Stocks enjoyed strong gains on Tuesday helping the major indices jump back above their respective 50 day moving average lines. Stocks extended gains after U.S. new home sales jumped to the highest level in eight years. New home sales rose to 619k, beating estimates for 523k. Meanwhile, the Richmond Fed Manufacturing index plunged 15 points…
Market Update: Stock futures are higher ahead of Wednesday’s open as the market is trying to bounce as we approach the final week of the month. Gary’s Thoughts: So far, end of month, pre holiday acts very well. We have been here before. Tease down, tease up. As we said on radio, one of these…
We are reading this morning that Puerto Rico was bailed out in a bi-partisan fashion. Both Republicans and Democrats were for it. Who are they trying to kid? Many years ago, we read that Puerto Rico had debt problems…all of $20 billion. At that time, we thought there was no way Puerto Rico could ever…
While the major indices go back and forth, here are some things we are seeing inside the market. Remember, this is an end-of-month (almost) week as well as pre-holiday trading where the bias is usually positive. SEMIS- Great move last week off lows. Very important to market. Headed into massive resistance yesterday and sold down…
Market Update: Stock futures are higher ahead of Tuesday’s open as the whip saw action continues on Wall Street. In the near term, the S&P 500’s next level of resistance is the 50 day moving average. Gary’s Thoughts: Economic Data: Redbook 8:55 AM ET New Home Sales 10:00 AM ET Richmond Fed Manufacturing Index 10:00 AM ET 4-Week…
Stocks were quiet on Monday as investors piled into Apple (AAPL) and several semiconductor stocks. Apple rallied after a report was released that suggested the tech giant asked its suppliers to prepare 72-78 million units, above the market’s expectation of 65 million units for the iPhone. In other news, two Fed officials spoke on Monday and both were…
“CONTINUED WHIPSAW” By Gary Kaltbaum May 23,2016 First off, this week is end of month (almost) and into a holiday weekend. Typically, typically, the bias is positive. Secondly, the loudest Fedhead who last week was teasing rate hikes in June and farther out…is now saying they can always wait! What happened to “June is a live…
Market Update: Stock futures are lower ahead of Monday’s open as investors digest last week’s sloppy action. In the near term, the S&P 500’s next level of resistance is the 50 day moving average. Economic Data: Our award winning weekend market report will be out tonight. Just still a lot of range-bound nausea with rolling…
On Thursday, stocks opened lower after the latest round of economic and earnings data was released. Before the open, Wal-Mart ($WMT) beat by 10 cents but that came after the retail giant lowered guidance several times in the past year. Economic data was mixed, jobless claims fell by 16k, to 278, missing estimates for 275k….
On Wednesday, stocks were higher but fell after the Fed released the minutes of its latest meeting. The minutes showed the Fed would entertain a potential June rate hike if economic conditions improved. The USD rallied hard on the news and a slew of commodities fell. Financial stocks were bid higher all day after the bulls…
