Tech Selloff Continues To Pressure Market

The DOW slid 234.33 points or -0.7%, to 32,627.97 on Friday, pressured by Visa and JPMorgan. The S&P 500 dipped -0.1% to 3,913.10, closing off its lowest level of the day when it fell 0.7%. The NASDAQ gained +0.8% to 13,215.24 as investors bought the dip in tech shares which had been putting pressure on the market after continuing to selloff earlier in the week. Facebook gained +4%, while Amazon and Netflix rose about +1.5% each.

On a weekly level, The DOW and the S&P 500 lost -0.5% and -0.8%, respectively, this week, breaking their two-week win streak. The NASDAQ also declined -0.8% for the week, posting its fourth negative week in the last five. Continue reading "Tech Selloff Continues To Pressure Market"

Another Record Close For DOW And S&P 500

The DOW climbed 293.05 points or +0.9%, a record close at 32,778.64. The S&P 500 erased earlier losses and inched up +0.1%, eking out a record close of 3,943.34, and the NASDAQ shed +0.6% as rates surged once again, putting pressure on the tech sector. Alphabet and Facebook dropped 2% each, while Apple, Amazon, and Microsoft closed in the red.

On a weekly level, the DOW and S&P 500 both triggered new green weekly Trade Triangles this week on their way to another record close. The DOW gained +4.07% on the week, with the S&P followed with a gain of +2.6%. The NASDAQ was able to bounce back after three straight weeks of losses with a weekly gain of +3.09%, but it wasn't enough to trigger a new green weekly Trade Triangles; thus, the Chart analysis score remains +55, in a sidelines position. Continue reading "Another Record Close For DOW And S&P 500"

DOW Rallies 570 Points In Big Turnaround

The DOW climbed 572.16 points or +1.9%, to 31,496.30 after losing as much as 150 points in earlier trading. The S&P 500 ended the wild trading session +2% at 3,841.94 after shedding -1% earlier and the NASDAQ advanced +1.6% to 12,920.15 after dropping -2.6% early in the trading session.

On a weekly level, the NASDAQ fell more than -2% this week and briefly turned negative on the year. The S&P 500 gained +0.8% this week, snapping a two-week losing streak. The DOW outperformed with a +1.8% weekly gain. Both the DOW and S&P 500 joined the NASDAQ mid-week by triggering new red weekly Trade Triangles indicating that overall, the market could be in a sidelines mode.

The indexes bounced off their lows as bond yields retreated from their session highs. The 10-year Treasury yield eased back to 1.55% after popping above 1.6% to touch a 2021 high following data showing a surge in jobs growth. Continue reading "DOW Rallies 570 Points In Big Turnaround"

Week To Forget But A Month To Remember

Sure, this week has been rough for traders and the markets overall, but it was a great month. Weeks like this are reminders to separate yourself from the recent daily volatility and look at the long-term trend. How do you do this? I'll show you in today's video.

As for the overall markets, let's get into it. Friday was as volatile as they come, with the Dow dropping -1.5% or -475 pts. The S&P 500 had lost -2.5% but pushed back strong into the close but fell just short of finishing in the green with a loss of -.48% or -18.49 pts, and while the NASDAQ shed -3.5% early in the day, it also bounced back to post a daily gain of +.56% or +72.91.

The S&P 500 is down -2.45% for the week, on pace for its second negative week in a row. The DOW has fallen -1.8%, and the NASDAQ way underperformed this week with its worst week since October, losing -4.9% on the week.

Now, this is where looking at the long-term trends can give you some sanity. Continue reading "Week To Forget But A Month To Remember"

Yellen Calls For More Stimulus

The stock market was on the move higher in early trading Friday after Treasury Secretary Janet Yellen said a large Covid-19 relief package is needed for a full recovery in the U.S. However, it has slipped to a mixed-mode as it headed into afternoon trading to close out the week with the DOW gaining roughly +48%, the S&P 500 and NASDAQ fighting to stay in positive territory for the day.

Yellen told CNBC Thursday after the bell that more stimulus is necessary even as some economic data suggested a rebound is already underway. She added a $1.9 trillion stimulus deal could help the U.S. get back to full employment in a year. Continue reading "Yellen Calls For More Stimulus"