Indexes opened down a bit to begin Wednesday – from which dip buyers came in and provided a constant stream of buying until the Federal Reserve minutes were released mid afternoon. We then saw a very quick drop but buyers rushed right back in for a second time on the day and stocks finished out near their highs. The S&P 500 gained 0.25% while the NASDAQ was down 0.02%. Some saw the minutes as “hawkish” but others thought that Janet Yellen would spread her dovish love during her speech Friday at Jackson Hole, Wyoming.Continue reading
Another gap up to start Tuesday as bulls have taken back control of the markets. After the initial surge at the open most of the rest of the day was quite quiet actually. The Commerce Department reported beginning home construction rose 15.7 percent last month from June, while starts for volatile multi-family homes jumped 33 percent.Continue reading
Once again, another correction attempt ends in a trail of tears for the bears. We were at some key inflection points at the end of last week and today burst out of the gate of the new week as geopolitical tensions ease. Other than June, 2014 has been ho hum, but a week ago Thursday the market was deeply oversold and we’ve gone vertical since – very similar to the rallies throughout 2013. The key indexes gapped up sharply a the open and never relented. The S&P 500 added 0.85% and the NASDAQ 0.97%. The NASDAQ ended above 4,508, marking the first time since March 31, 2000, that the tech-heavy index closed above 4,500 points. In economic news, the National Association of Home Builders reported its month index of confidence among those building single-family homes rose 2 points to 55, coming in better than expected.Continue reading
A good week for the bulls ended in quiet fashion as indexes tried to gap up once again, which finally led to some selling – but a last hour rally helped change that. The S&P 500 fell 0.01% while the NASDAQ gained 0.27%; the NASDAQ continues to take over leadership of late. Next week the Fed will be in focus, with meeting minutes out on Wednesday and a gathering of central bank leaders in Jackson Hole, Wyoming, on Thursday. However with much of the Fed’s playbook revealed there should not be many fireworks as there have been in other years at this meeting. Maybe Mario Draghi of the European Central Bank will say something interesting.Continue reading
Indexes gapped up slightly at the open after Putin said some “positive” things about Ukraine, and churned higher most of the day. The S&P 500 and NASDAQ both gained 0.43% as we continue this oversold bounce from last Thursday’s close.
In a speech in Crimea, which Russia annexed from Ukraine in March, Putin said: “We will do everything in our power so that this conflict is ended as soon as possible, so that the blood can stop flowing in Ukraine.”
The action over the past week has been more similar to the rallies of 2013 than what we’ve seen most of 2013. U.S. stocks followed European stocks, which closed higher on Thursday despite flat GDP growth across the Eurozone, below expectations, and the first contraction in over a year of Germany’s economy.Continue reading