STTG Market Recap August 13, 2014

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Indexes gapped up at the open, rallied a bit more mid morning, and stayed steady the rest of the session. The S&P 500 gained 0.67% and the NASDAQ 1.02%. This marks the third significant up day out of four from last Thursday’s extreme oversold conditions. We shall soon see if this is another “V shaped” bounce as we saw throughout 2013, where the market broke down for a quick correction and once it turned back up it was straight up for a few weeks. That has no really been the case in 2014 other than for a few weeks in June. Today’s rally came in the face of a miss in the key retail sales figure – but it seems people are back to the “modest economic data means the Federal Reserve sticks around longer” thesis.

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STTG Market Recap July 28, 2014

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Stocks sold off moderately Monday morning but dip buyers came in yet again – a pattern we have now seen for 2 months – and indexes close near unchanged. The S&P 500 gained 0.03% while the NASDAQ dropped 0.10%. News flow was light; keep in mind we do have the Federal Reserve meeting Tuesday and Wednesday but they have telegraphed their intentions so no fireworks will come of this. We also have the monthly employment data coming Friday. There was another weak housing report today as the National Association of Realtors said pending-home sales were down 1.1 percent in June.

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STTG Market Recap July 23, 2014

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Indexes were up most of the session as a surge by Apple (AAPL) helped lift things; this is a massive component of the NASDAQ. The S&P 500 gained 0.18% and the NASDAQ 0.40%. It was a very busy day with a lot of blockbuster companies reporting so we’ll focus on that today.

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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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