Daily Market Update

cpbreakouts

Junior member
34 0
Stocks closed mixed on Tuesday. The S&P 500 closed up 0.1% and the Nasdaq rose 0.7%. Stocks held up pretty well despite the lousy economic data that was released. The National Association of Home Builders/Wells Fargo builder sentiment index came in at 46 in February from 56 in January, well below expectations. The February Empire State Manufacturing Survey fell to 4.48 vs. the average economist estimate of 9. The market is in an uptrend so stocks with strong fundamentals will begin appearing and show buying opportunities. Valeant Pharmaceuticals (VRX) had a monster day, rallying 4.9% in high volume.
 

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cpbreakouts

Junior member
34 0
Daily Market Update - 1/20

Stocks were weak and mostly ended down Wednesday. The S&P 500 fell 0.7% and the Nasdaq fell 0.8%. Volume was high which points to institutional selling. Possibly some profit taking after the Nasdaq’s eight day winning streak. A disappointing report on January U.S. housing starts gave the market a weak start. Later, minutes from the Jan. 28-29 Federal Reserve meeting showed a few governors saying it may be appropriate to raise short-term interest rates soon. Even though the market is in an uptrend, you should watch your positions closely for any heavy selling.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 2/21

Stocks had a solid day Thursday. The S&P 500 added 0.6% and the Nasdaq rose 0.7%. Since the market turned into an uptrend the indexes closes have been in the high range which is a bullish sign. Economic news was mixed Thursday. The consumer price index and first-time jobless claims essentially matched expectations. The Purchasing Managers Manufacturing Index for February beat both the consensus view and the highest estimate in the range.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 2/24

Stocks hit new highs on Monday, but gave up gains late in the session. The S&P 500 ended the day up 0.6% and the Nasdaq finished up 0.7%. Volume was up which is a positive sign for the market. U.S. economic news was on the light side on Monday. Federal Reserve Chairwoman Janet Yellen is scheduled to appear before a Senate panel on Thursday, and a fresh estimate on U.S. fourth-quarter GDP is expected on Friday.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 2/25

Stocks slipped a little bit on Tuesday. The S&P 500 and Nasdaq closed down 0.1%. Seeing how fast the market has risen since the Feb 5 lows, a slight pull back might be coming. Retail and other consumer stocks were among Tuesday’s best, despite a weaker-than-expected consumer confidence reading. Consumer confidence for February fell to 78.1 from 79.4 the prior month; economist were looking for a reading of 80. A little bit of profit taking and sideways action will not be uncommon at this point in the upward trend.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 3/10

Market Direction: Trending Up

Stocks took a dip on Monday but rebounded off their lows to finish high in the day’s range. The S&P 500 and Nasdaq lost less than 0.1%. The major indexes began the day in negative territory with only the Nasdaq making a very brief appearance in the green. After sliding through the first hour of action, the major averages reversed and spent the remainder of the session climbing off their lows. Weighing on stocks was a report from China, over the weekend that showed its exports unexpectedly skidded 18.1% in February over a year earlier. Economists had expected an increase of 5%.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 3/11

Market Direction: Trending Up

Stocks reversed and ended in negative territory on Tuesday. The S&P 500 dipped 0.5% and the Nasdaq fell 0.6%. The S&P 500 held above the 10 day moving average which is a positive sign. The Nasdaq's loss was its fourth in a row. In similar instances going back to November 2012, the next session was an up day in four of the five cases, another positive sign. The Breakout Picks have been holding steady. Spirit Airlines (SAVE) continued its move higher hitting a new 52 week high Tuesday.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 3/14

Market Direction: Uptrend Weakening

Stocks took a heavy turn to the down side on Thursday. The S&P 500 fell 1.2% and the Nasdaq fell 1.5%. The overall action of the day caused the market direction to change to uptrend weakening. At this stage it is important to watch your positions closely and take profits. Monolithic Power Systems (MPWR) and Spirit Airlines (SAVE) both found support at their 10 day moving average but a sell off can still occur if the market continues to go down.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 3/15

Market Direction: Uptrend Weakening

Stocks had minor losses on Friday. The S&P 500 only gave up 0.3% and the Nasdaq was down 0.4%. Volume was low compared to the last few sessions. After making gains in the morning, the S&P 500 and Nasdaq began falling into the red. The major indexes finished low in the day’s range. Low volume, though, lessened the impact of the price losses. The market is not in a downtrend, but traders should be selling when appropriate. All the current breakout picks found support at their 10 day moving average which is a positive sign. Keep an eye out for heavy selling and cut losses if the stock begins to head south.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 3/18

Market Direction: Uptrend Weakening

Stocks rebounded Monday. The S&P 500 closed up 1% and the Nasdaq closed up 0.8%. The day showed mixed action. The S&P 500 closed near its session high but the Nasdaq closed near its lows for the day. Volume was low on all the major indexes. You do not want to see mix action like this when the market is trying to rebound. So, despite Monday’s strong price rebound, the market direction still remains uptrend weakening. Spirit Airlines (SAVE) scored a new high in above-average volume and closed back above the 60 level, where some resistance had developed.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 3/19

Market Direction: Uptrend Weakening

Stocks continued their rebound on Tuesday. The S&P finished higher, up 0.7% and the Nasdaq popped 1.2%. The Nasdaq and S&P 500 are now less than 1% away from clearing their early March peaks. Even with the indexes aiming for new highs, it’s best to maintain a cautious investing approach. The combination of recent losses and rising volume indicates that hedge funds, money managers and mutual funds were taking profits rather than adding stocks. There were some top performers today. Spirit Airlines (SAVE) is up 20% since our recommended buy point.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 3/20

Market Direction: Uptrend Weakening

Stocks fell on Wednesday. The S&P 500 and Nasdaq both lost 0.6%. Volume rose on the indexes which could mean we are headed towards a downtrend. The Federal Open Market Committee announced another $10 billion taper, reducing the size of its monthly asset purchases to $55 billion. Stocks dropped immediately after the news was released. Although the market dropped to new lows , those losses were limited as the market crawled back to close moderately low for the day. All our picks closed flat for the day or found support at their 10 day moving average which is a good sign.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 3/21

Market Direction: Uptrend Weakening

Stocks were in a seesaw motion Thursday. The S&P 500 fell to 0.3% at one point and rising almost 0.7%, ending the day at 0.6%. The Nasdaq gained 0.3%. Today gave a bit of recovery from the previous day’s sell off. Volume was mixed among the indexes. Weekly initial jobless claims for the week ended March 15 rose by 5,000 to 320,000 vs. the average economist’s estimate of 325,000. Economic news was positive for the day. The market direction is still set at uptrend weakening as we have yet to see a clear direction of where the market is headed.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 3/22

Market Direction: Uptrend Weakening

Stocks put up a fight Friday but ended in the red. The S&P 500 fell 0.3% and the Nasdaq gave up 1%. Stocks began the day on a strong note with no economic data to influence the trading sentiment; however, quadruple witching and index rebalancing contributed to additional volatility and volume. The market direction remains as uptrend weakening. Spirit Airlines (SAVE) had a strong run from our recommended buy point, rising 20% in 3 weeks but now the stock is reversing. Watch for reversals and heavy selling below the 10 day moving average and lock in profits or cut losses if the stock pick begins to turn negative.
 

cpbreakouts

Junior member
34 0
Daily Market Update - 3/25

Market Direction: Uptrend Weakening

Stocks finished off their lows but our leading stocks were hit hard Monday. The S&P 500 finished down 0.5% and the Nasdaq dropped 1.2%. With our leading stocks showing stress and selling signals, now is not the time to be aggressive with new buys. Pay attention to the sell rules and cut your losses if your stock dips below its 10 day moving average on heavy volume. U.S. manufacturing activity slowed in March after a near four-year high last month, with the Markit preliminary U.S. Manufacturing Purchasing Managers Index slipping to 55.5 from 57.1 in February.
 
 
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