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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STTG Market Recap September 8, 2014

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U.S. indexes finished mixed Monday with the S&P 500 down 0.31% while the NASDAQ advanced 0.20%. News flow was quiet as investors tried to figure out last Friday’s employment data so let’s get right to the charts!

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STTG Market Recap September 5, 2014

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Indexes opened down on a disappointing employment number but we are in a place here where Wall Street traders would not be adverse to some bad news as they want the Federal Reserve spigot running as long as possible. So after an initial drop, buyers came in the rest of the day and stocks closed out at the highs. The S&P 500 rallied 0.50% and the NASDAQ 0.45%. Nonfarm payrolls gained 142,000 jobs while the jobless rate declined to 6.1 percent. Economists had expected payroll growth of 225,000 last month.

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STTG Market Recap July 15, 2014

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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

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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

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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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