Stocks rallied on Tuesday helping the Dow trade above 19,000 and the S&P 500 top 2,200 for the first time ever. These are “round” numbers and important psychological levels to watch going forward. Existing home sales jumped to a 9.5 year high. Steel stocks continued to surge and act very well. Gary’s Thoughts: 19,000 dow…most…
The Dow Jones Industrial Average, Nasdaq composite, S&P 500 all hit record highs on Monday. Monday was the first day of the shortened holiday week. The benchmark S&P 500 hit a fresh record high after energy prices rallied 2% on renewed optimism that OPEC would cut production. Apple ($AAPL) and IBM ($IBM) were two big…
Facebook (FB) was upgraded to ‘Buy’ from ‘Hold’ at First Shanghai Securities Ltd with a price target of $135. FireEye (FEYE) fell 5% in pre-market trading after it was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs. Sina Corp. (SINA) rose over 2% in after-hours trading after it reported Q3 adjusted EPS of 24 cents,…
Market Update: Stock futures are higher ahead of Tuesday’s open after the major indices hit fresh record highs. the first day of this holiday week. The stock market will be closed all day on Thursday (in observance of Thanksgiving) and close at 1pm EST on Friday. Gary’s Thoughts: We offer no cold water except to say…
Tech worker visas face uncertain future under Trump, Sessions Commentary: Putin will pay a high price for Trump’s friendship Tsunami of 60 cm reaches Fukushima coast after earthquake: NHK Cabinet hopefuls continue trek to Trump Tower Texas manhunt seeks killer of policeman; four U.S. police shot on same day Major indexes hit records as post-election…
We continue to believe this remains a very split tape…regardless that some major indices are in new high ground. Bounces aside…and to be clear, all these areas are deeply oversold…we continue to avoid: Gold/silver, real estate, utilities, beverages, food, household products, tobacco,emerging markets, apparel, medical supplies,medical equipment, pharma, solar, big telecom, big cap tech/internet (Facebook,…
Stocks ended mixed on Wednesday as the Dow snapped a 7-day win streak. Before the open, mortgage applications tanked by 9% as mortgage rates spiked higher. A separate report showed Home Builder sentiment remained steady. Inflation remained at bay as the producer price index came in unchanged, missing estimates for a gain of 0.3%. Finally industrial…
Market Update: Stock futures are mixed ahead of Thursday’s open as the market digests last week’s very strong rally and waits for Yellen’s testimony on Capitol Hill today. Gary’s Thoughts: Except for shipping stocks going nuts after dropping 30-50% from highs yesterday…quiet morning. Quiet is good here. Economic Calendar: Consumer Price Index 8:30 AM ET Housing…
Market Update: Stock futures are lower ahead of Wednesday’s open as the market continues to digest last week’s very strong rally. Gary’s Thoughts: Oh my God…futures are down. BTW…shippers assinine move gain this morning before the market opens. This is what happens when some do 1/10,000 split. DO NOT BE THE LAST ONE IN! Economic Calendar:…
Stocks were relatively quiet on Tuesday and closed higher as oil prices jumped 5% on renewed hope OPEC will cut production. Elsewhere, shipping stocks soared and the Nasdaq bounced back after lagging hard since the election. Gary’s Thoughts: Only one thing wrong…massive frothy action in money losing, almost bankrupt shipping stocks, some that did massive…
