Friday
May 1, 2015
Prepared by the good people at Random Walk, LLC.
First Day of May.
So much for the strongest month of the year. The Dow was up 60 points this month.
Below are the major stocks reporting earnings
1/3 of all S&P 500 stocks report this week
1–855–798–0008
Today’s Number(s)
Today’s Number(s)
Yesterday and Today
Yesterday
It was stupid, confusing, messy and didn’t make any sense. Perhaps Black Jack is easier than days like this? The TLT opened weak and got weaker all day UNTIL strong selling in the market caused a flight to quality and bonds ran up. The TLT actually closed up $0.22 at 125.95.
AAPL lost again, this time closing down 3.49 at 125.15. This is almost $10 off the highs from earnings day on Monday.
It appears more stock sector rotation was taking place as beaten down oil companies fared much better than the previously strong bitoech sector. The Nasdaq closed down 82.22 points but is still not that far from 5,000.
TODAY
I am not sure if yesterday’s action was a real seismic shift or just weak hands getting out.
After the opening fall the market staged a comeback to get the SPX above 2100 again, but that was short lived. We keep falling once we get above this number which indicated one of two things.
One
It could be weak hands getting out because of a fear of rising rates destroying the market. Traditionally this is not uncommon. We have seen the TLT fall from over $138 to under $125. The 10 year bond yield has risen outside of its range. And with every instance of rising rates there are weak hands that start selling in mass, but they are usually snubbed out and proven to be fear mongers.
Two
This is something real. The market just can’t seem to gain traction. We have repeatedly seem instances over the last few months where the markets fight like hell to barely make a new high, and then they fall. There is not the usually spring in the rally’s step that launches things fast and hard as stop orders by shorts get activated. This was concerning me yesterday, and it would mean (if this actually pans out) that I have been wrong about this bull exceeding Dow 18,500, SPX 2250 and NASDAQ 5,300.
But yesterday was just one day. It is perhaps too early to make a judgment about it, so we will see how things pan out today. By the end of the day things should be more clear.
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