April 28th 2014 – Large Intraday Swings in Nervous Market

Market View:

Seems that the market was not finished with its swing low.  I think we go higher from here.  The Nasdaq has had a considerable drop over the last 6-8 weeks and that downtrend is about to end in my opinion.  The wild card here, as it has been for a few weeks now, is the Ukraine and what happens there.  More sanctions have been placed and it remains to be seen what will happen, at least there are elections there in May, so the people will get their chance to vote and hopefully end the fighting.

Market News:

U.S. stocks climbed on Monday, with the Nasdaq Composite rebounding from a more than 1 percent drop, as enthusiasm that came with increased deal activity offset the ongoing sell-off in social media and other new technology companies.

The National Association of Realtors released its index of pending home sales, with had buyers signing more contracts to buy existing homes in March.

Developments related to Ukraine on Monday had the United States and European Union imposing addition sanctions on Russian companies and people tied to Russian President Vladimir Putin.

Tuesday:

Fed meeting begins

Earnings: Merck, Bristol-Myers Squibb, Twitter, eBay, Seagate, Aflac,DreamWorks Animation, Panera Bread, Sanofi, Archer Daniels Midland,Coach, Cummins, Forest Labs, Deutsche Bank, MGM, 3-D Systems, Boston Scientific, Martin Marietta Materials, Valero Energy, Nokia, HCA, Eaton, CIT Group, Noodles and Co, Trulia, MGM Mirage

9:00 a.m.: S&P/Case Shiller HPI

10:00 a.m.: Consumer confidence

10:00 a.m.: Housing vacancies

News Sources:  CNBC and CNN Money