STTG Market Recap August 18, 2014

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Once again, another correction attempt ends in a trail of tears for the bears. We were at some key inflection points at the end of last week and today burst out of the gate of the new week as geopolitical tensions ease. Other than June, 2014 has been ho hum, but a week ago Thursday the market was deeply oversold and we’ve gone vertical since – very similar to the rallies throughout 2013. The key indexes gapped up sharply a the open and never relented. The S&P 500 added 0.85% and the NASDAQ 0.97%. The NASDAQ ended above 4,508, marking the first time since March 31, 2000, that the tech-heavy index closed above 4,500 points. In economic news, the National Association of Home Builders reported its month index of confidence among those building single-family homes rose 2 points to 55, coming in better than expected.

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STTG Market Recap January 7, 2014

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Yesterday we noted that while there were a decent amount of three day selloffs in 2013, the four day selloff was rare indeed, so it would be interesting to see if the bulls showed up today. Indeed they did, with futures up sharply and the market never looking back after gapping up at the open. The S&P 500 gained 0.61% while tech stocks led the NASDAQ higher, to a gain of 0.96%. Keep in mind tomorrow afternoon we get the release of the Fed minutes from the meeting where they cut quantitative easing. The key economic report of the day was the trade deficit which fell to the smallest level in 4 years as energy exports have created a mini boom in the U.S.

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