a nose bleed yet?
Sunday, December 28, 2003 | By Keene Little
Some Have a Beef with Milk
In what is typically one of the lightest, if not the lightest, trading days of the year, today matched expectations for a quiet, go-nowhere market. The Mad Bulls, not to be confused with the Mad Cows, are still refusing to let this market drop.
Wednesday, December 24, 2003 | By Jonathan Levinson
Mad Bulls Take Day Off
With volume barely exceeding 600M Nasdaq shares and 500M on the NYSE, there was little to see and little to do. The Dow had a weak session, with the Transports breaking below 3000 on a closing basis.
Tuesday, December 23, 2003 | By Keene Little
The Last Hurrah?
Bulls will hate me tonight, bears will love me. For those of you who don't follow me in the Futures Monitor, a little background might help you understand the reasons for my opinions. I follow Elliott Wave Theory.
Monday, December 22, 2003 | By James Brown
Markets Shrug Off Terror Alert
The markets shrugged off the government's announcement to elevate the terror alert level to "orange", its second highest rating. The Dow Jones Industrials saw some initial strength and then pulled back to spend a good portion of the day in a narrow 25-point range above the 10,250 level.
Sunday, December 21, 2003 | By Jim Brown
Going Out At The Top
If you had asked any market pundit last March how they would have liked the markets to finish the year I doubt you would have gotten our current results from anybody. Any professional who suggested on March 12th (7416) that we would see a +40% gain in the Dow by year end would have been laughed off the planet.
Thursday, December 18, 2003 | By Jim Brown
Maximum pain was inflicted to call option writers this month and the result was broken resistance and new 52-week highs. The quadruple witch week caught traders off guard with prices well above those where they wrote the options and the short covering began in earnest at the open.
Wednesday, December 17, 2003 | By James Brown
The Home Stretch
There are only 8 1/2 trading days left in 2003 and the DJIA looks determined to finish strong. After a decent, triple-digit CPI-fueled rally on Tuesday the Dow managed to etch yet another new 19-month high.
Tuesday, December 16, 2003 | By Jim Brown
New Dow High, Ho, Ho, Ho!
Great economic reports did what Saddam's capture could not. The Dow set a new closing 52-week high and came within two points of breaking yesterday's spike high.
Monday, December 15, 2003 | By Jane Fox
One Green Cheese Lane
If your address is One Green Cheese Lane, The Moon then you may not know that US Military forces captured Saddam Hussein over the weekend. This of course made for a gap up this morning but not anywhere near the kind of gap I thought it would be.
Sunday, December 14, 2003 | By Jim Brown
Holiday Sentiment Fades
Bah Humbug! That may not have been the sentiment expressed in the Friday morning report but it was definitely how traders felt when the report was released.
Thursday, December 11, 2003 | By Jim Brown
Santa Came Early
Nobody really knows why but Santa came early to the markets and left a load of goodies for all the nice bulls. The Dow opened up and never looked back and there were as many excuses as there were points on the board but the bottom line was a complete lack of sellers.
Wednesday, December 10, 2003 | By James Brown
Stocks Slip Slowly
Given the pace of Tuesday afternoon's decline plenty of traders thought today was going to be a tough one for the market. Yet by the close of business the major U.S. indices were relatively unchanged.
Tuesday, December 09, 2003 | By Jim Brown
That was not how long the Dow lingered over 10,000 on Tuesday. The hang time was far less than two minutes and the result was exactly what I had expected.
Monday, December 08, 2003 | By James Brown
Investor focus: FOMC or Dow 10K?
Stocks ended the day higher as bulls piled on the gains while a large section of the east coast was still digging out from this weekend's blizzard. The weather may have been to blame for the low volume but the rally was widespread.
Sunday, December 07, 2003 | By Jim Brown
Signs of economic weakness reappear and sellers edged out buyers by slightly more than 2:1. However, while the markets took profits they still held their ground.
Thursday, December 04, 2003 | By Jim Brown
Warning Season Begins
It was a strange day in the markets with the opening bounce fading midday and taking the indexes down to initial support before a series of buy programs in the last hour rescued the bulls from a dismal fate. That rescue ran into trouble after the close with warnings from two companies that tanked the futures in the overnight session.
Wednesday, December 03, 2003 | By Jane Fox
Have we made a Market Top?
The day started off with a bang that pushed all major indices to new 520week highs and the Nasdaq and DOW past psychologically important hurdles of 2000 and 9900 respectively.
Tuesday, December 02, 2003 | By Jim Brown
Like Moths to a Flame
The bulls gravitated to overhead resistance at 9900/2000 again and like moths dodging a flame they were careful to stay just out of touch. The Dow just nicked the 9000 level by .45 of a point right at the open and then wandered lower but within reach the rest of the day.
Monday, December 01, 2003 | By James Brown
Ho Ho Ho...Hello December
Bulls showed up on Wall Street rested and ready after the long Thanksgiving weekend. Early reports for a strong opening to the holiday shopping season had investors in a buying mood.
Sunday, November 30, 2003 | By Jim Brown
Buyers Gave Thanks
The buyers rallied out of the gate on Monday after being depressed by new mutual fund disclosures and terror warnings the prior week. They managed to push the indexes right back to prior resistance and hold them there right into Friday's close.
Wednesday, November 26, 2003 | By James Brown
Markets Digest Economic News
Heading into the Thanksgiving holiday Wednesday's session began with investors selling the positive economic news before traders bought the dip midday and drove stocks into the green by the close.
Tuesday, November 25, 2003 | By Jim Brown
Bulls Back In Control
Chalk up another bullish day for the broader markets and one more day within striking range of the 52-week highs. While the Nasdaq did finish in negative territory due to a sell program at the close it was still a bullish day to retain most of the gains from Monday.
Monday, November 24, 2003 | By James Brown
Techs Soar as Bulls Buy The Dip
Stocks rushed higher on Monday as investors blew a collective sigh of relief. The weekend was a quiet one with no terrorist events being reported as we approach the close of Ramadan, which should end tomorrow.
Sunday, November 23, 2003 | By Jim Brown
Support Holds Again
Buyers circled the wagons at Dow 9600 and fought off all the attackers. Threats of increased terror attacks, downgrade to a Dow component, option expiration and new mutual fund allegations failed to push the indexes lower.
Thursday, November 20, 2003 | By Jim Brown
Markets Bombed For A Loss
After holding their ground overnight the S&P futures tanked to the lows for the month at 1031 when the bombs went off in Istanbul, Turkey.
Wednesday, November 19, 2003 | By James Brown
Stocks End Losing Streak
U.S. stock market averages ended a four-day losing streak as Jim's mysterious buyers* arrived on time to buy the dip (*see yesterday's wrap). Strong housing data and a round of positive corporate news ushered in a wide rally.
Tuesday, November 18, 2003 | By Jim Brown
Do You Hear Singing?
Some traders claimed to be hearing the proverbial fat lady singing today but I am not convinced. There were numerous reasons for the drop but none of them were catastrophic.
Monday, November 17, 2003 | By James Brown
Terrorism Spooks Global Markets
Monday proved to be another rough day for investors around the globe. Asian and European exchanges swooned and U.S. averages joined the retreat with an extremely broad-based sell-off that left no survivors.
Sunday, November 16, 2003 | By Jim Brown
Big News Ahead
The markets received another dose of mixed economic news on Friday as well as some mixed earnings news. The result was more indecision as to direction and another aimless day spent wandering about on low volume.
Thursday, November 13, 2003 | By Jim Brown
Easy as Dell, Oops!
At 3:20 the markets were rallying in advance of Dell's earnings due out after the close and everyone was setting up their end of day strategy. Suddenly the news was accidentally released and the market went crazy.
Wednesday, November 12, 2003 | By James Brown
It appears that word of the rally's demise has been premature. Buyers came back into the markets with a vengeance.
Tuesday, November 11, 2003 | By Jim Brown
Pause to Reflect
While the country paused to observe Veterans Day the markets paused to reflect on direction. Volume for the last two days has been very low with Monday failing to break three billion shares across all markets.
Monday, November 10, 2003 | By James Brown
Monday Markets Misstep
Monday felt rather slow for many traders but the trend was negative from the beginning and only began to pick up speed by the afternoon's close. This was especially true for the tech-heavy NASDAQ, which lost nearly 1.5 percent.
Sunday, November 09, 2003 | By Jim Brown
Too Much Good news
Can you have too much good news? Apparently too much good news is not good medicine for the markets.
Thursday, November 06, 2003 | By Jim Brown
New Highs Before New Jobs
Bullishness breaking out all over on positive economic news and hopes for good news tomorrow. The Nasdaq led the day on the strength of Cisco earnings and it rescued the Dow from a sure sell off.
Wednesday, November 05, 2003 | By James Brown
Markets Pause Ahead of CSCO's Numbers
The major averages were close to unchanged by day's end but the closing numbers hardly tell the whole story.
Tuesday, November 04, 2003 | By Jim Brown
Good Day For A Walk
If you took the day off and went hiking, played some golf or maybe started some early Christmas shopping you were spared a great deal of boring trading.
Monday, November 03, 2003 | By James Brown
November Opens Strong
It was another busy Monday with the bulls once again in control. As the mutual fund scandal claimed another victim, this time at Putnam Investments, Wall Street chose to ignore the news and focus on positive economic data.
Sunday, November 02, 2003 | By Jim Brown
October 2003 will go down in the record books as one of the least volatile Octobers on record.
Thursday, October 30, 2003 | By Jim Brown
Boom or Blip?
Bet you did not expect the news to be that good. Nobody did and almost everybody did not know how to react. The GDP jump by +7.2% shocked everyone into inaction.
Wednesday, October 29, 2003 | By James Brown
Bulls Catch Their Breath
Momentum in the rally slowed on Wednesday as bulls were left to catch their breath after yesterday's FOMC-inspired sprint higher.
Tuesday, October 28, 2003 | By Jim Brown
Did You Blink?
If you blinked you missed it. Last Tuesday the VXO closed at 17.82 after hitting 17.50 intraday. The Dow dropped -250 points to trade under 9500 three days later.
Monday, October 27, 2003 | By James Brown
Monday's Merger Madness
It was a very busy day on Wall Street that echoed the glory days of the late 90's where Merger Monday's were commonplace. The markets were buoyed at the open on the merger news but stocks faded from their highs by the close.
Sunday, October 26, 2003 | By Jeff Bailey
Old bear was a bull's best friend
A late session rally, which I feel may have been largely attributed to short covering, had the major indices recouping the bulk of their session's losses, but still finishing lower as investors pondered stock valuations and another session largely driven my corporate earnings.
Thursday, October 23, 2003 | By Jim Brown
Back From The Brink
If you had told me at 2:AM with the Nikkei off -550 points and our futures falling through the floor that the Dow would only drop -50 points at its worst and close up +15 I would have thought I was dreaming. Sometimes reality is stranger than fiction and today was definitely one of those days.
Wednesday, October 22, 2003 | By James Brown
It proved to be a tough day for bulls on Wall Street. Major averages lead a broad-based decline with disappointing earnings results from three Dow components and a number of drug stocks.
Tuesday, October 21, 2003 | By Jim Brown
Eight Days and Counting
The Dow closed down for the day on weakness in SBC and T and the Nasdaq closed up on strength in semiconductors. If you average the broader markets you get one more day very close to the highs for the year with only eight trading days left in October.
Monday, October 20, 2003 | By James Brown
Good Start to a Long Week
The heaviest week for the Q3 earnings torrent is off to a good start. Among the hundreds of companies that will be announcing this week today's numbers from 3M, Citigroup, Lexmark and Texas Instruments are casting a positive glow for stocks.
Sunday, October 19, 2003 | By Jim Brown
Last week we celebrated the one-year birthday of the new bull market. This week we celebrate the 16 year anniversary of the October-19th market crash of 1987.
Thursday, October 16, 2003 | By Jim Brown
That was the term used to describe earnings reports from several Dow components that failed to live up to the great expectations. IBM, CAT and MO failed to impress investors and between the three they were responsible for over -50 Dow points.
Wednesday, October 15, 2003 | By James Brown
The markets found the air a little rare this morning, with the Dow reaching a 16 month high at 9850, the Nasdaq a 21 month high at 1954 and the S&P 500 a 16 month high at 1054 shortly after the open. The indices failed from there, closing the day slightly in the red on larger than average volume at 1.47B NYSE shares and 2.04B Nasdaq shares.
Tuesday, October 14, 2003 | By Jim Brown
187 and Counting
The Dow managed to climb another +48 points in front of the Intel earnings announcement and is now only 187 points away from Dow 10,000 once again.
Monday, October 13, 2003 | By James Brown
A Wave of New Highs
The first full week of Q3 earnings season is underway and the markets celebrated with another round of new highs. The DJIA closed above the 9700 level for the first time since June 2002.
Sunday, October 12, 2003 | By Jim Brown
You know the bulls are in control when the biggest manufacturing company in America warns that they will miss earnings and the market ignores it.
Thursday, October 9, 2003 | By Jim Brown
My how you have grown in one year. October 10th 2002 was the bottom of the two year bear market and the birth of the new bull that we are experiencing now. The Dow bottomed at 7197 and has rebounded +2483 points (+34.5%) in the last 12 months.
Wednesday, October 8, 2003 | By James Brown
A Little Overdue
U.S. markets closed in the red for the first time this October ending a five-day winning streak for the bulls. The general mood on Wall Street was nonchalant since stocks were over due for some profit taking.
Tuesday, October 7, 2003 | By Jim Brown
Bears on the Run
Not believing their eyes the bear population is running for cover. Seeing the indexes at 52-week highs as October earnings begin is such a contradiction of events that unbelieving bears continue to short and continue to get trampled by the bulls.
Monday, October 6, 2003 | By James Brown
It would have been a rather uneventful Monday but positive earnings news from the likes of PeopleSoft (PSFT) and Knight Trading Group (NITE) renewed investor enthusiasm for the Q3 earnings season finally upon us.
Sunday, October 5, 2003 | By Jim Brown
Prosperity Breaking Out All Over
To the surprise of everyone the jobs number was positive instead of negative and the resulting explosion caught the bears completely off guard.
Thursday, October 2, 2003 | By Jim Brown
A Round of Applause Please
The October rally continued to the consternation of bears everywhere.
Wednesday, October 1, 2003 | By James Brown
Welcome to the Fourth Quarter!
It was a big day for the bulls as investors looked ahead to the up coming Q3 earnings report and the fourth quarter of 2003.
Tuesday, September 30, 2003 | By Jim Brown
Trouble in Paradise
Those analysts predicting a +6.0% GDP for the 3Q received a serious shock this morning when several economic reports came in much lower than expected.
Monday, September 29, 2003 | By James Brown
Oversold, Window Dressing Bounce
The U.S. markets ended a three-day slide with a bounce as we step one day closer to ending the third quarter. The morning session was actually rather weak as traders pulled back over concerns for the drop in the U.S. dollar.
Sunday, September 28, 2003 | By Jim Brown
No, not another hurricane but the rumblings on the horizon are growing and the storm clouds are beginning to gather. Investors are putting the shutters on the windows and loading up on extra put insurance as October approaches.
Thursday, September 25, 2003 | By Jim Brown
I wrote after the rebound on Tuesday that I was having trouble rationalizing the market rally based on the historical calendar trends but was prepared to tough it out if necessary.
Wednesday, September 24, 2003 | By Jonathan Levinson
Traders decided to do some selling today, and sell they did, with the major stock averages printing bearish engulfing days as bonds and precious metals advanced.
Tuesday, September 23, 2003 | By Jim Brown
Back to the Future
The markets closed almost exactly where we closed last Tuesday. After an entire week of thrills and chills we are right back where we were last week. Literally the Dow missed it by 7 points, S&P by .29 of a point.
Monday, September 22, 2003 | By James Brown
Drop in Dollar Dominos
A drop in the U.S. dollar cascaded across the global market place after the G7 finance ministers released a statement supporting flexible exchange rates.
Sunday, September 21, 2003 | By Jim Brown
Calm After The Storm
While the cleanup begins on the hurricane battered east coast the cleanup in the markets also began. The excesses from the big gains on Thursday eased and the NYSE board began its search for a new chairman and started the long task to rebuild its image.
Thursday, September 18, 2003 | By Jim Brown
Storm clouds blew over not only the east coast but also over the NYSE and in both cases left behind far less devastation than had been expected.
Wednesday, September 17, 2003 | By James Brown
U.S. Markets Stall
It was somewhat of a quiet day on Wall Street as U.S. stocks generally slipped lower amid fresh earnings warnings and a frenzy of news coverage over the beleaguered NYSE Chairman Richard Grasso.
Tuesday, September 16, 2003 | By Jim Brown
Unchanged But Changed
The Fed left rates unchanged today but there was a change in the statement. It was very subtle and just enough to tilt the scales but traders completely ignored it.
Monday, September 15, 2003 | By James Brown
Isabel Swirls Closer
Stocks were weaker on Monday as Wall Street tried to anticipate Hurricane Isabel's arrival while dealing with fears that tech stocks may be overvalued.
Sunday, September 14, 2003 | By Jim Brown
Market Trips Over Oracle
Oracle said it stumbled on execution in the last quarter and it saw a -7% drop in revenue. The market tripped over the ORCL news and took a dive at the open. Helping accelerate that drop was a drop in Consumer Sentiment and weaker Retail Sales.
Thursday, September 11, 2003 | By Jim Brown
After two days of declines the markets rallied after each memorial service and as the clock ticked down on the possibility of another terrorist attack. As it became apparent there had been no terrorist event the markets began to creep upward from the morning dip.
Wednesday, September 10, 2003 | By James Brown
A Somber Mood
The weather over Wall Street began to darken yesterday afternoon. By the opening bell on Wednesday the clouds had turned stormy and investors turned sour on stocks and fled to the safety of bonds.
Tuesday, September 09, 2003 | By Jim Brown
Markets are down two out of three days but we are far from a new bear market. Despite the selling and the change in internals we are still stuck in the trading range we have seen for the last week.
Monday, September 08, 2003 | By James Brown
Vote of Confidence
Investors continue to cast their vote confidently to the bulls as the S&P 500 notches a new 15-month high and the NASDAQ composite claims a new 18-month peak.
Sunday, September 07, 2003 | By Jim Brown
It would take a lot of lipstick to turn the Jobs Report from Friday into anything but a pig but analysts tried to spin it from every angle. If it looks like a pig, walks like a pig and smells like a pig it is probably a pig.
Thursday, September 04, 2003 | By Jim Brown
Dr Deflation Strikes Again
Not one, not two but three Fed heads took to the podium today and tried to talk up the economy and talk down bond yields.
Wednesday, September 03, 2003 | By James Brown
New York Changes Name to Pamplona
It was another busy day on Wall Street. If you weren't running with the bulls then you were probably trampled under their feet.
Tuesday, September 02, 2003 | By James Brown
Bulls School The Bears
It was a good day if you had horns on your head. A flood of positive broker comments combined with positive economic data and a little history helped lift the markets to new highs.
Sunday, August 31, 2003 | By Jim Brown
That is the win/loss percentage for the day after Labor Day for the last eight years. Seven of those years have finished positive.
Thursday, August 28, 2003 | By Jim Brown
Showdown at Jackson Hole
The markets displayed a bipolar personality on Thursday as traders prepared to get the lowdown at the showdown. Greenspan speaks on Friday morning on Monetary Policy and Uncertainty and by all accounts this will be a pivotal speech.
Wednesday, August 27, 2003 | By James Brown
Technology Crawls Higher
It was a lethargic day on Wall Street. Major market indices barely budged. A lack of economic reports today and potential apprehension for the reports coming out tomorrow and Friday could have put investors on the defensive.
Tuesday, August 26, 2003 | By Jim Brown
Tale of Two Markets
If you had taken a short nap at 1:30PM you would have missed it. You would have gone to sleep at 9235 and -85 and could have awakened at 9350 +30 only 90 minutes later.
Monday, August 25, 2003 | By James Brown
Wall Street Wavers
Major indices across the globe wavered on either side of unchanged today but the general mood and result was down.
Sunday, August 24, 2003 | By Jim Brown
The Music Stopped
If you read my wrap from Thursday night you know what the title means. The move to the sidelines was orderly and patient but it was persistent. The difference in sentiment between the open and the close was as different as night an day but in reality nothing changed.
Thursday, August 21, 2003 | By Jim Brown
Five Year High
Believe it or not but it has only been a week since the power went out in the Northeast and the markets set new highs today. Not five year highs but new highs.
Wednesday, August 20, 2003 | By Jonathan Levinson
That's what the smart money did today, with the Nasdaq closing lower by 0.57 of one point and the Dow losing 31. Volatility remained low, and the question remains whether trades at the current level are consolidation near the highs, or distribution of shares ahead of a drop.
Tuesday, August 19, 2003 | By Jim Brown
Over the Backs of Bears
Most of the major indexes closed at new 52-week highs and it was done by climbing over the backs of screaming bears. Well, maybe sleeping bears.
Monday, August 18, 2003 | By James Brown
SOX Soars & Retail Roars
It was another big day on Wall Street as equity bulls muscled out another win and put another resistance level below them, at least for the Dow Jones Industrials.
Sunday, August 17, 2003 | By Jim Brown
Despite the extremely low volume of only 1.5 billion shares across all markets the Dow ended within two points of a new 52-week closing high.
Thursday, August 14, 2003 | By Jim Brown
If you live in the Northeast chances are you are reading this newsletter a little later than usual due to the lack of power. Fortunately the markets had closed when the disaster began and the disruption was minimal.
Wednesday, August 13, 2003 | By Jonathan Levinson
The indices flirted with significant upside and downside levels today, finishing the day nearly unchanged, with the Nasdaq losing less than one point and the Dow 38 points.
Tuesday, August 12, 2003 | By Jim Brown
Ok, Now What?
The long awaited FOMC meeting is history and the outcome was no surprise to anyone. The Dow rocketed to close over 9300 and the Nasdaq is nearing 1700 once again.
Monday, August 11, 2003 | By James Brown
Wall Street finds itself smack dab in the middle of the Dog Days of Summer and we witnessed the lowest volume day of the year. Of course the FOMC meeting tomorrow may have something to do with the low volume today but we'll get to that in a moment.
Sunday, August 10, 2003 | By Jim Brown
Bond, Treasury Bond
Not quite the catchy moniker that James Bond uses and attractive double agents don't swoon when they hear it but it still controls our fate. As much as I hate to keep writing about it I hate more watching the markets tick up or down in lock step with changes in the bond market.
Thursday, August 07, 2003 | By Jim Brown
Arnold announced his candidacy for governor of California and previously announced candidates began dropping out in droves.
Wednesday, August 06, 2003 | By Jonathan Levinson
Below the Trendlines
In a tale of two markets, the Dow added 25 points today and the Nasdaq lost nearly 21.
Tuesday, August 05, 2003 | By Jim Brown
Close, Very Close
The markets ignored positive economic data and plunged to end very close to major support levels. Bonds fell and yields rose after a lackluster treasury auction and there are two more days of auctions to come.
Monday, August 04, 2003 | By James Brown
Bonded to a Range
The range trading continues on Wall Street as the Industrials added 32 points after overcoming a triple-digit loss earlier in the day. The tech-heavy NASDAQ closed in the red, albeit by a slim margin of less than two points.
Sunday, August 03, 2003 | By Jim Brown
Traders are beginning to believe that the jobless recovery has turned into a jobloss recovery instead. The economic numbers on Friday did not help improve sentiment despite some positive signs under the hood.
Thursday, July 31, 2003 | By Jim Brown
The bulls were partying hard with a +160 point Dow gain and a new 52-week high when somebody tripped. Tripped a breaker, tripped over bags of money or tripped on a banana peel the results were the same.
Wednesday, July 30, 2003 | By Jonathan Levinson
The markets closed lower by a notch, while the summary of the Fed's Beige Book found that the economy edged higher by a notch.
Monday, July 29, 2003 | By Jim Brown
The Saddam put overruled the Consumer Confidence short this morning and continued to rule all day. The disaster in the economic numbers was ignored once when rumors of a Saddam capture filtered through the markets.
Monday, July 28, 2003 | By Linda Piazza
The Stage Was Set, but the Anticipated Act Failed to Materialize
Foreign bourses set the stage for a strong Monday performance on U.S. markets. Asian markets took the stage first, with the Nikkei leaping up almost 100 points on its open and then closing up 191.90 points at 9839.91.
Sunday, July 27, 2003 | By Jim Brown
The markets rallied off strong support on Friday on mixed economic news and news about Hussein from Iraq. A general reportedly said they were getting closer to catching Saddam after a group of his aides and body guards were captured on Friday.
Thursday, July 24, 2003 | By Jim Brown
I was. Not that we had a big drop late in the afternoon but that we had the big bounce in the morning.
Wednesday, July 23, 2003 | By Jonathan Levinson
Bernanke Does it Again
Today's session spent a great deal of energy determining what traders believed the Fed will seek to do next, and closed on a question mark. That indecision caused a ferocious rally in precious metal, with stocks and bonds adding tentative gains.
Tuesday, July 22, 2003 | By Jim Brown
Uday and Qusay Day
They would probably not appreciate the +100 point Dow bounce on news of their death. Actually it was more important than that.
Monday, July 21, 2003 | By James Brown
MMM Soars, LXK Crashes
Monday turned out to be another day of consolidation with individual stocks making headlines instead of economic reports. The market bounce on Friday was too tempting a target and bears pounced after some disappointing earnings guidance from the likes of Lexmark Intl (LXK) and Merck & Co (MRK).
Sunday, July 20, 2003 | By Jim Brown
Let's see if I got this right. Intel beat estimates by a penny and the market dropped.
Thursday, July 17, 2003 | By Jim Brown
KO, CAT, UTX
Nice try against overwhelming odds. Dow components KO +1.85, CAT +4.90 and UTX +1.50 struggled vainly to keep the Dow from crashing after IBM failed to paint a rosy picture with their earnings on Wednesday night.
Wednesday, July 16, 2003 | By Jonathan Levinson
The Day After
We were treated to a second day of Alan Greenspan's testimony, and the markets obliged us with a second day of large moves.
Tuesday, July 15, 2003 | By Jim Brown
Bond Blues Back
It is not nice to tease the bond junkies especially when they are holding the fate of the economy in their hands.
Monday, July 14, 2003 | By Linda Piazza
By 9:30 this morning, twenty percent of Dow stocks had reached 52-week highs. Those six Dow stocks had been joined by 515 other stocks making new 52-week highs.
Sunday, July 13, 2003 | By Linda Piazza
Conflict brews over President Bush's apparently unsupported allegation that Iraq had sought uranium from Niger, with that statement made during his January State of the Union address.
Thursday, July 10, 2003 | By Jim Brown
No Recovery, No Kidding
The market lost ground today after economic reports and several corporate executives suggested the recovery may not happen until 2004.
Wednesday, July 09, 2003 | By Jonathan Levinson
The indices pulled back to their ascending trendlines today in a much anticipated and long-awaited correction. Although there was an "impulsive" feel to the selling, the bounces came on schedule at the lower ascending trendlines.
Tuesday, July 08, 2003 | By Jim Brown
Better Than Monday
No, we did not put more points on the board but we did exceed Monday's volume by a fair amount. Is this a good thing for a day where the Dow barely broke even?
Monday, July 07, 2003 | By Linda Piazza
Reordering the Alphabet
When does the letter "s" outrank the letter "r"? When markets surge and soar rather than retreat and retrace. When support sustains the markets while resistance fails to restrain them.
Sunday, July 06, 2003 | By Jim Brown
Fat Finger Fireworks
The Jobs data was not that bad! At least not bad enough to prompt a drop in the Dow futures to 8478 at 10:40 AM on Thursday.
Wednesday, July 02, 2003 | By Jonathan Levinson
Today was a very bullish day for stocks, with the Nasdaq well on its way to challenging its year highs, the indices truncating their downphases with yesterdays bounces off their ascending trendlines and today's breakaway gaps to follow through.
Tuesday, July 01, 2003 | By Jim Brown
180 Point Rebound
If you just looked at the closing numbers you would get a very wrong impression of the day's activity. The Dow's closing gain of a mere +55 was decent but that was nearly +180 points off the morning lows.
Monday, June 30, 2003 | By James Brown
Best Quarter Since 1998.
Three months ago the Dow Jones Industrial Average had just closed at 7992. It had just retraced one half of its rally from the March lows near 7416 to its monthly high near 8522. Some traders were concerned that the close back under 8000 might be forecasting a retest of its recent (March) lows.
Sunday, June 29, 2003 | By Jim Brown
A day that was supposed to be bullish turned into a rout as the Dow gave up 9000 once again.
Thursday, June 26, 2003 | By Jim Brown
Right On Schedule
Two days left in June and the markets continue to rise as expected. The gains today bucked the normal trend for the day after a Fed meeting to be down.
Wednesday, June 25, 2003 | By Jonathan Levinson
The Fed Cuts One
The Federal Reserve surprised no one but the treasury market today, announcing a 25 basis point rate cut and maintaining its easing bias.
Tuesday, June 24, 2003 | By Jim Brown
Calm Before The Storm
Finally the big day will dawn tomorrow. The Fed is huddled together to wring their hands, cuss the economy and argue semantics while the market churns in place.
Monday, June 23, 2003 | By James Brown
Getting An Early Start
Investors are getting an early start on Wednesday's Fed announcement. That's right, in Sunday's wrap Jim suggested that no matter what the FOMC announces at the end of their two-day meeting, whether it be a 25 bps cut or a 50 bps cut, that the likely reaction would be "sell the news".
Sunday, June 22, 2003 | By Jim Brown
Fear of the Fed?
The lack of material economic reports on Friday left traders wondering which way to jump. Some decided to take profits as news of potential terrorist attacks jumped back into the news.
Thursday, June 17, 2003 | By Jim Brown
Going, Going, Gone?
What a difference a week makes! Just a week ago the chances for a 50 point rate cut next Wednesday were near 75%.
Wednesday, June 18, 2003 | By Jonathan Levinson
It was a go-nowhere day, with bad news from several Dow components setting up a weak open, the announcement of Tuesday's capture of Abid Hamid Mahmud setting up a flagpole rally, and then a slow fade for the remainder of the session before the obligatory closing uptick.
Tuesday, June 17, 2003 | By Jim Brown
Is That It?
After a +200 point gain the bears could only manage a -50 point sell off at the lows of the day and the markets finished in the green.
Monday, June 16, 2003 | By James Brown
Start Spreading The News
The bulls were singing in unison on Wall Street today. The 107-year old Dow Jones Industrial Average sang a lively tune as it added more than 201 points or more than 2.2 percent to close 9318.
Sunday, June 15, 2003 | By Linda Piazza
Let the Fed-Guessing Begin
Market participants weren't quite sure what to expect as this week began. Many indices ended the previous week with key reversal days, but the bulls weren't through yet.
Thursday, June 12, 2003 | By Jonathan Levinson
Today was a low-volume, indecisive session, with the expected early morning pop setting the high of the day, but an end of day bounce attempting to retake it.
Wednesday, June 11, 2003 | By Jonathan Levinson
Outside upside day
The indices ate up bad news today, rallying off the Beige Book at 2PM.
Tuesday, June 10, 2003 | By Jim Brown
Dow 9000 continues to be support and very tough support at that. The market has clung to this level for a week and every attempt to sell it off is met with failure.
Monday, June 09, 2003 | By James Brown
The market pull back in Monday's session was no surprise after Friday's high-volume reversal day. For days market analysts have been parroting the same line (in stereo), "Yes, we're bullish on the markets but cautious on the short-term.
Sunday, June 08, 2003 | By Jim Brown
Sell The News?
What the heck happened? That is what bulls wanted to know as the +170 point Dow rally on good Jobs numbers fizzled into only a +21 point gain.
Thursday, June 05, 2003 | By Jim Brown
Ding Dong the Bear is Dead
If you are a trader you have probably been hearing this a lot lately.
Wednesday, June 04, 2003 | By Jonathan Levinson
The GDP revision seemed to sober the markets, and then the ISM report kickstarted the party again, blasting past resistance and then holding for the afternoon, at the end of which a fresh push took the indices to new year highs on very strong volume.
Tuesday, June 03, 2003 | By Jim Brown
Despite a follow through dip at the open and another attempt to sell off in the afternoon the internals continued to rule.
Monday, June 02, 2003 | By James Brown
ISM Rally Fades
Wall Street bulls have finally run out of breath despite more good news in this morning's ISM report.
Saturday, May 31, 2003 | By Jim Brown
Bears In Trouble
Good news is breaking out all over. That may not be entirely true but if you were a bear on Friday you probably felt that was the case.
Thursday, May 29, 2003 | By Jim Brown
Markets Receive Pink Slip
Job worries finally took hold of Wall Street and the indexes succumbed to some profit taking on multiple reports of weak labor conditions.
Wednesday, May 28, 2003 | By Linda Piazza
Five-Day Winning Streak?
Barely. I spotted a headline about the five-day winning streak when preparing for this article.
Tuesday, May 27, 2003 | By Linda Piazza
Anything but Boring
After a boring Friday afternoon watching small-bodied candles march in a straight row across trading screens, the markets treated traders to a bout of volatility in Tuesday's early trading.
Friday, May 23, 2003 | By Jim Brown
Picnics and Taxes
Friday was another humdrum day with the averages ending only fractions from old support levels.
Thursday, May 22, 2003 | By Jim Brown
One Over Par
Traders spent the majority of the day more concerned with the golf score of Annika Sorenstam than the direction of the markets.
Wednesday, May 21, 2003 | By Jonathan Levinson
It was a narrow range session today compared with what we've seen lately, with tension building as bulls and bears were forced ever closer by tapering chart formations.
Tuesday, May 20, 2003 | By Jim Brown
Mad Dow Disease
The Dow reacted to the news events today by trading in a 133 point range but ended up almost exactly where it started.
Monday, May 19, 2003 | By James Brown
Markets Get Snowed
A flurry of negative news and comments over the weekend snapped traders back to attention as two weeks of market gains dissolved by day's end.
Saturday, May 17, 2003 | By Jim Brown
Another option expiration Friday has expired and traders were very eager to escape the week with no major losses.
Thursday, May 15, 2003 | By Jim Brown
Welcome to the club. Analysts, commentators and bears are clueless but bulls could care less. They are buying every dip regardless of the economic news.
Wednesday, May 14, 2003 | By Jonathan Levinson
The usual inexplicable rally on bad economic news at the preopen shocked bulls and bears alike when it reversed at 9:45, driving the indices to their day lows before attempting a weak bounce that created a trading range for the remainder of the session.
Tuesday, May 13, 2003 | By Jim Brown
Call it a Draw
The markets traded on both sides of zero on Tuesday and after the smoke cleared we were very close to where we started. The Nasdaq and S&P closed within a couple points of flat with the Dow the biggest loser at -47.
Monday, May 12, 2003 | By James Brown
Another Triple-Digit Day
There they go again! The bulls came back from the weekend refreshed and ready to run.
Saturday, May 10, 2003 | By Jim Brown
Holding the Line
On a slow news day and on light volume the markets eased back up to close the week where they started and just below the recent highs.
Thursday, May 08, 2003 | By Jim Brown
Beginning of the End
Or is it the end of the beginning? The markets slid a little farther on Thursday but it was far from a sell off.
Wednesday, May 07, 2003 | By Jonathan Levinson
The indices opened lower, drifted and then pushed to their highs of the day, coming close but not touching the highs set yesterday, before sliding throughout the afternoon to their lows of the day and then drifting slightly higher into the close.
Tuesday, May 06, 2003 | By Jim Brown
Risk of Weakness
You could not tell it from the markets but the Fed is worried about the future. Traders appear unconcerned as all but the Dow traded to new highs for the year. Considering this was a Fed meeting day this was no small feat.
Monday, May 05, 2003 | By James Brown
It was a day of rest for the markets on Monday. The bulls' push higher in Friday's trading took so much energy that the big name market averages all paused or slipped backwards.
Friday, May 02, 2003 | By Jim Brown
Bad News Bulls
Feeding the bulls a diet of bad economic news has made them tougher than a pack of junk yard dogs. Falling jobs numbers, contracting economy, terrorist alerts, no problem let's rumble.
Thursday, May 01, 2003 | By Jim Brown
Investor sentiment based on hope may be surging but reality always seems to come back to wake us up from our dream.
Wednesday, April 30, 2003 | By Jonathan Levinson
A lot of shares changed hands today, with no significant technical developments taking place other than the upper resistance lines on the charts holding back the indices.
Tuesday, April 29, 2003 | By Jim Brown
The Consumer Confidence soared in April as the war wound down and the markets wound up.
Friday, April 25, 2003 | By James Brown
A Great Start To The Week
Early morning headlines had traders reading a positive spin on earnings announcements from Dow components McDonalds (MCD) and Procter & Gamble (PG). This overcame some mixed economic news and more SARS coverage by the media.
Friday, April 25, 2003 | By Jim Brown
The global economy sounds huge but it is really a small world with thousands of interconnecting flights across all countries on a daily basis.
Thursday, April 24, 2003 | By Jim Brown
Help Wanted Signs
Evidently there are no help wanted signs or newspaper ads either as the numbers today came in very bad. The Jobless Claims also rose significantly and for once the market reacted negatively to negative news.
Wednesday, April 23, 2003 | By Jonathan Levinson
Distribution Zone or Consolidation?
The indices made relatively small moves higher on very respectable volume today, accomplishing a larger transfer of shares following yesterday's strong gains.
Tuesday, April 22, 2003 | By Jim Brown
Surprise Earnings, Surprise Rally
The earnings continued to flow and to everyone's surprise there have been no disasters. There are no dire predictions and the majority of companies are beating the lowered estimates.
Monday, April 21, 2003 | By James Brown
Dial "M" for Monday
Earnings reports were the only events keeping Wall Street's collective eyes open today. Otherwise the session was a yawner.
Thursday, April 17, 2003 | By Jim Brown
Priced to Perfection
Traders were wearing their rose tinted glasses on Friday and despite several bearish economic reports the markets closed up for the week and right at strong resistance.
Wednesday, April 16, 2003 | By Jonathan Levinson
Tale of Two Markets
Last night's session and the early morning futures almost caused a massive capitulation- by the bears. An almost perfect bullish consensus seemed to be underway, marred only by the persistent weakness in the US Dollar Index overnight.
Tuesday, April 15, 2003 | By Jim Brown
Three For Three
The three biggest tech stocks have announced and all three pleased investors with the results. MSFT and INTC beat estimates by two cents each on Tuesday after the close.
Monday, April 14, 2003 | By James Brown
Wall Street kicked off Q1 earnings with a rush higher today. The Dow Jones Industrial Average added 147 points or 1.8% to close at 8351.10.
Friday, April 11, 2003 | By Jim Brown
What a difference a week makes. I was rereading my commentary from last Sunday and realized we were just approaching Baghdad when I wrote it.
Thursday, April 10, 2003 | By Jim Brown
Not Over Yet
The war is not over and the bulls are not done. The markets pulled back from the brink of disaster one more time despite news from Iraq about new battles and more deaths.
Wednesday, April 09, 2003 | By Steve Price
Markets Topple Like a Statue
It was all about Iraq again this morning. With U.S. troops in the center of Baghdad, television cameras were pinned on jubilant Iraqis attempting to topple a statue of Saddam Hussein as an overnight sell-off in the equity market reversed back into the green.
Tuesday, April 08, 2003 | By Jim Brown
Call off the war, I give up! I am tired of being a hostage to whatever the next rumor might be.
Monday, April 07, 2003 | By Steve Price
An Empty Feeling
The markets continue their pattern of reacting to developments overseas. The weekend ramp up in the futures market followed through on Monday morning, as the March 21 highs were challenged throughout the major indices.
Friday, April 04, 2003 | By Jim Brown
Stable and Bullish
Despite really bad economic news, dozens of tech warnings, more threats of unconventional attacks by Iraq and a couple of Saddam videos showing him to be alive and touring bomb damage in Baghdad the markets held their ground and the Dow closed positive. A pretty bullish performance in my opinion.
Thursday, April 03, 2003 | By Jim Brown
The market was bombed by economic reports and earnings warnings on Thursday but the bullet proof market failed to respond. The markets were at the highs of the day at 2:45 and only fear of the nonfarm payrolls tomorrow morning was able to turn them negative.
Wednesday, April 02, 2003 | By Steve Price
End In Sight
As U.S. troops neared Baghdad, the markets reflected renewed optimism about a coming end to the war in Iraq.
Tuesday, April 01, 2003 | By Jim Brown
April Fools Spotlight
The spotlight is shifting from Iraq to Asia with the SARS virus taking center stage. Saddam pulled a disappearing act on the world again after Iraq said he would appear to speak to the people and somebody else showed up instead.
Monday, March 31, 2003 | By Steve Price
Floor Falls Out
Back to business - or at least the lack of business. After another weekend in which the war dragged on with little signs of a quick end, investors refocused on the economy and showed their discontent by dropping out in droves.
Friday, March 28, 2003 | By Jim Brown
The markets roiled by uncertainty last week are on the verge of seeing things more clearly. Unfortunately what they are seeing is the possibility of coalition attacks on Syria and Iran for coming to the aid of Iraq.
Thursday, March 27, 2003 | By Jim Brown
Multiple comments from various levels of the administration as well as arm chair generals all say the war is entering a dangerous period as the battle for Baghdad is about to begin.
Wednesday, March 26, 2003 | By Steve Price
It's Not the Economy... For Now
The market seems to be betting on an economic recovery when the conflict in Iraq is finally behind us. Unfortunately this morning's economic numbers let us know that the recovery is still a ways off.
Tuesday, March 25, 2003 | By Jim Brown
Longer and Harder
Rumsfeld said the war could be much longer and harder than previously thought and cautioned Americans from expecting a quick resolution.
Monday, March 24, 2003 | By Steve Price
Bulls First to Surrender
The recent rally finally ran out of steam, as the weekend war effort brought roadblocks the market wasn't expecting.
Friday, March 21, 2003 | By Jim Brown
Shock and Awe
Yes, I am shocked and awed but by the moves in the market not the bombs in Iraq. Without showing extreme vertical spurts of buying and even with intraday drops and periods of inactivity the Dow has managed to produce more shock than the war in Iraq.
Thursday, March 20, 2003 | By Jim Brown
The great war rally sputtered to a start with about as much enthusiasm as the bombing in Baghdad. We got a couple of buying spurts intraday after bouncing back from the morning "sell the news" drop and Baghdad got a couple bombs on three buildings.
Wednesday, March 19, 2003 | By Steve Price
Not So Calm Before the Storm
With just hours to go before the deadline set by the U.S. for Saddam Hussein to leave Iraq, or face military action, the markets showed plenty of indecision early on. The techs found sellers following Oracle's cautious guidance, while the Dow headed higher, building on gains of the previous five sessions.
Tuesday, March 18, 2003 | By Jim Brown
If so you are in good company. Even the Federal Reserve heads cannot decide what is happening in the economy. The mixed economic reports and the fog of war has everyone confused.
Monday, March 17, 2003 | By Steve Price
Diplomacy is Dead
Finally a decision. That's what the markets seemed to be saying today as the U.S., Great Britain and Spain announced they would bypass a vote on a new U.N. resolution and deal with disarming Iraq themselves.
Friday, March 14, 2003 | By Jim Brown
The markets, UN and economy all ended with a stalemate on Friday. The UN is equally divided and hopelessly deadlocked on any new resolution and France called a late meeting of the five permanent members of the Security Council on Friday.
Thursday, March 13, 2003 | By Jim Brown
The bulls came stampeding back to the markets today for no particular reason and ignored more bad economic news. Was it the Elizabeth Smart news? Was it the rumor of mass defections of Iraqi generals?
Tuesday, March 12, 2003 | By Steve Price
Will History Repeat?
For the last few months, the possibility of war has been blamed for the market's big drop. However, anyone watching only the charts would have pegged a move right to these levels.
Tuesday, March 11, 2003 | By Jim Brown
Yesterday was the third anniversary of the Nasdaq high of 5132 three years ago and today the Dow, Nasdaq, S&P, OEX, TRAN and RUT all closed at lows for this year.
Monday, March 10, 2003 | By Kent Barton
A Line In the Sand
After months of diplomatic maneuvering, U.N. weapons inspections, and an extended military buildup in the Middle East, everything is finally coming to a head.
Friday, March 07, 2003 | By Jim Brown
Trading on Rumors
If you are an intraday trader that swing trades on rumors then Friday was your perfect trading environment. Rumors, denial of rumors, more rumors and more denials had bulls and bears chasing their tails around the charts.
Thursday, March 06, 2003 | By Jim Brown
Tug of War
Investors torn over the potential war scenarios battled over a very limited point range this afternoon. The lack of significant movement in the last hour showed that buyers and sellers had reached an impasse with each controlling their respective areas but unable to penetrate the small demilitarized zone between them.
Wednesday, March 05, 2003 | By Steve Price
With no clear signals today, traders were left wondering if we had seen another short-term bottom, or if the lower lows signaled further weakness. After a sell-off of over 300 Dow points since the last failed test of the 8000 level, it appeared this morning as though the nightmare would continue.
Tuesday, March 04, 2003 | By Steve Price
House Fires and Car Bombs
It was not a pretty day for the markets. Housing sales went down in flames, auto sales crashed and Greenspan bombed the markets with words of caution about slower times ahead and the possibility of a slow down in consumer spending.
Monday, March 03, 2003 | By Steve Price
Iraq vs. The Economy
Is it all still about Iraq? It certainly was about the geo-political picture early on, but some conflicting economic data also proved that the economy is still playing a part in traders' minds.
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