Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24
How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - 17th Feb 24
Why Rising Shipping Costs Won't Cause Inflation - 17th Feb 24
Intensive 6 Week Stock Market Elliott Wave Training Course - 17th Feb 24
INFLATION and the Stock Market Trend - 17th Feb 24
GameStop (GME): 88% Shellacking Yet No Lesson Learned - 17th Feb 24
Nick Millican Explains Real Estate Investment in a Changing World - 17th Feb 24
US Stock Market Addicted to Deficit Spending - 7th Feb 24
Stocks Bull Market Commands It All For Now - 7th Feb 24
Financial Markets Narrative Nonsense - 7th Feb 24
Gold Price Long-Term Outlook Could Not Look Better - 7th Feb 24
Stock Market QE4EVER - 7th Feb 24
Learn How to Accumulate and Distribute (Trim) Stock Positions to Maximise Profits - Investing 101 - 5th Feb 24
US Exponential Budget Deficit - 5th Feb 24
Gold Tipping Points That Investors Shouldn’t Miss - 5th Feb 24
Banking Crisis Quietly Brewing - 5th Feb 24
Stock Market Major Market lows by Calendar Month - 4th Feb 24
Gold Price’s Rally is Normal, but Is It Really Bullish? - 4th Feb 24
More Problems in US Regional Banking System: Where There's Fire There's Smoke - 4th Feb 24
New Hints of US Election Year Market Interventions & Turmoil - 4th Feb 24
Watch Consumer Spending to Know When the Fed Will Cut Interest Rates - 4th Feb 24
STOCK MARKET DISCOUNTING EVENTS BIG PICTURE - 31st Jan 24
Blue Skies Ahead As Stock Market Is Expected To Continue Much Higher - 31st Jan 24
What the Stock Market "Fear Index" VIX May Be Signaling - 31st Jan 24
Stock Market Trend Forecast Review - 31st Jan 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Chop, Sadly Continues.....ISM Numbers Changing Unexpectedly....

Stock-Markets / Stock Markets 2014 Jun 03, 2014 - 10:27 AM GMT

By: Jack_Steiman

Stock-Markets

I find it annoying. How about you? Do you enjoy this nonsense? I don't, but this is what we have and must accept. The market tried hard to sell decently today. The Nasdaq was down over thirty points, thanks mostly to losses in Google Inc. (GOOG), and especially Apple Inc. (AAPL). AAPL is so heavily weighted, and at one point it was down ten points. Amazingly, even with AAPL down ten points, the Nasdaq was able to bounce back. Strength is strength, and this market continues to find a way, even when a leader says I'm tired, such as AAPL did today.


You have to hand it to the bulls for finding a way to rotate things around even when the very best stock can't find a bid. One would expect a nice drop in the Nasdaq, but it was not to be. Under performance for sure, but nothing terrible. So we chop on. The sentiment not yet kicking in even though the spread is over 40%. No big push down, even though the weekly and monthly charts have major headaches. So today was just another day in the process of a market that refuses to quit. Maybe too many are expecting the pullback, thus, it may take higher prices to get folks to think it can't happen, and then it finally does. Who knows. It's a mystery. For now, the market has shown no inclination to start any major correction lower.

Today was a very strange day, and yet another missile fired at the there's-a-conspiracy thing going on, and that the Government controls things if they're not happy with results. In other words, they're lying again. We had the ISM Manufacturing Report come out thirty minutes in to the trading session this morning. The number was 53.2. The expected number was neat 55.5. The market fell hard on that disappointment. Suddenly, and out of nowhere, they come out and say whoops, we made a mistake.

The number isn't 53.2, but instead it's actually 56.0. Then lowered to right at the expected number. It really turns people off and it explains in great detail why no one trusts our leaders. Sad but true. So who knows what number is the truth but after two changes it basically came in with the number expected. Can't make it up. The market rallied on those upgrades and was probably the primary reason as to why the market recovered.

Listen folks, as I always say, don't play the market with emotion. Follow the bouncing Nasdaq. The leader or froth haven of the market. It has a powerful gap from 4204 down to 4186. As long as that gap holds the Nasdaq, and, thus, the market is fine. It got down to 4207 today, and as one would expect, it bounced well from there. If and when we close below 4204 that's a red flag. If we close below 4186 that's a major league red flag. Follow price and that gap, and you'll be fine. Long exposure is fine above that full gap.

One day at a time folks in this bifurcated environment.

Jack

Jack Steiman is author of SwingTradeOnline.com ( www.swingtradeonline.com ). Former columnist for TheStreet.com, Jack is renowned for calling major shifts in the market, including the market bottom in mid-2002 and the market top in October 2007.

Sign up for a Free 15-Day Trial to SwingTradeOnline.com!

© 2014 SwingTradeOnline.com

Mr. Steiman's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Steiman's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in