This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bulls Legs Chopped in the End: Dave's Daily


The routine lately has been for bulls to step in and buy any lower gap open. That was true today as bullish momentum still dominates no matter the poor data. Jobless Claims continue along the ocean floor and disappointed Thursday, but Home Sales were better than the previous month as perhaps seasonal factors with summer closings before school opens. Also, home buyers are adjusting to the absence of the first time home buyers credit so this could be the new normal for transactions. Finally, Leading Economic Indicators were better than expected which cheered bulls for a while. Then along came more troubles from Europe with Ireland's GDP reported at a negative 1.2%. The HAL 9000s must be programmed for bad news from Europe to trip the sell program button, and down we went.

The damage from selling wasn't too severe but there were some losers in financials while commodity markets were mixed overall.

Volume was still light but heavier than recent days with most coming in the late afternoon on selling. Breadth was negative.





SPY: Dare I repeat myself? The H&S top may be a thing of the past even if the market declines because too much time has passed (possibly).

MDY & IWM: For both major markets we're now down on the week which given the greater volatility should be no surprise.

QQQQ, XLK & AAPL: Apple ended higher on the day but not close to the intraday high. The problem most investors should have is the overweight of one stock within the index.

Continue to U.S. Sectors, Stocks & Bonds
1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
DBB $13.24 0.00%
EWZ $29.51 0.00%
KBE $32.45 0.00%
JO $18.40 0.00%
IYR $76.56 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs