STTG Market Recap August 11, 2014

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Indexes opened up quite strongly Monday on hopes that geopolitical tensions would lessen, rallied mid morning but lots some steam as the day went by. There is still some work to do to get comfortable with the market right now – we’ve just seen a bounce that wiped away an extreme oversold condition. Investors were also happy with a statement from a key Federal Reserve official, Stanley Fischer, the vice chairman who said that the recoveries in the U.S. and global economies had been “disappointing” thus far, indicating the Fed may not imminently tighten its monetary policy. The S&P 500 added 0.28% and the NASDAQ 0.70%

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STTG Market Recap June 13, 2014

spx

Stocks rebounded Friday from their first significant losses in a few weeks with the S&P 500 up 0.31% and the NASDAQ 0.30%. Economic news was sparse but there was some weakness early in the day as Bank of England Governor Mark Carney said a rate increase “could happen sooner than the markets currently expect.” But unlike yesterday – and like most of the past 3 weeks – dip buyers came in hot and heavy in the morning selling.

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STTG Market Recap May 27, 2014

aapl

We noted a potential change of trend last Thursday when a 2 month downtrend on the NASDAQ had reversed. We also started pointing out in our recaps late last week a lot of broken down areas of the market (momentum / growth type stocks) staged breakouts over long term downtrends. Last Friday was a nice through day but the NASDAQ still needed to create a new higher high which it did easily today. So the time for risk raking came back to the market over the past 3 sessions. The S&P 500 gained 0.60% and the NASDAQ 1.22%. Durable goods unexpectedly rose 0.8 percent in April, according to the Commerce Department, exceeding expectation for a loss of 0.7 percent.

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STTG Market Recap May 8, 2014

gmcr

The same trends we have seen much of the past month continued today – relative outperformance of larger cap/safe stocks, relative underperformance by smaller cap/growth stocks. Most of the selling took place in the afternoon as indexes were generally higher up to that point. The S&P 500 was down 0.14% and the NASDAQ 0.40%. But the 2 indexes we don’t discuss daily show the major divergence in the market right now – the Dow Jones Industrial Average was up 0.20% while the Russell 2000 was down 1.00%.

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STTG Market Recap April 4, 2014

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Friday was a reversal of fortune session. A solid jobs report initially had people pleased, but biotech / momentum stock selling led to selling that did not relent. Indexes finished near sessions lows as the NASDAQ continues to be the weak sister, down a whopping 2.6% to the S&P 500′s 1.25% drop. If you want an interesting stat, this is the first jobs report Friday the market has been down in a year.

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STTG Market Recap February 12, 2014

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Stocks had a quiet session Wednesday, digesting another huge V shaped bounce from the middle of last week. The S&P 500 fell 0.06% while the NASDAQ gained 0.13%. After large, quick moves up bulls want to see a bit of digestion before embarking on the next attempt upward. News flow was slow for the day.

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STTG Market Recap November 8, 2013

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Nevermind about yesterday’s “warning signs” – we are in a BULL market. For readers who missed yesterday’s recap there was a big yellow flag waving, a bearish outside reversal day on the S&P 500 – that is when the price of an index or stock rises above the previous day’s high then falls all the way down to close below the previous day’s low. Usually that is a near term bearish signal. But apparently it need not matter in a quantitative easing market. A huge rally today almost single handedly made yesterday disappear as if it never happened. There was also a big move in the Treasury market as today’s employment data had some people jumping back on the “rates will be rising” in the future bandwagon. So today good news was good news, rather than the bad news = good news often seen lately. The S&P 500 gained 1.34% and the NASDAQ 1.60%.

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STTG Market Recap October 21, 2013

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A very quiet day as the markets digested the huge move of the past week and a half. It appears right now with D.C. out of the way and the Fed with zero chance to tighten for another half a year, no one really wants to sell despite overbought conditions short term. The government employment report, which was scheduled to be released two Fridays ago, will come out tomorrow due to the shutdown, but at this point the Fed is sidelined for the intermediate term as the “uncertainty” of this shutdown and the budget impasse / negotiations to come in January 2014 will have the Fed erring on the side of the caution. The S&P 500 gained 0.01% and the NASDAQ 0.15%. Most of the normal suspects rallied today as momentum traders are back in force and after the bell Netflix (NFLX) which already had a monster day, exploded after it reported earnings.

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