STTG Market Recap June 16, 2014

Monday was a volatile session but in the end indexes finished nearly unchanged as the S&P 500 added 0.08% and the NASDAQ 0.24%.  There is still some uncertainty over the market due to the issues in Iraq but the market is holding in there quite well as both indexes sit near their 10 day moving averages after being overbought a week ago.   We do have a Federal Reserve meeting this week but no surprises should be expected – another $10B reduction in quantitative easing will be delivered.  There were some secondary economic indicators released for the day and most trended positive:

The New York Federal Reserve’s Empire State index of business conditions in June rising to its best reading since June 2010; industrial production for May up 0.6 percent and a gauge of builder sentiment jumping in June.

Both indexes are fine – consolidating after a big move up in a span of a few weeks, especially the NASDAQ.

spx nasdaq

The energy sector was a winner today – not surprising as we pointed out the ramp up in oil Friday.  Here is the sector ETF.

xle

Telsa Motors (TSLA) shot up on a news report about a possible collaboration with competitors Nissan Motor and BMW on expanding the network of charging stations for electric cars.

tsla

We highlighted the very nice chart of Zillow (Z) last week – and it made a very explosive move today.

z

On the merger front, medical device maker Medtronic (MDT) agreed to buy Dublin-based Covidien (COV) for $42.9 billion and shift its executive headquarters to Ireland in the latest move by U.S. companies to take advantage of lower tax rates abroad. Covidien’s stock shot up 20.5 percent to $86.75; it was the S&P 500’s biggest percentage gainer.

cov

Join 17,000 Investors

Receive Daily Market Recaps directly in your email inbox!

Log, Store, and Analyze Your Trades

Whether you're a new or seasoned investor, the StockTradingToGo Trade Log helps you trade better:
  • Step 1 - Add trades
  • Step 2 - Mark strategies and mistakes
  • Step 3 - Analyze your results
  • Step 4 - Improve your trading
Get Started Now

Comments

  1. says

    Hi there! I know this is kind of off topic but I was wondering which blog platform are you using for this site?
    I’m getting fed up of WordPress because I’ve had issues with
    hackers and I’m looking at options for another platform.
    I would be awesome if you could point me in the direction of a good platform.

  2. says

    Fanboom, definitely recommend getting the iThemes Security plugin for WordPress, it is the security plugin we use and it works great. There is no other blogging platform better than WordPress.