Market Recap Jul 30, 2015

wdc

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 24, 2015

bespoke

Things were looking really bullish at the end of last week/early this week as both indexes had popped out of ranges and the NYSE McClellan Oscillator had confirmed the move. But something went amiss and we had a breakdown on the S&P 500 mid week and the NASDAQ today. The oscillator went negative earlier this week and did not bounce back quickly. So it’s another week in a very frustrating year with the U.S. market. The S&P 500 fell 1.07% and the NASDAQ 1.12% – this despite a huge move in Amazon which usually would life up a bunch of tech stocks with it. Some blamed contractionary manufacturing readings in China: the Caixin Markit flash general manufacturing PMI for July came in at 48.2, a 15 month low.

Meanwhile we have contrasting data on home sales. New home sales showed a decline of 6.8 percent to a seven-month low in June. On Wednesday, existing home sales hit a near 8-1/2-year high.

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Market Recap Jul 23, 2015

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A very frustrating year at the index level continues. Each time it looks like we are going to escape a range there is a failure. The S&P 500 fell 0.57% and the NASDAQ 0.49%. Weekly jobless claims came in at 255,000, their lowest level since 1973. While analysts said the low figure may keep a rate hike on the table for this year, they were cautious about reading too much into a figure that may be exaggerated by seasonal production changes.

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STTG Market Recap May 21, 2015

Bespoke 3

Another quiet session in a week full of them. The S&P 500 gained 0.23% and the NASDAQ 0.38% as morning weakness was bought. This is a good sign again, but these gains are of a grinding nature. Existing home sales for April fell 3.3%, missing an expected 1% gain to 5.24 million units. Earlier in the week, reports showed home builder sentiment fell in May, but housing starts for April came in much better than expected.

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STTG Market Recap Apr 24, 2015

amzn

With all the earnings related surges in after hours Thursday night it was not difficult to predict Friday would be a solid day for the NASDAQ – and it was, as the index added 0.71% to go along with a more modest day on the S&P 500, up 0.23%. The NASDAQ gapped up at the open and stayed steady all day. Middling economic news was ignored; durable goods, ex-transportation, fell 0.2 percent, below expectations for a slight gain but less than February’s 1.3 percent decline.

One interesting fact in today’s readings – a lot of S&P 500 stocks remain below their 50 day moving average:

Despite major gains in those major names, nearly half, or 212, of the S&P 500 was trading below their 50-day moving average. “We see that narrowing of that breadth of the market and that’s not healthy. We need a broad advance,” said Lance Roberts, general partner at STA Wealth Management.

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STTG Market Recap Apr 23, 2015

amzn

After last Friday’s selloff on the China news, this week has been generally quite positive as the earnings parade has been unleashed. Today was another such day as a slight negative open was bought and the S&P 500 finished up 0.24% and the NASDAQ 0.41%. New home sales for March came in weaker than expected, at 481,000 in March, versus the 510,000 unit estimate. Overseas, China’s flash purchasing managers index from HSBC Holdings dropped to 49.2 for April, the lowest since April last year, underscoring a slowdown that prompted China’s central bank to cut banks’ reserve requirements by the most since 2008. Any reading below 50 signifies contraction.

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STTG Market Recap Jan 29, 2015

amzn

Thursday was much the opposite of Wednesday; yesterday the market was up thru mid afternoon then suffered significant selling late. Today indexes were down thru mid afternoon and then buyers showed up. It’s a very volatile market right now and not one that is very simple to deal with. The S&P 500 gained 0.95% and the NASDAQ 0.98%. Some dovish comments Janet Yellen made to lawmakers and oil not dropping yet again helped the mood some today.

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STTG Market Recap November 14, 2014

billgross

Friday was a choppy session with little momentum as indexes have now worked off their extreme overbought conditions. The S&P 500 added 0.02% and the NASDAQ 0.18%. U.S. retail sales rose 0.5% last month when stripping out volatile elements like gasoline, autos, building materials and food services, according to the Commerce Department data released on Friday. That was the biggest increase since August and just above analyst expectations of a 0.4% gain. Retail sales account for about one-third of consumer spending, and overall they rose 0.3%, held back by a 1.5% drop in receipts at gasoline retailers.

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