Market Update: Stock futures are quiet ahead of Friday’s open as the market pauses to digest this week’s strong rally. GDP comes out at 8:30 and Yellen speaks at 1:15, just in time ahead of the long weekend. Stocks will be closed on Monday for Memorial Day. Gary’s Thoughts: The positive bias continues. Have a great…
Stocks were relatively quiet on Thursday as investors digested the latest round of economic data and Tuesday and Wednesday’s strong rally. Weekly jobless claims slid by 10k to 268k, beating estimates for 275k. Durable goods rose 3.4%, beating estimates for 0.3%. Meanwhile, pending home sales, jumped 5.1%, easily beating the Street’s forecast for 0.8%. Gary’s…
Stocks rallied nicely on Wednesday as buyers showed up and added to Tuesday’s gain. Overnight, the latest “deal” was reached for Greece which helped ease concerns about another debt scare. The euro zone gave Greece its firmest offer so far of debt relief in what finance ministers called a breakthrough deal that won a provisional…
Market Update: Stock futures are higher ahead of Thursday’s open as the market pauses to digest Tuesday and Wednesday’s strong rally. Gary’s Thoughts: Again…no complaints but already market very overbought in here. Economic Data: 52-Week Bill Settlement James Bullard Speaks 5:15 AM ET Durable Goods Orders 8:30 AM ET Jobless Claims 8:30 AM ET Bloomberg Consumer Comfort Index 9:45…
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…
