STTG Market Recap June 5, 2015

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After a volatile morning in reaction to the employment data, the market went dead around 11 AM and didn’t do much of anything after. The S&P 500 fell 0.14% and the NASDAQ 0.18%. This despite very good employment data – but again in this perverse environment of “too much good news is bad news” some people didn’t like the data being so strong as it means the Fed was more likely to finally act to raise rates. Greece also weighed on the market.

Employers added 280,000 jobs in May, the most in five months, further dispelling fears that a first-quarter slowdown would take hold, figures from the Labor Department showed Friday. That followed a revised 221,000 April advance. Hourly earnings climbed from a year ago by the most since August 2013, while an increase in the number of people entering the labor force caused the unemployment rate to creep up to 5.5 percent from 5.4 percent. May job growth was driven by a 256,000 jump in the private service sector. Retailers, temporary-help agencies, restaurants, hotels and health-care providers also boosted headcounts in May.

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STTG Market Recap May 4, 2015

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Indexes gapped up mildly in the U.S., tried to rally a bit and failed, and then did little from there. The S&P 500 gained 0.29% and the NASDAQ 0.23%. A lot of eyes will be set on Friday’s employment data; economists forecast a 225,000 increase in April non-farm payrolls, and a one-tenth decline in the unemployment rate to 5.4 percent.. Factory orders for March showed a gain of 2.1 percent, the biggest increase in eight months and above expectations of a 1.9 percent increase. There were also dovish Fed comments that helped the action:

Chicago Fed’s Charles Evans said that hiking interest rates does not seem appropriate until next year due to the weak first quarter.

Data point: Of the S&P 500 members that have already released results this season, 73 percent beat profit projections and 49 percent topped sales estimates. Analysts have tempered their predictions for a corporate profit slump, now projecting a first-quarter drop of 0.4 percent, compared with April 17 calls for a 4.3 percent decline.

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STTG Market Recap Apr 14, 2015

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A quick pop at the open was immediately sold but then some mild buying came in Tuesday afternoon. All in all, a quiet day as the S&P 500 gained 0.16% and the NASDAQ fell 0.22%. The NASDAQ has been really outperforming of late so this was to a degree some reversion to mean between the two indexes. In economic news retail sales showed an increase of 0.9 percent , slightly below expectations of a 1.1 percent month-on-month increase in overall spending. However, the figure was the first gain since late last year.

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STTG Market Recap Feb 24, 2015

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We remain in a calm and collected market. The S&P 500 gained 0.28% and the NASDAQ 0.14%. Fed Chair Janet Yellen had testimony in front of Congress and nothing was a surprise – if anything the remarks were quite dovish.

Yellen’s prepared remarks said no rate hike is expected for the next few FOMC meetings. She later said in a question-and-answer session that the Fed would not raise rates before it found confidence in the economic recovery, overcoming current concerns about the labor market, below-objective inflation and the decline in energy prices. She repeated that the Fed’s pledge to be “patient” on beginning to raise the benchmark interest rate means an increase is unlikely for “at least the next couple” of meetings. The central bank adopted the guidance in December and repeated it in January.

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STTG Market Recap Jan 14, 2015

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Indexes continue to struggle and it remains a period to be cautious. Unlike the prior 2 sessions when we saw serious spikes in the premarket, today the market was down severely premarket and that weakness continued all day until mid afternoon when some buyers showed up to relieve some of the pressure. Still the S&P 500 fell 0.58% and the NASDAQ 0.48%. In economic news, U.S. retail sales dropped 0.9% in December, the biggest slide since January 2014, following a 0.4% gain in November that was smaller than previously estimated, according to the Commerce Department. This was a surprise considering people expected spending to boom with lower gas prices.

Fun fact: The S&P 500 has moved an average of 0.95% per day so far in 2015. That’s more than double the average daily price change of 0.53% for 2014, which was the calmest year in U.S. stocks since 2006.

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STTG Market Recap Jan 13, 2015

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Watch tonight’s video market recap on my Ticker.tv channel, Mark333.

Another day of selling an up open hit the market Tuesday. Yesterday we had a premarket push and that was sold off within minutes at the open. Today we had an even larger premarket rally and a big push up to begin the day, but sellers came in again mid day and by mid afternoon indexes were negative. In the end the S&P 500 fell 0.26% and the NASDAQ 0.07%. Worries about the commodity market and possible German interference with “more free money!” from the European Central Bank seemed to be today’s culprits.

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STTG Market Recap December 5, 2014

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Indexes rallied on good economic data but some late day selling took stocks well off their highs. The S&P 500 gained 0.17% and the NASDAQ 0.24%. Remember, we are in a perverse kind of market where people want good news but not “too good of news” to make the Federal Reserve remove their massive monetary support.

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STTG Market Recap November 4, 2014

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Indexes continue to work off extreme overbought conditions this week with the S&P 500 down 0.28% and the NASDAQ 0.33%. Sideways consolidation like this is perfectly healthy and necessary. The dramatic drop in oil continues to capture the markets attention. The European Commission reduced its estimates for euro-zone growth, projecting the 18-nation region’s gross domestic product would climb by 0.8 percent in 2014 and 1.1 percent next year, a decline from estimates of 1.2 and 1.7 percent.

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