Pre-Market Update: The bulls reclaimed resistance on Wednesday despite the release of the latest Federal Open Market Committee (FOMC) minutes, which showed that a possible December interest-rate hike is still in the cards.
Mid-Market Update: Retail stocks have been taken to the woodshed in recent weeks, as lousy earnings, warm weather and high inventory levels have punished the sector. Best Buy (BBY, $31.34, up $0.63) will try to avoid the pitfalls that have plagued other retailers when it announces its numbers ahead of tomorrow’s open.
Pre-Market Update: The bears held resistance and the indices’ major moving averages into Tuesday’s close, as the market pulled back to finish flat for the day. The bulls are holding support, however, and they are trying to regain momentum, but volatility remains elevated.
Mid-Market Update: Futures were showing a strong open this morning, and the gains have held through the first half of today’s session. It is possible that there could be a second-half fade, but the Dow and S&P 500 are pushing major resistance at their 200-day moving averages.
Pre-Market Update: The bulls got the win on Monday despite new geopolitical concerns, while the VIX fell back below 20. One day doesn’t make a trend, but the action looked bullish following a weak attack by the bears at the open.
Mid-Market Update: The bears pushed the market’s near-term support levels at the start of trading, but the weakness has since failed to hold. While trading was tight throughout the first half of today’s session, the bulls are now showing some momentum as we head into the close.
Pre-Market Update: The bears snapped their six-week losing streak last week while cracking several layers of support on the major indices. The damage was severe, and the Dow and S&P 500 fell back into negative territory for the year. This week promises to be just as volatile, as geopolitical events are likely to come into play.
Mid-Market Update: It’s fitting that today is Friday the 13th, as the bears are continuing their week-long assault on the bulls once again. The major moving averages are in play, like we expected, and volatility is on the brink of exploding.
Pre-Market Update: The bears made a statement on Thursday, and the market took one step forward before taking two steps back. The action worsened into the closing bell, as speeches by various Fed Heads indicated that they seem split on a December rate hike. Some of the zombies are still hawkish, while others remain dovish despite the recent babble and worry over an almost certain quarter-point hike.
Mid-Market Update: Five of six “Fed Heads,” including Fed Chair Janet Yellen, have given speeches today about the state of the economy and a possible December rate hike, with Fed Vice Chair Stanley Fischer scheduled to speak after the close. While their rhetoric will mean little until next month, the market is reacting in a negative way, as the bears have cracked near-term support.
Pre-Market Update: The bears returned to their winning ways on Wednesday, as the market pulled back for the fifth time in the last six sessions. The losses were limited, however, as near-term support held, while volatility stayed elevated.
Mid-Market Update: Cisco Systems (CSCO, $28.01, up $0.03) is scheduled to release its latest earnings report after Thursday’s close, and the results could give tech a lift if they come in better than expected. While “new tech” has been hot over the past few years, “old tech” is still shining given the recent earnings results from Microsoft (MSFT) and Intel (INTC).
Pre-Market Update: The bulls snapped a sloppy four-session losing streak with Tuesday’s mixed win, although tech closed slightly lower on the day. Apple (AAPL, $116.77, down $3.80) weighed heavily on the sector, as shares dropped 3% and fell back below their 200-day moving average on concerns that the company’s supply chain has weakened.
Mid-Market Update: Shares of Jabil Circuit (JBL, $23.51, down $0.54) have been in a solid uptrend since late September after the company reported fantastic earnings. The company posted a profit of $0.53 a share on revenue of $4.68 billion. Wall Street was looking for $0.45 a share on revenue of $4.55 billion.
Pre-Market Update: The bears controlled Monday’s action from start to finish, as the major indices pulled back by 1% each. The bulls made a final-hour rally off of the lows, but they failed to hold the market’s key support levels, which got slightly stretched. One day doesn’t make a trend, but volatility is rising, and more Fed officials are scheduled to speak later this week.
Mid-Market Update: The bulls are trying to get their second-straight Monday win, but the bears have a major advantage as we head into the last few hours of trading. The major indices are testing fresh support following a pullback across the board, but they will be looking to rebound into the close.
Pre-Market Update: The bulls stretched their winning streak to six-straight weeks despite a sloppy finish last Friday. Volatility stayed slightly elevated amid the “Fed-speak” and mixed earnings, and the bears will try to hold near-term resistance this week.
Mid-Market Update: Futures were choppy following the release of this morning’s jobs report, which showed that nonfarm payrolls surged by 271,000 in October from a revised reading of 137,000 in September. The U.S. unemployment rate fell to 5% from the 5.1% print that had been holding steady over the past few months.
Pre-Market Update: The bears tried once again to crack fresh support on Thursday, but the small-caps saved the day by closing slightly higher. The bulls showed some strength off of the morning lows to keep the action respectable, but both sides have been waiting for this morning’s nonfarm payrolls report.
Mid-Market Update: The market has traded on both sides of the ledger today, as Wall Street (and the Fed) are waiting for tomorrow’s nonfarm payrolls report to be released. Another tight range has kept the major indices between near-term support and resistance, but a possible breakout or breakdown could be coming into play.
Pre-Market Update: The market pulled back on Wednesday following more rhetoric from the Fed about a possible rate hike in December. The zombies wanted to sound tougher in their stance on interest rates and to make their smoke-and-mirror show less predictable. However, it remains to be seen whether Fed Chair Janet Yellen was crying wolf again or if her words will be the real deal come December.
Mid-Market Update: I had a feeling that the funky action in the S&P 500 Volatility Index ($VIX, 15.18, up 0.64) yesterday might lead to a pop past 15 today. Although the action at the open was bullish, it turned bearish shortly afterwards, and the major indices have been trading within tight ranges ever since.
Pre-Market Update: The market shrugged-off some early morning weakness on Tuesday to push the market’s next layers of resistance. Although the major indices faded from their intraday highs into the closing bell, continued momentum is setting the market up for a run towards all-time highs.
Mid-Market Update: It has been a busy day so far, and I have a number of updates for you this afternoon. First, I want to cover our current trades, as we have some nice pin action going on.
Pre-Market Update: The bears got a rare Friday win, but the bulls won last week overall to cap off a fabulous October. However, the recovery from the late-August lows wasn’t enough to get all of the major indices back into positive territory for the year. The blue-chips and small-caps are still slacking, but they are making higher highs and higher lows nonetheless. This is a positive sign for the bulls, but there are other concerns that need to be addressed, as volatility is still slightly elevated.
Mid-Market Update: The bulls are trying to avoid a three-session slide, and they are on track to do so if their current gains hold. Today’s push towards the market’s upper resistance levels has recovered most of the losses from the pullback at the end of last week, but the final hour of trading today will be crucial, as it could determine how the rest of the week plays out.
Pre-Market Update: The bears got a rare Friday win, but the bulls won last week overall to cap off a fabulous October. However, the recovery from the late-August lows wasn’t enough to get all of the major indices back into positive territory for the year. The blue-chips and small-caps are still slacking, but they are making higher highs and higher lows nonetheless. This is a positive sign for the bulls, but there are other concerns that need to be addressed, as volatility is still slightly elevated.
Mid-Market Update: Financial stocks have gained strength this month despite mixed earnings results from companies in the sector. One company that will be in the spotlight on Monday morning is Visa (V, $78.00, down $0.51), which will be reporting its numbers ahead of the opening bell.
Pre-Market Update: The bulls tried to keep their momentum going on Thursday following Wednesday’s test to the market’s upper resistance levels, but the major indices ultimately pulled back amidst a lack of buying conviction. The bears didn’t do much damage, however, as the fresh support levels that had served as prior resistance held, and the VIX stayed below 15.
Mid-Market Update: There have been a number of merger deals in recent weeks, but one of the biggest of the year may be about to go down between Pfizer (PFE, $34.60, down $0.85) and Allergan (AGN, $309.73, up $22.53).
Pre-Market Update: The bulls were testing the market’s upper resistance levels ahead of Wednesday’s Federal Open Market Committee (FOMC) statement, but the initial rally faded following the news that the Fed elected to keep interest rates unchanged. The zombies said they want to see further improvement in the labor market and inflation move back towards their 2% target.
Mid-Market Update: This morning, shares of Electronic Arts (EA, $75.99, up $0.72) cleared the previous 52-week and all-time high of $75.76 that was set in early August. Shares are up over 60% this year after coming into 2015 just north of $47. The Aug. 24 low reached $59.47, and the company is scheduled to release its latest earnings report after Thursday’s close.
Pre-Market Update: The bears got their second-straight win after holding the bulls underwater throughout Tuesday’s session. The small-caps led the way lower, but they held key support, as did the VIX.
Mid-Market Update: Shares of Rite Aid (RAD, $8.30, up $2.22) are soaring today following the news that Walgreens Boots Alliance (WBA, $93.46, up $3.98) is nearing a deal to acquire the company.
Pre-Market Update: The bears won their first Monday session in a month yesterday, although tech was showing a slight gain at the close of trading. The overall action stayed within a tight trading range as the VIX elevated slightly.
Mid-Market Update: While the height of third-quarter earnings season was last week, this week will be nearly as busy, as there are a number of marquee names scheduled to report their numbers to Wall Street. The flow of earnings will start to slow going into November and the week of Thanksgiving, but there will be earnings announcements into December as well.
Pre-Market Update: The bulls got their third-straight weekly win, as the market cleared several layers of resistance throughout last week. The bears have rolled over in October, with volatility fading throughout the month. There is still a week of trading to go and another full slate of earnings before the month ends, but all signs are pointing toward a continued rally.
Mid-Market Update: The bulls got a bevy of good news after Thursday’s close, as Alphabet (GOOG), Amazon.com (AMZN), and Microsoft (MSFT) all delivered solid earnings. All three stocks have tapped fresh 52-week and multi-year highs during today’s session.
Pre-Market Update: The bulls bounced back in a big way on Thursday after clearing another layer of resistance. The major indices stayed strong throughout the session, with volatility collapsing below 15 again. Tech earnings after yesterday’s close came in better than expected and should help extend the rally into today.
Mid-Market Update: The Dow is pushing up against its upper resistance levels following this morning’s earnings results from Caterpillar (CAT, $72.09, up $3.19) and McDonald’s (MCD, $110.38, up $7.84).
Pre-Market Update: The bears got another victory on Wednesday but did little damage to the bulls, as near-term support held. With Wall Street on the sidelines, the tight trading range has been giving mixed clues. However, the market remains slightly bullish despite a disappointing earnings season overall.
Mid-Market Update: The bulls made a run to the market’s upper resistance levels during the first half of today’s session, but the bears are now making their move ahead of the close. The tight trading range the market has been in throughout the week will likely continue into Friday before we see a possible breakout or the start of a breakdown.
Pre-Market Update: The bears ended their three-session losing streak on Tuesday, but the bulls were able to hold the losses in check. The action stayed mired in another tight trading range, and volatility edged higher ahead of the rest of this week’s earnings news.
Mid-Market Update: Shares of Microsoft (MSFT, $47.65, up $0.03) have made a strong move this month ahead of Thursday’s earnings announcement. The move from $44 to roughly $48 has bullish traders betting on a push past $50, but we know what happens when too many people lean to one side of the boat.
Pre-Market Update: Despite Monday’s opening weakness, the market showed more bullish signs yesterday that higher highs might be in store this week. However, while the bears had trouble with near-term support, which continues to move up, they can still strike quickly.
Mid-Market Update: Futures were weak throughout the night and into this morning’s open. Much of the worry was over China’s gross domestic product (GDP) number, which showed that its economy grew at an annual rate of 6.9% instead of a number north of 7%.
Pre-Market Update: The bulls continued their hot October run last week and got another weekly win to clear the market’s major resistance levels. The bears tried to attack the small-caps and had a little success, as the index pulled back on Friday and finished the week slightly lower.
Mid-Market Update: October option expiration has been bearish over the past decade or so, as the bears have pushed the Dow lower on this day in eight of the past 11 years. The good news is that the bulls got a decent open today and are holding slight gains as we head into the finals hours of trading. One concerning sign is that the small-caps and tech are in the red, but the VIX is down to the 15 level. This sort of evens out the action and, overall, the market is looking slightly bullish today.
Pre-Market Update: The bulls bounced back on Thursday to recover near-term resistance, as the VIX closed near a two-month low. However, expiration of the regular October options today could increase or decrease volatility heading into the weekend.
Mid-Market Update: Shares of Netflix (NFLX, $101.52, down $8.71) are down almost 8% today following its earnings announcement last night. The company reported a profit of $0.07 a share on revenue of $1.74 billion. The suits-and-ties were looking for $0.08 a share on revenue of $1.75 billion.
Pre-Market Update: The bears got back-to-back wins for the first time this month following Wednesday’s market pullback. The bulls made some headway during the morning hours, but the close below key support levels suggests that there could be further weakness ahead.
Mid-Market Update: Shares of Walmart Stores (WMT, $61.08, down $5.65) are down over 8% after the company cut its sales guidance. Walmart said it expects its sales growth over the next three years to be between 3%-4% annually.
Pre-Market Update: Given the market’s rally this month, a slight pullback was to be expected at some point ahead of this week’s flood of earnings. The bears didn’t do much damage, however, as the bulls held near-term support after pushing higher highs early in yesterday’s session.
Mid-Market Update: Although the flow of earnings was light last week, there were two notable companies that missed Wall Street’s estimates. Former blue-chip stock Alcoa (AA, $10.09, up $0.01) made a nice run into earnings but disappointed after reporting a $0.07 miss and lower revenues. Domino’s (DPZ, $105.97, down $0.11) earnings also came in light by $0.07, and the company missed on revenue figures as well.
Pre-Market Update: The market traded in one of its tightest ranges since July on Monday, as traders treaded cautiously ahead of this week’s barrage of earnings announcements. Although the indices finished mixed, tech held up well following news of a merger between Dell and EMC (EMC, $28.35, up $0.49). The record tech merger between the two for $67 billion was rumored last week, but the official announcement was made just ahead of Monday’s opening bell.
Mid-Market Update: The bulls continue to show solid momentum, although today’s action has been a little sluggish. The Dow is looking to extend its current win streak to seven-straight sessions and, if successful, it would be the index’s longest winning streak for the year.
Pre-Market Update: The bulls got the Monday win last week and pushed the upper layers of resistance, while the S&P 500 Volatility Index (VIX) settled below 20. These were the first clues that an October rally could be brewing. The bears struggled to make lower lows throughout the rest of the week and failed to hold the upper downtrend channels of longer-term resistance.
Mid-Market Update: The bulls are looking to end a sweet week with another Friday win. If they’re successful, it will be their third-straight Friday victory and a good clue that higher highs are still in the mix.
Pre-Market Update: The bulls are now grinning at the Negative Nancys that predicted a market crash coming into the month of October. While picking market bottoms and tops is never easy, trading ranges make timing even more difficult. However, following yesterday’s run past the market’s upper resistance levels, the bulls have shown that the late-August lows formed, for now, a temporary bottom.
Mid-Market Update: Futures were down overnight and stayed weak ahead of this morning’s opening bell. Fresh support has been holding, however, as Wall Street is anxiously awaiting the Federal Open Market Committee (FOMC)’s meeting minutes that are due to be released at 2 p.m. ET.
Pre-Market Update: The bulls continued their push towards the market’s upper resistance levels on Wednesday and appear to be closing in on a massive breakout. The bears are hoping to make one last stand before possibly rolling over, but they are becoming less scary as volatility continues to drop.
Mid-Market Update: Shares of Yum! Brands (YUM, $68.65, down $14.77) are down 18% today following yesterday’s dismal earnings announcement after the closing bell.
Pre-Market Update: The bulls’ momentum was slowed on Tuesday, as the bears got wins on three of the four major indices. The gain in the Dow can be partially attributed to blue-chip stock DuPont (DD, $55.21, up $3.93), which gained nearly 8% after announcing that its CEO is set to retire this month.
Mid-Market Update: The bulls are trying to keep the momentum they have built up over the last two sessions, but the rally has stalled following an opening run to higher highs. Tech and the small-caps are leading today’s pullback, while a decline in biotech stocks is sending the major sectors lower.
Pre-Market Update: The bulls got the win on Monday, the VIX settled below 20 and the small-caps exploded to lead yesterday’s charge higher, all of which were positive developments. While it is still a little early to say that the bulls are all the way back, they are showing strength as the bears retreat.
Mid-Market Update: The bulls are showing continued Monday momentum following Friday’s turnaround rally, as they have cleared another layer of resistance during today’s session. The VIX is currently down 1.48 and below 20 at 19.46, and these bullish developments have the bears playing defense and the short-sellers covering.
Pre-Market Update: The market action was slightly bullish last week, although the trading range that began in September has now carried over into October. This month has been famous for scary crashes during the history of the stock market, but it has also been known as a “bear-killer” month.
Mid-Market Update: Futures were erratic throughout the night, and they continued to fluctuate ahead of this morning’s job report. Ultimately, they took a turn to the downside following the weaker-than-expected payroll numbers.
Pre-Market Update: The market ended mixed on Thursday after spending the majority of the session in negative territory. A late-day run by the bulls gave them a split, with tech leading the way. The bears pushed the VIX past 25, but volatility subsided on the rally off of the lows.
Mid-Market Update: I was bullish on Hilton Worldwide Holdings (HLT, $23.29, up $0.35) earlier this year, but I have stayed away from the iconic brand since February. We made 88% trading call options on the stock’s move from $26 to over $28 back then, but shares have suffered since.
Pre-Market Update: The bulls made a strong run past resistance on Wednesday and, for the most part, they were able to hold these levels into the close. The small-caps closed right on the 1,100 level, and the VIX closed below 25. The cross-current winds are still indicting that we are in a trading range, but the bulls showed some moxie that tilted the seesaw action in their favor.
Mid-Market Update: The major indices have stayed range-bound throughout September, but the backend of the month’s action will likely give the bears the monthly win. Today’s action is a different story, however, as the bulls are rallying off of the bottoms of those ranges. Although they were stretched during the pullback at the start of the week, significant support levels held, which was a slightly bullish sign.
Pre-Market Update: Trading was choppy on Tuesday, as the major indices stayed in a relatively tight range. The bears had some success testing support on the open, but the bulls made a run at fresh resistance before ending the session split.
Mid-Market Update: Next week is the official start of third-quarter earnings season, but there are a few noteworthy companies with offbeat fiscal years that are scheduled to report their numbers this week instead. One of them is spice-maker McCormick & Company (MKC, $80.68, down $0.82), which is scheduled to announce earnings on Thursday, Oct. 1, before the market opens.
Pre-Market Update: The bears made a run at the August lows on Monday, with tech and the small-caps leading the decline. The bulls are running out of time to save September from the bears, and they could be facing a rocky October as well, as volatility has picked back up.
Mid-Market Update: I have talked previously about the new trading range that has been forming over the past few weeks following the late-August selloff. With today’s rebound, it is possible that the market will stay range-bound going into earnings season. This means that next week could stay choppy until we start to hear from corporate America the following week.
Pre-Market Update: The bears got the win last week despite the bulls’ best attempts to even the score on Friday. The weakness in the small-caps from the start of the session was a major concern, as was the late-day fade that dragged tech closer to a breakdown.
Mid-Market Update: I have talked previously about the new trading range that has been forming over the past few weeks following the late-August selloff. With today’s rebound, it is possible that the market will stay range-bound going into earnings season. This means that next week could stay choppy until we start to hear from corporate America the following week.
Pre-Market Update: The bears cracked another layer of support on Thursday, and they now have the bulls backpedaling. A knockout punch could be coming soon if the market stays wobbly into the weekend. The bulls rebounded off of the lows yesterday, but the action in the VIX turned bearish, with fear starting to rise on continued weakness.
Mid-Market Update: It’s never a good sign when a company’s stock is testing 52-week lows ahead of its earnings announcement. Shares of Pier 1 (PIR, $8.81, down $0.08) have tested a fresh 52-week low of $8.52 today, and the technical picture is a mess.
Pre-Market Update: Wednesday’s back-and-forth battle was mainly controlled by the bears, as they continued their push towards the lower levels of support. The bulls battled back to keep the losses respectable, but they struggled to regain resistance.
Mid-Market Update: The bears are looking to do further damage and are challenging the second waves of support again today. I wrote previously that the two main clues we needed to watch for this week were the financials and transports, both of which are struggling.
Pre-Market Update: The bears controlled Tuesday’s session from start to finish following a break below the first waves of support. The bulls rebounded off of the lows late in the day, but the biotech bloodbath was too much to overcome. Recent price gouging on an AIDs drug that zoomed from $13.50 to $750 a pill caused a firestorm, and a mere tweet by a presidential hopeful slammed the sector.
Mid-Market Update: Shares of Diamond Foods (DMND, $30.45, down $0.89) are down 3% and have fallen prey to today’s market pullback. The pullback broke the stock’s key support at the 50- and 100-day moving averages, and it is approaching $30-$29.50 and the 200-day moving average quickly.
Pre-Market Update: The bears were looking to wreak havoc on Monday to start the week, but the bulls held short-term support while making a run at the first waves of resistance once again. With just seven trading sessions left in September, the monthly win is still up for grabs, as both sides have taken a piece of the market pie.
Mid-Market Update: Futures were showing a strong start ahead of this morning’s opening bell, indicating the possibility that the bulls might push the first layers of resistance. Although higher levels were tested during the first half of today’s action, the bears have now joined the party, and the market is mixed in afternoon trading.
Pre-Market Update: The bulls lost another Monday session at the start of last week, but the market rebounded ahead of the Fed meeting to test the upper layers of resistance heading into Wednesday. The action looked bullish heading into the zombies’ decision on Thursday, but the market ended mixed as the Fed left interest rates unchanged.
Mid-Market Update: Futures were slightly higher after midnight, but they took a turn for the worse ahead of this morning’s open. I mentioned that September option expiration day has been bullish over the past decade, but the post-Fed market reaction is favoring the bears.
Pre-Market Update: The Fed disappointed some investors and pleased others on Thursday, as it left interest rates unchanged. The decision was disappointing to me because it leaves the debate open for the rest of this year and possibly into 2016.
Mid-Market Update: It has been nearly a decade since the United States stock market has felt the impact of an interest-rate hike. Within an hour or so, we will know if the Fed plans to keep everyone waiting for interest rates to rise or if they are still on standby.
Pre-Market Update: The bulls came within spitting distance of clearing the second layers of resistance on Wednesday ahead of today’s Fed decision on interest rates. The action continues to look bullish, and I’m hoping for the best of both worlds — a higher close today and a rise in interest rates. However, I realize most of the suits-and-ties are betting on a market pullback no matter what the Fed decides.
Mid-Market Update: The market has traded in a tight, choppy range today ahead of tomorrow’s Fed decision on interest rates. The consensus is that the zombies will raise rates by either a quarter or an eighth of a point, and Wall Street is hoping that Janet Yellen says all the right things. She hasn’t spoken publicly in two months, so tomorrow should be interesting — to say the least.
Pre-Market Update: The market regained some momentum on Tuesday following a rally that cleared the first layers of resistance. The action was steady throughout the session and into the closing bell despite a somewhat sluggish start. These were bullish signs, and they put the bears on defense. However, there are still multiple layers of resistance to clear before we can say that the market is healthy again.
Mid-Market Update: Although the Fed meeting on Thursday will garner the most attention, there are a few notable companies that will be reporting earnings this week. Third-quarter earnings season officially starts in early October, but companies with different fiscal years will be reporting before then as well.
Pre-Market Update: The bears won their third-straight Monday session, as they slowed the bulls’ momentum from last week. The losses held at support, with the market trading in a tighter range ahead of Thursday’s Fed announcement on interest rates.
Mid-Market Update: I was looking for continued momentum today following last week’s rebound by the bulls. Although the Dow snapped its Friday losing streak last week, the blue-chips continue to struggle in Monday sessions. Perhaps the action will change by the close, but it would be concerning if the market finishes in the red today.
Pre-Market Update: The bulls got off to a strong start following the holiday weekend and pushed the first waves of resistance last Tuesday. Wednesday’s early-morning rally faded at the second levels of resistance before a late-day attack by the bears got previous support back in play.
Mid-Market Update: The Dow has fallen for three-straight days and in seven of the past eight Friday sessions. A win today might be a slightly bullish sign for the market heading into next week, and today’s close and the action in the VIX will be important as well.
Pre-Market Update: It is still too early to say if the bulls are building a floor of support, but Thursday’s action was a step in the right direction. The bears made an attempt to push lower lows late in the afternoon, but the market held its gains during the final hour of trading.
