STTG Market Recap November 4, 2014

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Indexes continue to work off extreme overbought conditions this week with the S&P 500 down 0.28% and the NASDAQ 0.33%. Sideways consolidation like this is perfectly healthy and necessary. The dramatic drop in oil continues to capture the markets attention. The European Commission reduced its estimates for euro-zone growth, projecting the 18-nation region’s gross domestic product would climb by 0.8 percent in 2014 and 1.1 percent next year, a decline from estimates of 1.2 and 1.7 percent.

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STTG Market Recap October 14, 2014

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We saw a bounce today in the indexes but considering how oversold the market is, it was not a very impressive one. The S&P 500 gained 0.16% and the NASDAQ doubled that at 0.32%. Not much in the way of economic news as the market transitions to focus more on earnings; that said September retail sales will be reported tomorrow and that is widely followed. Across the pond the German government cut its economic forecast for this year and for 2015.

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STTG Market Recap October 8, 2014

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The Federal Reserve continues to capture the heart and minds of Wall Street traders. After a ho hum morning, dovish Federal Reserve minutes were released mid afternoon and the market shot off like a cannon to the upside. The S&P 500 gained 1.75% and the NASDAQ 1.90%. This was the best day for both indexes since October 2013. Perversely bad news remains good news in the market – the dovish comments were due to the Fed’s fears of potential weakness in the economy, hence them staying in “emergency” stance here 5 years into the recovery.

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STTG Market Recap July 15, 2014

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Indexes opened up to start Tuesday but sold off modestly as the day progressed as someone somewhere tried to find something negative in the Yellen comments to Congress. So they found a blurb where she called valuations stretched for smaller social media and biotechnology stocks and those areas sold off. Something like this is usually forgotten about in 24 hours. For the day the S&P 500 fell 0.19% and the NASDAQ 0.54%.

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STTG Market Recap May 5, 2014

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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 April 11, 2014

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The selloff continued Friday as we hit short term oversold levels. The S&P 500 fell 0.95% and the NASDAQ 1.34%. For the week, the S&P 500 fell 2.6% and the Nasdaq lost 3.1%, the biggest weekly decline for both indexes since June 2012. The market ignored a U.S. consumer sentiment reading that was a nine month high, with the Thomson Reuters/University of Michigan’s preliminary April read on confidence coming in at 82.6 versus 80.0 in March.

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STTG Market Recap March 20, 2014

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Indexes more or less offset most of yesterday’s knee jerk reaction losses to Yellen’s comments. The S&P 500 gained 0.60% and the NASDAQ 0.27%. There were a bevy of economic reports: Existing home sales for February fell to 4.60 million compared to a 4.66 million estimate. Leading indicators rose 0.5 percent in February, versus estimates of a 0.4 percent rise, and the Philadelphia Fed’s manufacturing gauge climbed to 9.0 in March from negative 6.3 the previous month.

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STTG Market Recap January 14, 2014

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A day after posting the worst day of the young year, markets posted their best day of the year. So while yesterday was a day to note due to the selling volume, it has been a fool’s errand in the past year and few weeks to really make any distinct bets against this freight train. The S&P 500 gained 1.08% and the NASDAQ 1.69%. Positive data on retail sales led to a morning gap up, and momentum held all day.

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