STTG Market Recap August 29, 2014


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


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


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


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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