Stocks Again Fail to Close at New All-time Highs
Stocks started the US trading session in the red, after the S&P 500 index notched up an intra-day all-time high on Monday, and attempted with vein to close at a new all-time high. The battle between the longs and the shorts coming into the close was very interesting as traders were jockeying to determine whether the large cap index would settle at a new all-time high. Technicians closely watch these levels and this it received so much attention.
In corporate news Tuesday, Macy’s (NYSE:M) reported net income of $811 million, or $2.16 a share, for the fourth quarter ended February 1, compared with $730 million, or $1.83 per share, a year earlier. Excluding items, the company reported earnings of $2.31 a share. The company said comparable sales, which include those online and at stores open at least a year, rose 1.4 percent as a sales drop in January contrasted with larger gains in the first two months of the quarter. The company blamed the weather, which was expected for the decline in same store sales.
JPMorgan (NYSE:JPM) announced that it plans to slash thousands more jobs at its mortgage business and at its branches amid plummeting demand for home loans and the increased automation of clerical jobs. The cuts would be part of a new efficiency program and would add to the 10,000-15,000 positions that JPMorgan has already axed.
The High Low index for the S&P 500 index is printing near the highest levels seen in the last 12-months. The high, low index measures the number of 52-week highs relative to the 52-week lows and generates an index between 1-100. The current reading near 98, shows that there are many new highs relative to new lows which could reflect and overbought condition.
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