STTG Market Recap June 24, 2014

vix

Today was an interesting day via technical analysis so let’s see if it leads to something negative in the days ahead. We were coasting along to our normal tune – some early selling, dip buyers came rushing in immediately, a slow and steady grind up and then some selling of a moderate nature came in late in the day. The S&P 500 fell 0.64% and the NASDAQ 0.42%. Those are not big losses but we had what is called a bearish “outside day” on the indexes – we’ll speak more on this in a moment. The reason appears to be conflict in the Middle East

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STTG Market Recap June 10, 2014

The action continues to be very strong. Markets are working off overbought conditions by just marking time in a small range rather than any meaningful pullback so one can continue to look for opportunities in ETFs or stocks. The S&P 500 fell fractionally (0.02%) while the NASDAQ added 0.04%. Both indexes were down more substantially early but dip buyers have been very aggressive for 2+ weeks now. Economic data remains light and of the variety that doesn’t move markets much like we saw last week with the ISM data and employment numbers.

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STTG Market Recap April 8, 2014

xlu

The very oversold NASDAQ led stocks up Tuesday but the S&P 500 lagged in a relative sense; this makes sense as the NASDAQ has taken much more damage in the past few weeks. In fact the NASDAQ had its worst 3 day performance since 2011 coming into the day. The S&P 500 gained 0.38% and NASDAQ 0.81%.

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STTG Market Recap March 6, 2014

wwe

Another session of mild digestion after Tuesday’s large rally; stocks started off strong but gave up some steam late in the day. We ended with mixed indexes; the S&P 500 gained 0.17% while the NASDAQ fell 0.13%. Tomorrow pre-market we will get labor data from the U.S. government; it has been two bad months in a row in terms of non farm payroll gains so people will be watching to see if there is some reversion to mean and some revisions upwards to the last 2 months of data due to weather. Since the bar is so low tomorrow any positive number might be enough to give the market a jolt to push it up to the upward extreme level on the NASDAQ chart below.

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STTG Market Recap February 26, 2014

tgt

Indexes had nice gains most of the day on a good housing number but sold off a bit late in the day. This is the third day the S&P 500 has failed to break over year highs but the bullish take on this is we just came off a ferocious two week rally and are now consolidating before making a new push higher. The S&P 500 finished flat while the NASDAQ gained 0.10%.

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STTG Market Recap October 29, 2013

bp

Tick tock. Another day the market is open and goes up. Essentially the same story as the entire month of October – there have only been 2 down days since this rally began in the S&P 500. The S&P 500 gained 0.56% and the NASDAQ 0.31%. Nothing really new to add to the overall market analysis here; we are in a major uptrend of parabolic nature, and you are seeing rotation under the surface as different groups take turns being leaders each day. No one is worried much about tomorrow’s Federal Reserve decision as there is zero expectation of nothing but full steam ahead from the Fed. IBM was a highlight today as the massive DJIA component announced a huge $15B addition to its buyback program. The only major economic report on the day were monthly retail sales – they were above expectations but mostly due to iPhone sales…

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STTG Market Recap October 8, 2013

bespoke

Tuesday was a rotten session for the bull case. Up through today there was at least a small subset of stocks that in general were relatively immune to the selling but today those were the hardest hit stocks. The S&P 500 fell 1.23% but the NASDAQ was torched for 2.0%. Recall we have been saying the NASDAQ has been outperforming by a large margin but usually these 2 indexes move much more in line. Well today the NASDAQ began to “catch up” to the S&P 500; of course beforehand we don’t know which index will catch up to which; i.e. the S&P 500 could have just as easily outperformed the NASDAQ to the upside … but that would required our friends in Washington D.C. to be compliant. Economic news flow remained light; it is all about D.C. for now.

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STTG Market Recap September 26, 2013

ebay

Stocks rebounded Thursday from a 5 day selloff but it was not exactly a roaring rebound. In fact if not for a big rally in the last 10 minutes stocks would have barely finished in the green. The S&P 500 gained 0.35% and the NASDAQ 0.70%. It was a very volatile day as we continue to see some churning under the surface. Some of the comments from politicians regarding the federal budget impasse hurt the market today but the general idea is these politicians do this every time and eventually after all the posturing will get to some form of a deal.

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