Nov 11th 2014 – Don’t Feed The bears!!
Nov 11th 2014 – Don’t Feed The bears!!
The bears are getting hungry, as we are certainly due a move to the downside now. However, when it comes, whenever it comes, I am not expecting it to be a large one as Santa is on his way.
Today, inexplicably, the market closed up again! Rather interestingly the Russell 2000 (small cap index) is now the only index that has not breached the most recent highs from earlier this year. Perhaps it is playing catch up, as normally it leads.
So, while I am sure the dip is coming added to the fact that my trigger finger is ready to grab my mid October monster profits, I must painfully continue to be a stand for the integrity of the system that has created these profits and simply wait till it tells me when it is time to exit.
Market News:
U.S. stocks closed around highs on Tuesday as investors found little impetus to move decisively in one direction or the other. The movement was enough to push the Dow and S&P 500 up one point each to a record.
Alibaba Group Holding slid as the Chinese e-commerce company’s shopping holiday sales cleared the $9 billion mark; D.R. Horton rose after the homebuilder reported better-than-expected quarterly revenue; Groupon climbed after the online provider of daily deals provided revenue guidance for 2015 above estimates.
The Dow Jones Industrial Average closed up for the fifth consecutive session at 17,614.90, a gain of 1.16 points or 0.01 percent, with JPMorgan Chase leading blue-chip decliners. The Dow rose 24 points and fell as much as 28 in intraday trade.
The S&P 500 closed up 1.42 points, or 0.07 percent, to a new record of 2,039.68, with materials pacing gains and utilities hardest hit among its 10 major sectors.
Of the 449 companies in the S&P 500 that have reported third-quarter results, 74.6 percent have posted earnings above estimates, while 59.3 percent beat revenue expectations, according to data compiled by Thomson Reuters.
Hitting its highest level since March of 2000, the Nasdaq closed up 8.94 points, or 0.19 percent, at 4,660.56.
Wednesday:
Earnings: Burberry, Macy’s, Beazer Homes, SeaWorld, Cisco, JC Penney, NetApp, Pinnacle Foods, Telefonica, Iamgold, Flowers Foods
3:00 a.m.: Philadelphia Fed President Charles Plosser
7:00 a.m.: Mortgage applications
10:00 a.m.: Wholesale trade
12:00 p.m.: Minneapolis Fed President Narayana Kocherlakota
1:00 p.m.: $24 billion 10-year note auction
News Sources: CNN Money & CNBC