STTG Market Recap August 29, 2014

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A spike in the closing moments of the day helped cap off a strong August as the S&P 500 finished up 0.33% and the NASDAQ 0.50%. Volume was very light ahead of the holiday weekend. The Thomson Reuters/University of Michigan’s final take on consumer sentiment rose to 82.5 in August from 81.8 the month before. Consumer spending, which accounts for more than two-thirds of U.S. economic activity dipped 0.1 percent last month after rising 0.4 percent in June, the Commerce Department said. Economists had expected a 0.2 percent gain. We will return next week to some key economic reports – the two ISM reports and the monthly employment data.

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STTG Market Recap August 28, 2014

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Indexes opened down to begin Thursday’s action but dip buyers came in slowly during the day to minimize losses. At the end of the day the S&P 500 fell 0.17% and the NASDAQ 0.26%. All systems remain on go. Figures from the Commerce Department showed the economy expanded more than previously projected, with gross domestic product rising at a 4.2 percent annualized pace, versus an earlier estimate of 4 percent that followed contraction in the first quarter.

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STTG Market Recap August 27, 2014

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A quiet day of rest and consolidation, consistent with a serious rally. The S&P 500 finished flat while the NASDAQ fell 0.02%. News flow was very light as we come to the end of summer and many are enjoying vacation; volume out there reflects this.

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STTG Market Recap August 26, 2014

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A day after crossing over 2000 but then falling back the S&P 500 finished above that big round number. The S&P 500 gained 0.11% and the NASDAQ 0.29%. The day’s economic reports came in well above expectations; orders for durable goods rose 22.6 percent last month versus a 7.5 percent estimate. The bookings for longer-lasting goods came on increased demand for commercial aircraft. A measure of consumer confidence hit 92.4 in August, exceeding estimates of 89.

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STTG Market Recap August 25, 2014

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The S&P 500 hit the much commented 2000 level mid day Monday but fell back a tiny bit in the afternoon. This is only a psychological number but humans are attracted to those big round numbers. As we mentioned Friday a tiny pullback in the indexes worked off a very extreme short term oversold condition and that led to an immediate round of buying today. So the bull market has certainly resumed this past 7-8 sessions. The S&P 500 gained 0.48% and the NASDAQ 0.42%. Monday’s economic reports included data from the Commerce Department, which showed sales of new single-family homes falling for a second consecutive month in July.

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