Weekly Market Recap Sep 16, 2018

Slow and steady drip up all this past week in a very quiet news environment. A gap down top open the day Tuesday (which was recovered quickly) and a gap up Thursday (which held) were the highlights! The latest on TRADE WARS!(tm): Tuesday, news hit that China vowed to retaliate and plans to ask the World Trade Organization next week for permission to impose sanctions on the U.S. for...

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Weekly Market Recap Sep 09, 2018

We wrote in last week's recap:  "One would think the indexes are a bit extended short term".  And indeed, a rest and consolidation occurred as both the S&P 500 and NASDAQ pulled back to their 20 day moving averages.  (The Russell 2000 did as well but it was not overextended going into the week) Friday President Trump said the U.S. had tariffs ready to go on another $267 billion in Chinese...

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Weekly Market Recap Sep 02, 2018

The upward move continues. In last week's recap we mentioned a lot of things turned positive on the technicals and that was born out in the action of the week, starting with a "gap up" in Monday's session! The U.S. and Mexico reached an agreement to enter into a new trade deal as President Donald Trump announced that he wants to drop the name “North American Free Trade Agreement” from an...

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Weekly Market Recap Aug 26, 2018

After a few months of being range bound on the indexes - especially the Russell 2000 and the NASDAQ, this past week saw a significant improvement in short term technical conditions. This coincided with the celebration of the "longest bull market in history". Wednesday marked 3,453 days since the S&P 500 hit its low of 666 on March 9, 2009. Since then, the broadest U.S. blue-chip index has...

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Weekly Market Recap Aug 19, 2018

A good amount of volatility this past week, but once again indexes are just sort of hanging around as we work through some news items, specifically facing trade issues. We ended last week with some hand wringing over Turkey - while nothing was really resolved, U.S. markets looked past that... however emerging markets continue their struggle. The U.S. indexes have simply been range bound for...

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Weekly Market Recap Aug 12, 2018

Indexes spent the past week churning along as news flow was generally quiet...outside of Turkey and Russia that is. The NYSE McClellan Oscillator has been in the red for weeks, and breadth has remained pretty weak but the indexes continue to hold up! A conundrum indeed! That said keep an eye on foreign markets to see if any "contagion" happens - thus far, the U.S. markets have been acting...

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Weekly Market Recap Aug 05, 2018

We began last week's recap with this chart regarding the percent of stocks in the NASDAQ over their 50 day moving average - it was at 42%. Fast forward a week and the number is 42% again - despite a 1% gain for the week in the index. So a bit of a divergence here; mega stocks like Apple - the first trillion dollar company in the U.S., are masking some weakness below the surface.

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Weekly Market Recap Jul 29, 2018

More weakness is creeping into the market on a technical basis, but it's not generally being seen at the index level. However under the surface some things are brewing. See this chart of the % of stocks in the NASDAQ above their 50 day moving average. This was near 70% six weeks ago, now it's nearer to 40% despite the NASDAQ being near all time highs. Food for thought.

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Weekly Market Recap Jul 22, 2018

Generally a calm week for the indexes as most of the action was in individual stocks due to earnings. President Trump did roil things a bit by criticizing the Federal Reserve - seen as a no no, but at this point nothing should surprise from that front. In a stinging and historically rare criticism, President Donald Trump expressed frustration with the Federal Reserve and said the central bank...

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Weekly Market Recap Jul 15, 2018

The NYSE McClellan Oscillator flipped to black late in the week prior to the last, and usually that bodes well short term. Indeed that foreshadowed a nice week. TRADE WARS (tm)!!!! certainly seems like a "sell the rumor, buy the news" event. “Given the rhetoric over the past few weeks, it seems like the probability of a trade war has increased. However, in the short term I still think there’s...

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Weekly Market Recap Jul 08, 2018

Currently the action for short term traders is choppy and tricky. Those with a long term view still are in cruise control as they have been for years. The holiday shortened week saw most of the action Monday as a "gap down" was met with buying, a nice rally Thursday, and then the employment data Friday gave the market something to think about other than TRADE WARS!!(tm) [which ironically...

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Weekly Market Recap Jul 01, 2018

In last week's recap we noted the NYSE McClellan Oscillator has been negative all that week, which was a caution flag for short term traders. Higher volatility and a downward skew did indeed follow. Monday and Wednesday were big down days, offset a bit by a moderate rally Thursday. Monday's weakness was mostly triggered by TRADE WARS!!(tm): In a Twitter post Sunday, Trump called on trading...

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Weekly Market Recap Jun 24, 2018

This was a second week of consolidation with generally good action in the Russell 2000 and NASDAQ. The S&P 500 and DJIA suffered a bit more as TRADE WARS!!!(tm) fear affect companies in those indexes more than the companies in the former 2 indexes. Quite a few "gap ups" and "gap downs" this week as news overnight weighed on indexes. A sample of this week's fun: After Beijing’s retaliation...

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Weekly Market Recap Jun 17, 2018

After two weeks of rallies, the S&P 500 mostly consolidated this week - except for Friday the action was very reminiscent of 2017 with almost no volatility at all intraday and modest gains or sideways action. Friday was the wrench in the mix, with a gap down to open the day but buyers came in during the afternoon and in the end the markets had a week to digest prior gains. Friday's action...

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Weekly Market Recap Jun 10, 2018

Last week was much like the ones we saw throughout 2017! Up, up, up nice and slow.... with little volatility. And new record highs. Market news was quiet in general despite "global trade tensions". Really ....it was difficult to find much market moving news! (Insert crickets chirping hee) For the week the S&P 500 closed up 1.6% while the NASDAQ added 1.2%. Some catch up from the...

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Weekly Market Recap Jun 3, 2018

After 2 weeks of low volatility, that variable was introduced back into the holiday shortened week! Another change from 2017 when almost every week was a low volatility week. That said, small caps (Russell 2000) and tech stocks held in quite well and we don't have any major technical change in the indexes - more on that later. "Political drama in Italy" was what caused some ruckus Tuesday...

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Weekly Market Recap May 27, 2018

The second week in a row of low volatility which is usually advantage bulls. Monday saw a nice spike up for indexes and then the other four days of the week the range was very narrow. Monday's rally was due to the lessening chance of TRADE WARS!!(tm): Treasury Secretary Steven Mnuchin said over the weekend that the Trump administration would delay implementation of tariffs on Chinese goods...

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Weekly Market Recap May 20, 2018

This was a generally quiet week in the senior indexes, consolidating some of the prior week's move up. That said the Russell 2000 had some very nice action with a "breakout!". Otherwise pretty quiet on the news front except for TRADE WARS!(tm): On Thursday, several news outlets reported that China had made an offer to cut its trade surplus with the U.S. by $200 billion, but a China official...

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Weekly Market Recap May 13, 2018

The indexes were looking a bit rocky the past few weeks, with a consolidation at lower levels with no real attempt at an upthrust -- but the rally late in the week certainly helped prospects. The bulk of weekly gains came Wednesday and Thursday but Thursday's move up helped change the complexion of the S&P 500 and Russell 2000 charts which we'll show below. Trump made a speech...

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Weekly Market Recap May 6, 2018

The indexes continue to mark time range bound at lower levels (with moderately high volatility) which should be a concern for bulls until it changes. Unlike consolidation after a move up, this is consolidation after a selloff which is not usually bullish. Selling Monday and Wednesday was offset by a rally Friday; tech in general helped the market quite a bit this week with Apple (AAPL)...

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