March 5, 2021 | Daily JAM |
Maybe it was just investors and traders having second thoughts about selling stocks on a day when the economy delivered a surprisingly strong jobs report for February. After all, isn’t stronger economic growth a good thing for company revenue and earnings? Maybe it was just the normal desire not to be too long or too short going into a weekend. Maybe some of the technicians saw something that yelled “REVERSE!” If so I don’t yet see it. The NASDAQ Composite closed the day at 12920. Earlier in this drop it had sliced through the 20-day Moving average at 13609 and the 50-day a 13340 like a warm knife through butter. The 200-day moving average, the next big support isn’t until 11618. Way, way lower than where we closed today. My tentative explanation?
March 5, 2021 | Daily JAM, Morning Briefing |
Stocks broke out of the gate today seemingly determined to turn a big three-day losing streak into an even bigger four day plunge. At 11:30 a.m. today, March 5, the Standard & Poor’s 500 was down 1.04%. The NASDAQ Composite was lower by 2.6%. The high momentum technology growth stocks were taking another drubbing. Taiwan Semiconductor Manufacturing (TSM), down 5.46% yesterday had slipped another 0.16% as of 11:30 a.m. Twilio (TWLO), clobbered yesterday to the tune of a 7.16% loss, had plummeted another 9.88% as of 11:30 a.m. And then, the market turned on a dime.
December 10, 2018 | Daily JAM, Volatility, WST, You Might Have Missed |
U.S. stocks after being deep in the red this morning, came roaring back this afternoon. Or at least technology shares did. The Standard and Poor's 500, which had been as low as 2583 today, climbed back to close at 2637. The swing from high of the day to low was a huge...
March 27, 2018 | Daily JAM, Short Term, Volatility |
Tuesday looked fine until noon–12:04 p.m. New York time, to be precise. That turned out to be the high for the day–at 2674.62–up 0.62% from the Monday close. It looked like we might even get follow through on Monday’s huge bounce. And then came the reversal. The index slipped steadily if unspectacularly until by 2:43 p.m. it was down 0.19% for the day. Then the slip turned into a plunge. But the real development of the day was the collapse of stocks in the technology sector
January 16, 2018 | Daily JAM, Short Term, Volatility |
U.S. stocks came racing out of the gates on strength in overseas markets with the Dow Jones Industrial Average trading at 26,000–283 points higher than the Friday close at one point during the day. Then came the plunge. As indexes gave back all their gains and then some. The  Dow closed 10.3 points lower at 25,793. The Standard & Poor’s 500 traded above 2,800 for the first time and then fell to close down 0.4% for the day. The NASDAQ Composite also finished lower on the day. This kind of intraday reversal is never a sign of market health.
