STTG Market Recap July 30, 2013

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New day, same script. This morning it looked like bulls were going to take back this market as they attempted to push out of this mini flag the S&P 500 has been in for a week but there was no energy and the rally was sold off, pushing stocks decently into the red before a mini rally later in the session. In the end the S&P 500 was up 0.04% while the NASDAQ added 0.48%. With key reports each day the rest of this week, along with the conclusion of the Fed meeting tomorrow maybe we will get a direction after nearly 3 weeks of churning. There were 2 economic reports on the day:

Single-family home prices rose 1 percent in May on a seasonally adjusted basis, according to the S&P/Case-Shiller composite index of 20 metropolitan areas. Economists polled by Reuters expected a gain of 1.5 percent. Consumer confidence slipped slightly to a reading of 80.3 in July from an upwardly revised 82.1 in June, according to the Conference Board. Economists surveyed by Reuters expected a reading of 81.1.

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STTG Market Recap Feb 22, 2013

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As was mentioned yesterday, after the two days of selling the next few sessions would be tricky – indeed that proved true. Once again, just as with the late December action, the S&P 500 broke below its ascending channel but shortly thereafter jumped right back into it, confounding bears. This time it was just a 1 day trip and it took a lot of buying pressure late in the day for this to be achieved. Investors walked in to a gap up open as comments from various Federal Reserve officials were leaked to the press (along with one very publicly on CNBC) essentially refuting the minutes from the central bank released mid week. The message they wanted to send was we are here and will have easy money for you for a long time, you need not worry.

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