STTG Market Recap July 14, 2014

Indexes gapped up at the open and then traded in a very narrow range all session; the S&P 500 gained 0.48% and the NASDAQ 0.56%.  Precious metals had a nasty session after finally looking promising for the first time in a while late last week; this is why they are a lot more difficult to chart – their actions are a lot more random.  Janet Yellen testifies tomorrow to Congress (no surprises are expected) and some 60 S&P 500 companies ranging from Goldman Sachs to Yahoo to Intel report later this week so we’ll be impacted by some of those names daily.

Indexes continue to be fine; they came back some last week in a much needed move after overbought conditions were created the week of July 4th.  All the pullback did was let the indexes come back and kiss their respective 20 day moving averages.

spx nasdaq

Here is the NYSE McClellan Indicator; it was a bit oversold last week but right now is in no man’s land.

nymo

Transports looked to break out today after resting for a few weeks; if this can continue it puts another feather in the bulls’ hat.

tran

Here is that volatile downside action in the previous metals.  While it did not completely refute the recent positive action, generally you don’t want to see such a violent move.

gold

silver

Citigroup (C) reacted well to earnings but in generally this chart had little to offer going into the report.  The data in the report was not great but apparently expectations were low.

Citigroup said on Monday that quarterly earnings fell 96 percent, hurt largely by a $7 billion mortgage settlement, but also by declining income in most of its main businesses including stock trading and retail banking. There were bright spots in the results, including better- than-expected stock and bond trading results, which helped the bank post adjusted earnings that beat the average analyst estimate.

c

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