Market Recap Aug 4, 2015

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Listless trading continued as a plunge in Apple (AAPL) after it fell below its 200 day moving average caught most people’s focus. Some comments out of a Fed member also caused some consternation but losses were mild as the S&P 500 fell 0.22% and the NASDAQ 0.19%.

The major averages briefly extended losses after Atlanta Fed President Dennis Lockhart, a voting member, told the Wall Street Journal that the economy appears ready for a rate hike in September. Analysts noted slight surprise at the unscheduled remarks.

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Market Recap Aug 3, 2015

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U.S. indexes were in the red most of the day but losses were light; the S&P 500 fell 0.28% and the NASDAQ 0.25%. The ISM Manufacturing report was below expectations and is nearing the 50 level that separates expansion from contraction, coming in at 52.7 versus the 53.5 forecast. Construction spending rose 0.1 %, the smallest gain since January. Keep an eye out later this week for ISM Non Manufacturing and ADP Employment (Wednesday) and the July employment data (Friday).

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Market Recap Jul 31, 2015

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Friday was almost the exact opposite of Thursday as indexes opened well but didn’t do well in the afternoon. This just continues the pattern of no pattern that plagues the market. The S&P 500 fell 0.23% while the NASDAQ dropped 0.01%. That said for the month of July we saw the S&P 500 up 2% and NASDAQ 2.8%. That is a bit misleading however as we entered the month of July with a lot of worry about Greece and indexes near yearly lows.

In economic news there was a lot of talk about the employment cost index which disappointed analysts with a rise of 0.2%, the smallest increase in 33 years and below expectations of 0.6%. One could argue this is actually great for U.S. company profits as low wage growth means more profit for companies but there is a constant push-pull of course. Employees also need to make money to spend more…

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Market Recap Jul 30, 2015

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Indexes opened with mild losses to start the day but buyers came in late which is usually what you like to see. The S&P 500 finished flat while the NASDAQ gained 0.33%. In economic news, U.S. gross domestic product came in at 2.3%, slightly below economists’ estimates. The department revised its first-quarter GDP reading to a 0.6% increase from a 0.2% contraction.

Both the indexes are at or near their big yellow blobs (long trading ranges). The NASDAQ is – once again – trying to escape. At this point trying to play an index breakout has led to failures so many times that traders will be reticent to believe the next one as they will just assume it will fail.

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Market Recap Jul 29, 2015

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The S&P 500 and NASDAQ had upward skews as indexes continue to work off short term oversold conditions. The S&P 500 gained 0.73% and NASDAQ 0.44%. No surprises by the Federal Reserve but no real new information either in today’s statement.

In a move widely expected on Wall Street, the U.S. central bank’s Open Market Committee kept its key funds rate near zero. There had been some anticipation the FOMC would provide at least few code words indicating that it was ready to move, but there was scant evidence in the post-meeting statement. Policymakers said the economy is expanding moderately and made no mention of recent volatility around Greece or China. The Fed had not raised interest rates in more than nine years and had been keeping its key funds rate near zero since late 2008.

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