STTG Market Recap October 24, 2014

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Indexes finished off their best week of 2014 with another solid gain despite quite overbought conditions. The S&P 500 lurched forward 0.71% and the NASDAQ 0.69%. We are now up 5% since St Louis Fed President James Bullard said the Fed should consider delaying the end of quantitative easing on October 16th. Earnings continue to be the focus of the market, but we did have a new housing number today. A report from the Commerce Department had new-home sales rising 0.2% to a six-year high in September, while the pace of August sales was revised sharply lower.

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STTG Market Recap October 23, 2014

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ndexes gapped up at the open and stayed strong all day as corporate earnings reports generally pleased investors; some more Ebola news late in the day took indexes a bit off their highs. The S&P 500 jumped 1.23% and the NASDAQ 1.60%. There was decent economic news out of Europe which also helped the mood.

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STTG Market Recap October 22, 2014

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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

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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

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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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