Follow-through - Stocks followed through on Tuesday's turnaround by rallying nicely on Wednesday. The Dow gained 81-points on the day and we saw some technical improvements in the charts... Current Daily Market Commentary Market Commentary for 5/19/11
I'd been saying that OPEX week tends to be supportive of the overall market and that we should see some measure of a rally this week in spite of the selling pressure that market has endured the past few trading days. After today's gains in the broader market, most of the losses since Monday have been erased. And not only did we get a rally, it stuck. My guess was it would be sold, but on that count I was wrong. Of course there's always tomorrow.
Moving on, the biggest non-event of
Buy the dips, or sell the rallies? - Stocks saw more sharp losses on Tuesday morning, but just before noon ET, the indices bottomed and rallied into the close. Hewlett-Packard was responsible for much of the Dow's 69-point loss, but that was well off of the day's low of -170-points... Current Daily Market Commentary Market Commentary for 5/18/11
Trade was pretty choppy today, but the the broader averages did manage to close well off its lows of the day and Nasdaq even managed a very modest gain. But I doubt too many bulls are feeling comfortable right now.
And economic data didn't do the market any favors today either. April Industrial production came in flat, in spite of estimates for a 0.5% increase. And Capacity Utilization came in at 76.9%, which was below estimates of 77.7%.
Perhaps the worst news of the
Warnings - Stocks had another bad day yesterday as the tone on Wall Street seems to be turning more sour. The Dow fell 47-points and we are seeing some cracks in the charts... Current Daily Market Commentary Market Commentary for 5/17/11