The market is trending a bit lower this morning despite a solid report from the Labor Department about initial jobless claims. Jobless claims were the same at 351K vs. expectations that they would rise to 355K. The lack of decline may be causing the lack of market spark, but the beat is definitely limiting any decline. This news was about as uncatalyzing as possible for the stock market, so we continue to drift. Earnings from H-P were not good at all, and that is probably one of the reasons why we are having such an issue seeing much upside today as that weighs on the tech industry.
The market continues its quiet week that we discussed at the start of the week without much in movement at all. Earnings were decent from Target (TGT), but they were not strong enough to greatly impact the market. Kohls was disappointing while Sears actually was surprisingly good. The situation in Europe is fairly quiet as welll today. The European Commission revised its growth forecasts for the Eurozone to a mild recession. We have crude and natural gas inventories out as well today.
We are bullish still for the most part on this market. A lot of negative capabilities that could have occurred with Greece did not happen. We see the market buying any dips, and we believe that we need to believe in this bull market. Small dips will happen, but they seem to be buying points other than selling points. We'll add some protection, but overall, we believe being a bull is important in this market.
Current Positions:
Continue reading “The Oxen Report: Markets Weakening Despite Good Jobs Data on Weak Earnings, Technicals” »
Chart of the Day: Earnings Reports Scorecard
Today’s Chart of the Day compiles every earnings report that has been released so far this year (until Feb 22nd BMO). This data contains 1664 reports, in which 1005 (60%) beat, 100 were inline (10%), and 320 missed (30%) the consensus estimates. Today’s chart breaks down each sector to see which has been the most consistent so far this year.
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Market Recap: The market traded slightly lower on the day as the market was pricing in some negativity surrounding economic data on existing home sales and continuing to lack an upward catalyst. Earnings for major companies as ewll were weaker. Existing home sales saw an increase from December to January, but they missed expectations at 4.63M as the number came in at 4.57M. Dell (DELL), Toll Brother (TOL), and Dollar Tree (DLTR) all moved more weakly on the day after their earnings were either not strong enough to continue upward trends or weak. Garmin (GRMN) and Intuit (INTU), however, had strong earnings.
The market to us looks to be awaiting the next big thing. What will it be? Crisis in Europe? Strong jobs data...The longer we go without bad news, the more likely this rally continues. Any big disappointments or shocking developments could bring the market down in a hurry. Here is one bullish play we like and one bearish.
Continue reading “Two Stocks To Watch, Where For The Next Market: February 22, 2012” »
Chart Of The Day: Index movements in March over the past 15 Years
Today’s chart of the day depicts the historical averages of each of the three indices (Dow Jones Industrial Average, S&P 500, and Nasdaq). This chart gives us insight into how the market has moved historically in March and what we may expect heading into next month. Each indices averages positive gains during March over the past fifteen years, with the DJI averaging the largest gains at 3.30%. Today’s chart gives the average movements as well as maximum gains and losses seen by each of the three indices during March since 1997.
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The market is looking flat to slightly down today as the market continues to react to Greece's bailout as well as limited economic and earnings news out this morning. First off, we have said that we thought that this week would be fairly flat, and it is coming to fruiton so far. Today, we got news that existing homes sales came in slightly under expectations at 4.57M vs. 4.63M expectations. Additionally, we got a pretty strong round of earnings from the likes of Dell, HP, Dollar Tree, and Toll Brothers. Dell and HP came in slightly weak and are weighing on the Nasdaq. Dollar Tree had strong earnings but is being sold off a bit. Winners for earnings were Garmin, Brocade, and Intuit. Overall, the earnings were mixed.
The market looks pretty flat this week. We have limited data and earnings. Europe headlines have also died down. So, we should continue to drift. Strong stocks should continue to be strong. Overvalued stocks may start to come down, and stocks with recent catalysts will see upside. Overall, we would expect any big drop to be bought and any nice rallies to see profit-taking. We are all waiting right now for the next big thing to move the market.
We come into the day very bullish, and we definitely need to look to add some bearishness to the mix to help hedge ourselves from our bullish stance. It will definitely helps us to feel more comfortable on down days, and we have to know when the market is going to break higher or lower to be 100% either way. Look for us to add that to the mix.
Current Positions:
Continue reading “The Oxen Report: Market Flat on Light News Day, We Await the Next BIG Thing!” »
