Thursday Market Wrap—- Big Liftoff

Triggered Stocks


Portfolio Update

Today FB popped +2% and closed above the $80 mark at all time highs.  QIHU finally got off the mat and popped +$3.20 or 5%.  MDVN was +1.50. Alibaba (BABA) popped +$2.82 0r 3%.  GMCR took a day off and closed -$1.12. BIIB was up $7 or 2.2% and new name EPAM triggered and popped $2 or 4%.

New Potential Picks


Upside’s Commentary

The stock market rose today, as data showed better-than-expected growth in Europe and strong earnings from CAT and  MMM. The Dow was up 217, or 1.3%, to 16,978. The Nasdaq gained 70, or 1.6%, to 4,453, while the S&P 500 advanced 24, or 1.2%, to 1,951. Advancing issues outnumbered decliners by a more than 3-to-1 ratio on the NYSE, where volume remained heavy.

We started to sell off at around 3PM as news hit the wires that there was an ebola case in NY and the patient was taken to Bellevue Hospital for quarantine. This person was a health care worker who very recently returned form Africa.

Inflation numbers remained subdued, so the pressure is definitely off the Fed to raise interest rates to stop inflation. The Federal Reserve is set to meet next week on the 28th and 29th, so it will be very interesting to hear what it has to say regarding the “official” ending of bond purchases at the end of October.

Bulls are happy to have the major indices back above their  200-day moving averages of 16,528 for the Dow, 4,278 for the Nasdaq and 1,900 for the S&P 500. We are even back to the 50-day moving averages of 1,948 for the S&P 500 and 4,451 for the Nasdaq, although the Dow has a little more work until it gets back above its 50-day moving average at 16,774.

Its been a mixed earnings season so far. NFLX, IBM, GOOG and MCD failed, but AAPL, CAT and others were decent. It seems the market made up its mind last week that it wanted higher levels no matter what, so earnings really weren’t as big a deal this quarter. At least that’s how I read it.

The Technicals

Another gap and go today. Support rises to 1929 and 1901, with resistance at  1956 and 1973. Tomorrow: New home sales at 10am.



Previous Post
Wednesday Wrap- Some Profit Taking
Next Post
Everyone Loves The “V”

Recent Articles