More whipsawing today as the market gapped to the downside and then reversed and closed back in the black. The NASDAQ found support at its 50 MA and overall we are pretty much flat on the week despite the intraday swings.
Market Recap - Europe Causes a Reversal, Herbalife Tanks Off Single Question
After a strong open thanks to positive ISM numbers, the market reversed mid afternoon reacting to post-hours trading in Europe. Volume was strong and the NASDAQ finished flat, completing a bearish reversal bar that should make tomorrow interesting. Despite this, the Dow closed above its 2007 highs (not that we care). Also, the Herbalife (HLF) -19.9% fall off story is definitely worth a read.
Market Recap, Bulls Favored to Start the Week
A slight pull back today from the markets on lower volume is nothing major. Bulls remain in favor heading into the week. Otherwise not much to report besides some Monster (MNST) drama with Coke (KO) rumored to be considering a buyout. The stock ran up to $84 from $65.50 and closed back down at $65 by the close, a wild ride.
Market Recap - S&P 500 Back at 1400, AMZN Beats Earnings, Gold Analysis
Despite a 5th consecutive week of higher than expected initial jobs claims and Exxon's (XOM) miss, the market carried momentum from Wednesday and moved higher. Bespoke posted a good blog today citing the recent drop in bullish sentiment, arguably a contrarian sign for higher prices to come. The last time the reading fell this low the market was right near its 2011 bottom and we all know what happened after that.
Market Recap - Apple Earnings Leads Market to its Best Day of The Year
Apple stole the show today, adding nearly 50 points to close at $609.84 (+9.87%). The market gapped higher and never looked back with the NASDAQ having its best day of the year thus far (+2.3%) and the S&P 500 adding 1.36%.
The NASDAQ price action today completed an island reversal pattern. Island reversals occur when a stock or market index gaps one direction then gaps back the opposite, forming what can only be described as an island. Between this and closing back above its 50 MA, bulls today got a much needed boost. Also worth noting, the S&P 500 is now within 1 point of last week's highs and a stone throw away from 1400. Talk about a roller coaster.
