Thursday closed the day like Wednesday, mixed with the Nasdaq down and the S&P 500 along with the Dow green. The Dow and SPX closed at new 52 week highs, with the Nasdaq dropping. Volume was higher on the NYSE and Nasdaq leaving a distribution day for the Nasdaq. The TRIN closed at .71 bullish on the day and the VIX at 19.01, after hitting new 16 month lows again today. Gold closed down $2.90 to $1133.60 and oil broke the ten day winning streak closing down today to $82.70 off 48 cents.
Thursday again left the market split and not clearing the way for a big break out. With the Nasdaq lagging and tech dropping while financials continue to rally it isn’t making for easy waters to swim in. It will clear up soon and the indexes will get back on the same page, until then remember tech has to lead and it is headed south now. Financials have lagged the tech move so they’ve made up ground over the last few days and now banks are back to October mid levels and brokers to mid November levels. Even with the advance financials have seen this week they are still well behind the move tech has had.
Into Friday the banks, brokers, healthcare sectors are overbought and in need of a rest. SOX, Hardware and telecom are still looking lower after the drop they had today. Internets are holding on new 52 week highs, but left a possible reversal candle on the day. The days tone is likely to be set by the pre market data on Job’s. I still will wait on the Nasdaq to set the direction, despite the S&P rally horse we’ve saw today and the new highs close. It is very suspect without the Nasdaq, so tread likely and we’ll wait to see if the Job’s data is our catalyst to clear this range and get moving.
Economic data for the week (underlined means more likely to be a mkt mover): Friday 8:30 Non Farm Employment Change, 8:30 Unemployment Rate, 8:30 Average Hourly Earnings, 10:00 Wholesale Inventories, 3:00 Consumer Credit. Monday nothing due out. Tuesday 8:30 Trade Balance, 10:00 IBD/TIPP Economic Optimism. Wednesday 10:30 Crude Inventories, 2:00 Beige Book, 2:00 Federal Budget Balance. Thursday 8:30 Core Retail Sales, 8:30 Retail Sales, 8:30 Unemployment Claims, 8:30 Import Prices, 10:00 Business Inventories, 10:30 Natural Gas. Friday 8:30 Core CPI, 8:30 CPI, 8:30 Empire Manufacturing, 9:15 Capacity Utilization Rate, 9:15 Industrial Production, 9:55 Prelim UoM Consumer Sentiment, 9:55 Prelim UoM Inflation Expectations.
Some earnings for the week (keep in mind companies can change last minute: Friday pre market PSMT and nothing after the bell. Monday pre market nothing and after the bell AA. Tuesday pre market KBH and after the market LLTC. Wednesday pre market NWPX and after the bell OHB, ZZ. Thursday pre market SCHW and after the bell INTC. Friday pre market JPM and nothing after the bell.
ES (S&P 500 e-mini) Friday’s pivot 1134.75, weekly pivot 1117.25. Intraday support: 1134.50, 1131.75, 1127.50 38.2%, 1124.25, 1120.75, 1116, 1113.50 fills gap. Resistance: 1139.25, 1142.75, 1147.50, 1153.50, 1160.50.
