ROBIN NAILED THE MOVE ONCE AGAIN THIS WEEK. EXCERPT FROM THE CHART ANALYSIS LAST SATURDAY 12/27/2008.
-“Volatility is lower evidenced by the VIX in the mid 40s. The chart indicates the same with narrowing of the bollinger bands and the formation of a symmetrical triangle. Volume has been extremely low for the most part due to the holiday season. I feel that we will go up to test the 9000 area. Note how the market reacts at that level to give you clues on further movement.” The DOW closed last Friday 12/26 at 8515 and finished this week at 9035.
Middle East turmoil translated to a DOW drop of 32 points to open the week. It was a light volume affair primarily due to the holiday season.
Stocks rose Tuesday amidst a $5 billion capital infusion into GMAC. It now appears unlikely that GMs demise is imminent. The DOW posted a 184 point gain.
The market closed 2008 on a positive note with the DOW moving up 108 points. The VIX continued to drop and Initial Jobless Claims improved. 2008 was the worst stock market performance in almost 80 years.
The DOW closed at 9035 up 258 points in the first trading day of the New Year. The poor ISM data was largely ignored as energy stocks led the way higher.
Week over week, the DOW was up 520 points, the SPX better by 59 and the COMPQ up 102.
Go here to learn how to trade like the pros!!
Monday began with poor quarterly numbers from TM and WAG. Volume was low as expected due to the Christmas holiday week as the DOW closed down 59 points.
Tuesday continued the low volume theme as Existing Home Sales were down 8.6% in November and GM and F received downgrades. The DOW was off 100 points.
Wednesday was a short trading session ahead of Christmas. Jobless Claims registered a 26 year high and Consumer Spending and Durable Goods were weak. The DOW gained a marginal 49 points to close the trading day.
Friday’s trading was uneventful as AMZN reported their best holiday season ever and the DOW finished the day 47 points higher.
The market was down week over week with the DOW off 63, the SPX weaker by 15 and the COMPQ 34 points south.
Learn to tame the market here.
The DOW began the week pushing the Index down a mere 65 points on continuing news on the Madoff Ponzi scheme. No resolution yet on the automakers.
Tuesday, the DOW rallied big time to post a 360 point gain as the Fed lowered the Fed Funds Rate to unprecedented levels of between 0-.25%. It became apparent that the FED is prepared to do all that is necessary to stem the tide of economic disaster.
Wednesday, AAPL announce that Steve Jobs would not be addressing the crowd at MacWorld. The announcement fueled speculation that his health is an issue. MS reported poorer numbers than expected and OPEC cut oil production as the DOW closed down 100 points.
Thursday, the DOW shed 219 points as Leading Economic Indicators registered their weakest numbers since 1991. The Philly Fed and the Labor Departments’ reports contributed to the poor showing in the market.
We closed out the week with options expiration and a White House announcement that 13.4 billion will be extended to the automakers from the TARP with another 4 billion available in February. The DOW closed down 26 points.
Week over week, the market was mixed. The DOW was off by 51 with the SPX gaining 8 and the COMPQ up 23.
Go here to learn how to make money in any market condition.
We began the week with a follow through move on Monday as Obama’s proposed infrastructure program gave the market a lift as the DOW closed up 298 points. I issued a market alert on Monday calling for a pullback.
Tuesday we pulled back as predicted and closed down 243 points on the DOW due to poor earnings from FDX, TXN and BRCM. Announcements of layoffs continued to plague corporate America.
Wednesday, the market eeked out a small 70 point gain on the DOW on reduced volume as Capitol Hill continued to hash out the details of an automakers bridge loan package.
Thursday continued the market pullback peeling off 196 DOW points as the House ok’d the $14 billion bridge loan for the “Big Three”. Doubt still remains how the Senate will view the package. The unemployment report added to the angst as the numbers registered at their highest mark in the last 26 years.
Friday began with the knowledge that the Senate did not approve the Detroit bridge loan and it looked like it was going to be a blood bath. However, the White House stepped up and assured all that the TARP will be there to stabilize the car people as the DOW gained 65 points.
Week over week, the DOW lost 5, the SPX was up 4 and the COMPQ gained 32.
If you want to learn the secrets of the 5% who consistently win in the markets go here.
I felt there would be a pull back (see last weeks’ blog) and we got it big time on Monday as the DOW was down 680 points. The ISM report contributed to the decline as the report was down 2.7% month over month.
Tuesday began a climb out of the hole that Monday dug. Buying pressure stepped in and drove the DOW 270 points higher.
Much volatility highlighted Wednesday’s trading. Despite ugly economic news from the ISM Non Manufacturing activity and a terrible ADP jobs report, the market managed to post a 172 point gain.
Thursday was all about jobs as unemployment hit multi-decade highs. Layoffs are now beginning to be commonplace as companies are trimming their expenses in order to maintain margins. The DOW was off 215 points.
The much anticipated Non-Farm Payrolls was horrendous at 533,000. This was the largest montly loss of jobs in over 25 years. Unemployment increased .3%. Unbelievably, the DOW finished higher by 259 points.
The market has been up 8 of the last 10 sessions, yet week over week the DOW was down 194, the SPX off 20 and the COMPQ 26 points south.
IF YOU WANT TO LEARN HOW NOT TO LOSE MONEY IN THE MARKET GO HERE.
As I had predicted in the weekly chart analysis, I felt there would be follow through on Friday 11/21’s move. Obama continued his proactive planning which instilled market confidence as he filled out his administration positions in anticipation of moving quickly to solve our economic woes when he’s up to bat in January.
Citi got bailout treatment on Monday as the DOW closed positive by 397 points.
Tuesday’s action marked the third day in a row to the upside. The DOW posted a small gain of 36 points amidst a GDP downward revision for the Third Quarter. Consumer confidence rose to brighten the picture.
Wednesday was highlighted by a low volume move of 247 DOW points despite a plethora of ugly economic reports. Consumer spending was down and durable goods suffered a fall as Initial Jobs Claims were up.
Thursday, we all rested and stuffed ourselves with turkey and gave thanks.
We ended the week with a shortened session as the DOW closed up 102 points. The last five trading sessions have been positive. The DOW hit a bottom of 7449 last Friday and has gained 1380 from that low to the close this Friday. The week over week closes on the indexes were all positive with the DOW up 786, the SPX better by 96 and the COMPQ north by 154.
For more help in trading strategies, this is what I recommend.
The week started weak with the Empire State Index down to levels not seen for 7 years. The DOW closed down 224 points.
Tuesday HD beat their numbers but guided negatively. The PPI was down in October and Uncle Ben was less than convincing in his testimony before the House. The DOW finally closed up 151 points after a volatile session.
Wednesday, the CPI dropped by an unprecedented amount and the automakers began their Capitol Hill testimony. Mix all of that in with an ugly housing starts number and you have the recipe for a 427 point drop in the DOW.
Thursdays’ Jobless Claims were up to record levels while job cuts at JPM, SLE, and AKAM underscored the measures that ate being taken in corporate America to trim costs. The automakers were told to go back and put together a business plan (imagine that!?) before resubmitting their collective request for a bridge loan of 25 billion from the government. The DOW was off 445 points.
The week ended on an up note with the DOW closing 494 points north. C was in meetings trying to come up with a game plan to save the bank. The GSEs FNM and FRE decided to suspend foreclosures during the holiday season. Finally, the announcement of Timothy Geithner as the new Secretary of the Treasury sent the market higher in late day trading.
All of the indexes closed down week over week with the DOW down 451 the SPX off 73 and the COMPQ negative by 133.
For more help in trading strategies, this is what I recommend.
RSS feed
