STTG Market Recap May 23, 2014

namo

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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STTG Market Recap May 19, 2014

aapl

Monday saw a reversal of fortune of sorts as the type of names bloodied over much of the past 2 months did the leading while the more slow growth fare lagged. The S&P 500 ended up 0.38% and the NASDAQ 0.98% after both indexes opened slightly in the red. There was no major economic news on the day.

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STTG Market Recap May 9, 2014

gis

Today we had the S&P 500 add 0.15% and the NASDAQ 0.50%; both were in the red much of the first half of the day but rallied late. Beaten down tech stocks and small caps had a bounce – they were due. At this point the NASDAQ is just trying to bounce back a bit from very oversold levels while the S&P continues to carve out a range it has been in for 2 months.

If you are curious Chris Kimble, who runs a charting service, was noted by Yahoo Finance as saying there has only been twice in the past 35 years when the NYSE is hitting new high as the Russell 2000 falls below the 200 day moving average – and both those years are pretty infamous (2007, 1999). Bad things happened right after; now this is a very small sample size but those were 2 major peaks so if 2015 turns out badly … it certainly will be an interesting indicator to watch go forward.

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STTG Market Recap May 6, 2014

SentimenTrader

Indexes continue to churn in a range they have been in for a week, with random movements day to day. Until we see the NASDAQ break out of this pattern and make a new higher high it is difficult to get very rah rah about this market. The S&P 500 fell 0.90% and the NASDAQ 1.38%.

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STTG Market Recap May 5, 2014

aapl

U.S. indexes opened sharply down on some poor purchasing managers data out of China but rallied back sharply mid morning on U.S. ISM Non Manufacturing data. The rest of the session was fairly quiet with a small rally in the closing hour to push the S&P 500 to a gain of 0.19% and the NASDAQ 0.34%

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STTG Market Recap May 2, 2014

xlu

At first blush this morning’s headline data for the employment report sounded great – nearly 300,000 jobs created and a huge drop in the unemployment rate to 6.3%. However, those who follow these things closely will caution about a factor called the “labor force participation rate”. A funny thing has been happening since 2007 – the American workforce has been shrinking dramatically. Meanwhile there has been a huge surge in disability insurance and graduate school enrollment…. plus we are getting to the early phase of the baby boomer retirement era. All these are leading to a dramatic drop in the labor force – so as workers drop out of the labor force the unemployment rate also drops… but not for a great reason. Anyhow today’s initial reaction was positive and stocks surged at the open, but as the day wore on stocks sold off; in the end the S&P 500 fell 0.13% and the NASDAQ 0.09%.

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STTG Market Recap April 24, 2014

aapl

Thursday saw some volatility in the morning as indexes popped early on the huge move in Apple (AAPL) but gave up all those gains to go negative in the 10 AM hour, before buyers stepped back in the rest of the session. We said Tuesday the overheated market could use a few days of rest and that is what has happened these past 2 sessions. The S&P 500 gained 0.17% and the NASDAQ 0.52% offsetting much of the losses from yesterday.

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