STTG Market Recap July 22, 2014

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It has been choppy action of late after the surge we had early in July during the holiday week. Stocks exited that week very overbought short term and since then we had a needed minor pullback followed by some geopolitical issues. All in all things are doing well in the large cap area while small caps have been a bit more troubled. So for the indexes we focus on each day things look ok. Today the S&P 500 gained 0.50% and NASDAQ 0.71%. In economic news, the consumer price index rose 0.3 percent last month after a 0.4 percent rise in May. The core measure, which does not take food and energy costs into account, increased 0.1 percent.

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STTG Market Recap July 7, 2014

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Indexes had a much needed break Monday after becoming quite overheated late last week in holiday trading. This is healthy and normal and should be embraced – it is an environment to continue to look for ideas to the long side. The S&P 500 fell 0.39% and the NASDAQ 0.77%. The small cap Russell 2000 did take a stronger hit at -1.77%. Goldman Sachs moved up its projected timing for the Fed to raise interest rates, forecasting the central bank would increase its benchmark rate in the third quarter of 2015 instead of the first three months of 2016. Expect a lt of talk about this if the economy continues to strengthen in the second half.

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STTG Market Recap June 20, 2014

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Stocks had another solid week and the bullish stance continues as all dips are bought. Today was a quiet session with little volatility – the S&P 500 added 0.17% and the NASDAQ 0.20%. News flow was very quiet as much of Wall Street appeared to be in the Hamptons.

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STTG Market Recap June 9, 2014

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Not much to add on the index level versus Friday’s comments – stocks opened down, dip buyers came in immediately and pushed stocks up but a bit of buyer exhaustion came in and all those gains were lost. Then a late day rally pushed indexes back to the green. The S&P 500 gained 0.09% and the NASDAQ 0.34%. We’ve been saying the past week the NASDAQ has more room to run then the S&P 500 and thus far it has outperformed but right now it is overextended.

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STTG Market Recap May 29, 2014

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Another positive day for the bulls as the overbought condition we saw Tuesday only had 1 day of rest (yesterday) and today another moderate move. This despite a quite awful GDP figure in the morning but most are blaming that on weather. The S&P 500 and NASDAQ had twin gains of 0.54%. The Commerce Department said gross domestic product declined at a 1 percent annualized rate in the first quarter. Analysts had estimated a 0.4 percent contraction.

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STTG Market Recap May 27, 2014

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We noted a potential change of trend last Thursday when a 2 month downtrend on the NASDAQ had reversed. We also started pointing out in our recaps late last week a lot of broken down areas of the market (momentum / growth type stocks) staged breakouts over long term downtrends. Last Friday was a nice through day but the NASDAQ still needed to create a new higher high which it did easily today. So the time for risk raking came back to the market over the past 3 sessions. The S&P 500 gained 0.60% and the NASDAQ 1.22%. Durable goods unexpectedly rose 0.8 percent in April, according to the Commerce Department, exceeding expectation for a loss of 0.7 percent.

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STTG Market Recap May 23, 2014

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The NASDAQ capped off a strong week of out performance as we finally saw some rotation back into high growth / momentum type of stocks. Today the S&P 500 gained 0.42% but the NASDAQ jumped 0.76%; this continued a trend we saw much of the week. Weeks just ahead of a holiday are generally very light in volume and tend to drift upward in the absence of news so that was par for the course this week. There was some decent housing data.

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STTG Market Recap May 20, 2014

dks

In yesterday’s recap we wrote:

The NASDAQ is back to a key area – that downtrend line than connects highs of the past few months; the last visit here led to an immediate rejection. If you are bearish you can place a short against the index in this general area with a top above the trend line.

This is the benefit of technical analysis – it shows you patterns and probability. Of course it is no guarantee but you had a low risk trade as of yesterday’s closing action as the NASDAQ was hitting an area it has been rejected at. One time it will stop being rejected at a similar area and the trade won’t work but until then you respect the pattern. Today indexes opened badly and sold off throughout the session until a late day rally reduced losses. The S&P 500 fell 0.65% and the NASDAQ 0.70%. A bad data point out of Caterpillar and some bad earnings data out of a bunch of retailers hurt the market.

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