STTG Market Recap July 15, 2014


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 April 16, 2014


We missed an interesting session yesterday with our quarterly survey so it is worth mentioning it today. The market was very volatile yesterday but sometimes that can cause a shakeout of sorts when it comes at the end of a correction. Also the NASDAQ hit a key moving average – the 200 day – which if nothing else is usually a place for momentum to reverse in the near term. Was that the end of the correction? Of course we never know until after the fact but creating a new low and then surging off it can sometimes signal a key reversal. As for today, the Federal Reserve continues to try to massage the market’s nerves and Janet Yellen helped lift spirits, pushing the S&P500 up 1.05% and the NASDAQ 1.29%.

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STTG Market Recap March 17, 2014


Stocks rebounded Monday after their roughest week in well over a month, as the Crimea vote for Russian rule came and went without as much fanfare. The S&P 500 gained 0.96% and the NASDAQ 0.81%. Stocks gapped up strongly at the open and stayed in a narrow range most of the session. Economic reports had U.S. industrial output rising in February; up 0.8 percent, and better than the 0.1 percent rise anticipated by economists. And, the March Empire State Factory Index climbed to 5.61 in March after a reading of 4.48 the prior month.

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STTG Market Recap February 10, 2014


All quiet on the Western front Monday as investors came back after a weekend break from a very volatile week. The S&P 500 gained 0.16% and the NASDAQ 0.52%. New Federal Reserve head Janet Yellen testifies tomorrow and while no one expects a break from the normal song and dance that Bernanke offered it will be the first time we see the new Chair testify in Congress.

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STTG Market Recap January 29, 2014


Well it was quite an interesting overnight session; probably as interesting as the actual U.S. market day. After Turkey came in with a large increase in interest rates yesterday, futures jumped sharply but sold off during the overnight session. In fact the indexes were down about 1% at the open today. Outside of the normal volatility in the hour right after the Fed announcement at 2 PM today, the actual session today was much quieter then the overnight action. In the end the S&P 500 fell 1.02% and the NASDAQ 1.14%.

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STTG Market Recap December 10, 2013


It was another quiet session and sort of the exact opposite of yesterday; today the market gapped down and stayed in a narrow range – whereas yesterday the market gapped up and stayed in a narrow range. The S&P 500 fell 0.32% and the NASDAQ 0.20%. Most of the action was in very specific niches of the market, such as social media. News flow remains quiet. Next Tuesday and Wednesday the Fed has its last meeting of the year and some media types are saying they might taper but one would doubt Bernanke would do this at the end of his reign and just ahead of the holidays.

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STTG Market Recap September 24, 2013


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.

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STTG Market Recap July 22, 2013


After the sharp advance the first few weeks of this rally, we’ve turned to a slow grind up in the past week and a half. Markets shrugged off an earnings disappointment from McDonald’s (MCD) to inch up 0.2% for the S&P 500 and 0.36% for the NASDAQ. Economic data was light with existing home sales the main figure:

Existing home sales in June slipped 1.2 percent in June to an annual rate of 5.08 million, according to the National Association of Realtors, missing expectations for a reading of 5.25 million units. Still, the reading was still the second-highest level of sales since November 2009.

The focus this week will be on earning reports with the Fed finally sidelines for a week and economic data very light. Many of the big wig names like Apple, Caterpillar, Amazon, Facebook, etc will hit this week.

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