Market Recap Nov 9, 2015


While indexes were calm about the prospects of a rate hike Friday (pleasantly) investors seem to have taken the weekend to think about it and came in Monday with a temper tantrum. The S&P 500 fell 0.98% and NASDAQ 1.01% as both indexes dropped at the open and no real buying effort was made all session.

The odds of the Fed raising rates for the first time in about a decade rose dramatically after the October nonfarm payrolls report — released Friday — showed the U.S. economy added 271,000 jobs. According to the CME Group, the probability of a December rate hike rose from about 58 percent to about 70 percent. “People sort-of stewed on it over the weekend that we’re facing a rate hike in December,” said Robert Pavlik, who helps oversee $9.1 billion as chief market strategist at Boston Private Wealth. “I don’t think it’s the 25 basis points that’s necessarily leading the market down, but what comes after. How fast and furious do the rate hikes come now that this cheap money environment is coming to an end?”

There was also bad data out of China overnight.

China said October exports fell 6.9 percent from a year ago, while imports dropped 18.8 percent, both missing expectations.

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Market Recap Aug 5, 2015


Indexes gapped up at the open but came off their highs to drift in a tight range in the afternoon. The S&P 500 gained 0.31% and the NASDAQ 0.67%. Economic releases were mixed. The non-manufacturing ISM index soundly beat expectations, hitting a 10-year high of 60.3 in July. The ADP report came in at 185,000, below expectations for 215,000 private-sector payrolls. Markets digested hawkish comments from a Fed voting member, Atlanta Fed President Dennis Lockhart. In a Wall Street Journal report, Lockhart said the economy is ready for an increase in short term rates and conditions would have to deteriorate significantly in order to persuade him not to move.

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STTG Market Recap May 7, 2015


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 Feb 19, 2015


Another quiet but fruitful session as the indexes continue to work on their breakout. The S&P 500 fell 0.11% while the NASDAQ advanced 0.37%. We are kind of in a quiet period here with earnings season largely behind us and key economic reports not set to hit until the first week of March. So it’s mostly a bunch of people pretending to believe Greece would actually exit the Euro region. In Europe on Thursday, Germany rejected the new anti-austerity Greek government’s application for a six-month extension of its loan and a renegotiation of some its terms.

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STTG Market Recap August 11, 2014


Indexes opened up quite strongly Monday on hopes that geopolitical tensions would lessen, rallied mid morning but lots some steam as the day went by. There is still some work to do to get comfortable with the market right now – we’ve just seen a bounce that wiped away an extreme oversold condition. Investors were also happy with a statement from a key Federal Reserve official, Stanley Fischer, the vice chairman who said that the recoveries in the U.S. and global economies had been “disappointing” thus far, indicating the Fed may not imminently tighten its monetary policy. The S&P 500 added 0.28% and the NASDAQ 0.70%

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STTG Market Recap June 13, 2014


Stocks rebounded Friday from their first significant losses in a few weeks with the S&P 500 up 0.31% and the NASDAQ 0.30%. Economic news was sparse but there was some weakness early in the day as Bank of England Governor Mark Carney said a rate increase “could happen sooner than the markets currently expect.” But unlike yesterday – and like most of the past 3 weeks – dip buyers came in hot and heavy in the morning selling.

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STTG Market Recap May 27, 2014


We noted a potential change of trend last Thursday when a 2 month downtrend on the NASDAQ had reversed. We also started pointing out in our recaps late last week a lot of broken down areas of the market (momentum / growth type stocks) staged breakouts over long term downtrends. Last Friday was a nice through day but the NASDAQ still needed to create a new higher high which it did easily today. So the time for risk raking came back to the market over the past 3 sessions. The S&P 500 gained 0.60% and the NASDAQ 1.22%. Durable goods unexpectedly rose 0.8 percent in April, according to the Commerce Department, exceeding expectation for a loss of 0.7 percent.

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STTG Market Recap May 8, 2014


The same trends we have seen much of the past month continued today – relative outperformance of larger cap/safe stocks, relative underperformance by smaller cap/growth stocks. Most of the selling took place in the afternoon as indexes were generally higher up to that point. The S&P 500 was down 0.14% and the NASDAQ 0.40%. But the 2 indexes we don’t discuss daily show the major divergence in the market right now – the Dow Jones Industrial Average was up 0.20% while the Russell 2000 was down 1.00%.

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