STTG Market Recap Mar 11, 2015


The indexes attempted to bounce Wednesday but failed. Considering the general near term oversold conditions in the market it was a pretty dismal attempt at a bounce. The S&P 500 finished down 0.19% and the NASDAQ 0.20%. News flow was quiet as the same culprits reappeared.

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STTG Market Recap Mar 9, 2015


Indexes rebounded a bit Monday from Friday’s knee jerk move down to the positive employment data. We’ll see later this week if that was just a quick reaction of “good news = bad news” that lasts a day or if it was the start of something more meaningful. The S&P 500 gained 0.39% and the NASDAQ 0.31%. Economic data will be much quieter this week after the barrage last week.

Today was the 6th year anniversary of this bull market run. The current run, lasting almost 2,200 days, is about two months away from overtaking the 1974-1980 bull market as the third-longest since 1929.

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STTG Market Recap Mar 6, 2015


In a bizzaro world good data often means bad market as worries that the Federal Reserve will tighten cause traders to exit positions. That happened Friday. The S&P 500 fell 1.42% and the NASDAQ 1.11%. While the employment report looked “great” on the surface a few key areas still stink – the quality of job, wage growth, and people dropping out of the workforce. If you are not familiar with how it works, if a person does not actively seek work for a number of weeks he/she is no longer part of the workforce and this has contributed greatly to the low unemployment rate. We are at multi decade lows in the % of the population seeking work.

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STTG Market Recap Feb 25, 2015


The NASDAQ barely broke it’s winning streak with a 0.02% loss Wednesday to end the consecutive up days at 10. The S&P 500 was down 0.08% but this is just consolidation at this point after a big run up. New U.S. single-family home sales in January fell a less-than-expected 0.2 percent to 481,000 and supply rose to its highest level since 2010, hopeful signs for the sluggish housing market. The earnings season is drawing to a close, with more than 90 percent having already reported. Of those, 74 percent beat profit projections and 56 percent topped sales estimates.

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STTG Market Recap Feb 23, 2015


The market continues in fine fashion as indexes digested some of the gains of the prior 2 weeks Monday. The S&P 500 fell 0.03% while the NASDAQ added 0.10%. Federal Reserve Chair Janet Yellen will have testimony in front of Congress the news two days so we might see some volatility from that as the market likes to infer something from every pause of breath. Existing home sales dropped 4.9 percent in January, their lowest level in nine months.

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STTG Market Recap Feb 11, 2015


A very quiet morning led to some volatility in the afternoon but in the end it was a quiet close on the indexes as the S&P 500 was fractionally lower while the NASDAQ added 0.28%. Most of the attention was on Greece again but most expect a can kicked down the road… as usual.

Greek Finance Minister Yanis Varoufakis met with euro zone finance ministers on Wednesday after his new leftist-led government won a parliamentary confidence vote for its refusal to extend an international bailout. The meeting included discussion of what could constitute a “bridge agreement” for Greece once its bailout expires on Feb. 28, a Greek government official told Reuters.

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STTG Market Recap Feb 10, 2015


A solid day for the indexes as the market gapped up at the open and buyers filled in all day. The S&P 500 gained 1.07% and the NASDAQ 1.30%. Jens Weidmann, head of Germany’s Bundesbank, held to an austerity line and told Reuters on Tuesday that Greece needed to make a credible effort to recover itself with tighter public finances and economic reforms. Markets are more or less ignoring any real threat of Greece walking away from their deal with the EU / Germany.

If you are a Fed watcher as we all have been forced to become it looks increasingly like they are preparing markets for the first rate hike in many many years this summer.

The President of the Federal Reserve Bank of Richmond Jeffrey Lacker said Tuesday morning that June ‘looks like the attractive option’ for raising rates. In an exclusive interview with the Financial Times on Tuesday, the President of the Federal Reserve Bank of San Francisco, John Williams, said rate hikes are “closer and closer.”

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STTG Market Recap Jan 27, 2015


SPECIAL UPDATE – Watch my interview of biotech fund manager Brad Loncar!

Indexes gapped down at the open and were quite weak all session; the S&P 500 fell 1.34% and the NASDAQ 1.89%. Yesterday we noted the results of Microsoft could weigh on the NASDAQ today but the weakness was broader than that. Poor results by heavyweights such as Caterpillar (CAT) and Procter & Gamble (PG) weighed. There was a bad durable goods order report today as well.

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