Down, up, then down again. What a crazy trading day - I almost lost my lunch. Literally. (Note to self: Fish tacos in New York just aren't as good as the ones in southern California.)
There wasn’t a ton of news today; all you need to know is that the DJIA
was up, the NASDAQ
was down, and the S&P 500
was unchanged - but all 3 indexes were in the red at some point today.
Let’s take a look at what was moving today. On the upside, agriculture names like Potash
(POT) and Monsanto
(MON) had big days. Pharma companies also trading well: Pfizer
(PFE) led the DJIA, but the whole group was green all day, including Johnson and Johnson
(JNJ) and Merck
The biggest losers today were technology and the banks: Apple
(AAPL), Research in Motion
(AMZN), Wells Fargo
(WFC), Capital One
(COF) and Bank of America
It’s interesting to me that technology has been coming down over the past week: The group led the rally. Financials, the other leader, are now also coming down. What group lagged the recent upside run? Pharma, which were curiously higher all day.
Was today’s sell-off to 896 S&P the pullback, or is there more to come? Today on the Buzz and Banter
, Professor Jeff Cooper
speculated on what to expect. "The S&P Weekly Swing Chart will turn down on trade below last week’s low at 879.20.
"180 degrees down from the 930 high for the move gives 870.
See Square of 9 charts from my morning report below which show the dueling banjo square outs at 920 and 930 into the May 7th/8th. " Click to enlarge
Click to enlarge
Tomorrow will be an important trading session, as the market hasn't seen a 3-day break since this rally began back in March. If we do get another pullback day, it could be a good entry point if you missed the recent run. Before the bell, traders will be watching export and import prices plus retail sales.
All right, Minyans - let’s hope the Lakers pull it together tonight. I don’t want to be in a bad mood tomorrow.
Have a great night!
No positions in stocks mentioned.
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