STTG Market Recap October 22, 2014


Indexes opened up Wednesday but sold off in the afternoon. Some cited a shooting in Canada as a reason but the reality is when you enter a day so extremely overbought a “reason” will be found to slow momentum. Weakness in oil also hurt the energy sector. The S&P 500 fell 0.73% and the NASDAQ 0.83%. The Labor Department’s Consumer Price Index edged up 0.1 percent in September after falling 0.2 percent the prior month.

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STTG Market Recap October 21, 2014


Indexes gapped up sharply at the open and ran all day as the market put together its 3rd strong day in a row. The S&P 500 surged 1.96% and the NASDAQ 2.40%. This three day move is very similar to most rallies we have seen since 2009 in that we call it a “V shaped” move. As usual central bank activism has been a key reason to rally as Reuters reported the European Central Bank is looking to purchase corporate bonds on the secondary markets. Recall, St. Louis Federal Reserve Bank President James Bullard said on Oct. 16 that the Fed should consider delaying the end of bond purchases; the market has gone vertical since.

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STTG Market Recap October 20, 2014


Monday’s action in the indexes is more typical of how a bull market rally behaves; early selling is met with a rush of buyers. After a quick open to the downside buyers jerked the indexes up immediately and a steady stream of buying came in all day. The S&P 500 gained 0.91% and the NASDAQ 1.35%. A dearth of news was probably a good thing today. After the bell all eyes were on Apple which had a nice report.

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STTG Market Recap October 17, 2014


Indexes gapped up Friday and held steady most of the day as yesterday’s jawboning by the Federal Reserve continued forward a day as investors hoped for either continued stimulus or a new round of it. They have been trained on this since 2008 so it is no surprise that any drop in the stock market – even 6-8% – brings calls of rescue from central bankers. The S&P 500 gained 1.29% and the NASDAQ 0.98%. This is the fourth consecutive weekly loss – something that has not happened in 3 years.

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STTG Market Recap October 16, 2014


Indexes dipped at the open once again but stabilized as the day went by on jawboning from the Fed. That said, it was more of less selling than a lot of buying pressure. The S&P 500 gained 0.01% and the NASDAQ 0.05%. A Federal Reserve official said the central bank should consider delaying the end of stimulus plans, which as usual made traders happy. In economic news, U.S. industrial production rose 1.0% in September, versus expectations of 0.4%.

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