STTG Market Recap May 20 2015

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It was another quiet session as there was very little reaction to the Federal Reserve minutes which basically reinforced what everyone expected – there will be no rate hike coming in June. There was a momentary spike when this news was released but almost all of that was sold within an hour. The S&P 500 dropped 0.09% while the NASDAQ added 0.03%.

Federal Reserve officials believed it would be premature to hike interest rates in June even though most felt the U.S. economy was set to rebound from a dismal start to the year, according to minutes from their April policy meeting released on Wednesday. The central bank debated whether a slew of disappointing data, including weak consumer spending, signaled a temporary slump or evidence of a longer-lasting slowdown, with most participants agreeing economic growth would climb to a healthier pace and the labor market would strengthen.

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STTG Market Recap May 7, 2015

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Indexes had a mild bounce Thursday ahead of Friday’s employment data; the S&P 500 added 0.38% and the NASDAQ 0.53%. Analysts expect Friday’s report to show the creation of 224,000 jobs in April, with unemployment lower at 5.4 percent. Wednesday’s ADP report showed the U.S. private sector added 169,000 jobs, the fewest since January 2014. The report is not necessarily correlated with the U.S. Bureau of Labor Statistics’ data.

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STTG Market Recap Apr 21, 2015

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All major indexes opened up Tuesday but by end of session only the NASDAQ remained in the green as the biotech sector had some merger and acquisition activity in it. The S&P 500 fell 0.15% while the NASDAQ rose 0.39%. The earnings onslaught continued.

The NASDAQ has quickly recovered all of last Friday’s losses now.  The S&P 500 remains range bound.

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STTG Market Recap October 28, 2014

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Indexes gapped up at the open and built on that all day as the S&P 500 jumped 1.19% and the NASDAQ 1.75%. In economic data a gauge of consumer confidence hit 94.5 in October, versus an 87 estimate, while orders for goods meant to last at least three years unexpectedly declined 1.3 percent in September. Tomorrow afternoon we will hear from the Fed; all expectations are for an end to QE but we might hear more dovish commentary as European economies will keep the Fed very easy on monetary policy.

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STTG Market Recap October 22, 2014

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Indexes opened up Wednesday but sold off in the afternoon. Some cited a shooting in Canada as a reason but the reality is when you enter a day so extremely overbought a “reason” will be found to slow momentum. Weakness in oil also hurt the energy sector. The S&P 500 fell 0.73% and the NASDAQ 0.83%. The Labor Department’s Consumer Price Index edged up 0.1 percent in September after falling 0.2 percent the prior month.

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STTG Market Recap September 26, 2014

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Indexes rebounded some from extreme oversold conditions Friday as stocks opened slightly up then built on that in the afternoon. The S&P 500 gained 0.86% and NASDAQ 1.02%. There should be a good 3 or so day rally somewhere here in this mess. In economic news, second quarter GDP was revised to a 4.6 percent annualized rate, up from the prior estimate of 4.2 percent, and in line with expectations. The Thomson Reuters/University of Michigan’s final read on consumer sentiment climbed to 84.6 in September from 82.5 the month before.

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STTG Market Recap September 19, 2014

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A generally quiet day in the markets was dominated by the crazy debut of Alibaba. The S&P 500 fell 0.05% and the NASDAQ 0.30%. Meanwhile, Alibaba surged 38% from its IPO price giving it a first day valuation of $200 billion! Oracle fell after its long time CEO Larry Ellison retired his spot to be Chairman, which hurt the NASDAQ.

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STTG Market Recap September 12, 2014

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We had the first down week in five this past one and our NYSE McClellan indicator helped us out a bit as it turned negative late last week and we didn’t see a return to positive this week. It need need be positive for the market to rally but it usually means less stocks are participating and we should be more cautious during these periods. For the day the S&P 500 fell 0.60% and the NASDAQ 0.53%. Next week the Federal Reserve will meet and another $10B reduction in quantitative easing should be announced. More interesting we are nearing a point that IF the Fed will raise interest rates in 2015 they MIGHT change some language in their statement – maybe it is too early for it now but if not now it would happen in one of the next few meetings. In economic data, retail sales rose in-line with expectations in August at 0.6 percent.

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