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.

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.

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.

STTG Market Recap November 18, 2013

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U.S. indexes hit a lot of "round numbers" this morning - the Dow Jones Industrial Average crossed 16,000 and the S&P 500 1,800. We noted late last week that these round numbers sometimes mark near term tops but it is not necessarily the case. They could also mark a bit of a resting point and that is what happened today. Activist investor Carl Icahn spoke at a conference today and said he is "very cautious" on the stock market, saying he could see a "big drop" because earnings at many companies are fueled more by low borrowing costs rather than the strength of management. This caused a round of selling in the afternoon but really just took some froth out of the market. The S&P 500 fell 0.37% and the NASDAQ 0.93%. One item to note overseas is China relaxing its "one child" policy - that pushed the Shanghai index up nearly 3%.

STTG Market Recap September 24, 2013

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Stocks were mixed again Tuesday as the S&P 500 fell for the 4th straight session. What looked like a promising intraday reversal petered out in the last hour as stocks sold off quite sharply erasing decent gains. The S&P 500 fell 0.26% while the NASDAQ gained 0.08%. Financials continue to be an issue as the Wall Street Journal reported that JPMorgan has offered to pay $3 billion to the Justice Department to settle a number of pending probes, including a case relating to the sale of residential mortgage-backed securities from 2005 to 2007. This weighed on the sector.