STTG Market Recap September 18, 2014


Thursday was day 3 of the bounce from extreme oversold levels as investors continued to celebrate the Federal Reserve’s dovish policy statement. The S&P 500 gained 0.49% and the NASDAQ 0.68%. Not too much in the way of economic data other than weekly jobless claims and the Philly Fed index which decelerated in September; however its employment component rose to its highest level since the middle of 2011.

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STTG Market Recap September 17, 2014


The indexes were in a new coma today until the Fed announcement at which point they jumped a bit to the upside. The S&P 500 gained 0.13% and the NASDAQ 0.21%. Since all the discussion was about the Fed today, we’ll focus on what happened there. Unlike what some had assumed, there was no language changed in terms of an interest rate hike coming sooner than anticipated. Many economists and traders had expected the U.S. central bank to alter the rate guidance it has provided since March, given generally improving data on the economy’s performance. But the Fed repeated its assurance that rates would stay ultra-low for a “considerable time” after a bond-buying stimulus program ends.

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STTG Market Recap September 16, 2014


We saw a nice bounce in the indexes today which the NYSE McClellan Indicator told us had a quite good chance of happening. The S&P 500 and NASDAQ had twin gains of 0.75%. We should have either a continuation of a quick reversal tomorrow afternoon based on the parlor games people read into whatever the Federal Reserve announces. As we’ve said the past few recaps some are looking for some indication that there will be an interest rate hike at some point – and some Fed language to indicate that. Also helping was a report that the Chinese central bank might add stimulus but generally it is ironic that this sort of “news” happens at times the market is ready for a short term bounce!

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STTG Market Recap September 15, 2014


Quite an interesting day in terms of large divergences between the 2 indexes; the S&P 500 only fell 0.07% while the NASDAQ sunk a full percent lower! A lot of very popular “tech stocks” fell as people anticipate the debut of Alibaba – some fund managers could be selling stock to provide cash to buy this hotly anticipated IPO. Please keep in mind the Federal Reserve meets this week and the announcement Wednesday should provide some volatility. Everyone expects a $10B reduction in quantitative easing but some are now looking for a change in language to indicate an increase in interest rates may occur in our lifetimes.

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STTG Market Recap September 12, 2014


We had the first down week in five this past one and our NYSE McClellan indicator helped us out a bit as it turned negative late last week and we didn’t see a return to positive this week. It need need be positive for the market to rally but it usually means less stocks are participating and we should be more cautious during these periods. For the day the S&P 500 fell 0.60% and the NASDAQ 0.53%. Next week the Federal Reserve will meet and another $10B reduction in quantitative easing should be announced. More interesting we are nearing a point that IF the Fed will raise interest rates in 2015 they MIGHT change some language in their statement – maybe it is too early for it now but if not now it would happen in one of the next few meetings. In economic data, retail sales rose in-line with expectations in August at 0.6 percent.

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