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- No further dip but indices post a solid bounce as the relief move looks to be on.
- Not a lot of news, and what was out there was not good, but stocks were ready to rebound.
- Lowe’s earnings outlook fades as it feels the Home Depot decline.
- Fed still talking tough on any further easing.
- Still plenty of room to bounce for solid stocks.
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Summary:
-Facebook IPO: Like? No.
- Facebook lackluster trade, NASDAQ issues, more market downside. Not a banner day for stocks or investor confidence.
- Facebook raises $16B, the largest tech IPO ever. Of course, that is just 4 days of the US debt growth.
- Bonds here, bonds there pricing in something not that great.
- Bulls flat, bears creep higher, but after this week they likely converge more.
- After FB, the market still has to face Europe and a truly bad situation.
- Some more downside then an oversold bounce attempt.
- Stocks wanted to bounce, futures were up as Europe escaped an official recession label, but Greece said it had to have a new election . . .
- Afternoon recovery goes into withdrawal, Greece style.
- SP500, DJ30 tap old support, fall away, but NASDAQ is holding on.
- Dollar was down and gold was up. Then the new norm returned.
- April retail sales fall short of expectations, slowest since December.
- New York PMI beats handily but expectations drop sharply.
- FBI opening an inquiry on JPM? President ‘knows his stuff’ because he knows JPM is one of the best run banks? We sound like Russia.
- It is up to NASDAQ to hold the line but not a lot of confidence it can go it alone.
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SUMMARY:
- Surprisingly no Greece deal materializes over the weekend, and more of the same from Italy and Spain while Germany throws in a twist.
- SP500 undercuts support, rebounds . . . then gives it up.
- Dollar continues its rally, commodities continue their fall.
- Many leaders hold up well as the indices get mushy with support.
- JPM enough already: People invested because of good people, good people made bad decisions, investors lost money. That is how it works.
- Sentiment: CNBC acts if the stock market is dead. Jimmy Rogers thinks so as money continues to flow out of equities.
- Outlook shifts more negative given the action at support.
- Tuesday brings hard US data and a new potential Greek crisis.
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SUMMARY:
- JPM, JWN stumble, but the market does not fall.
- Still holding support, not getting the big selloff, not getting a big reversal, just holding over support.
- Dollar notches 10 straight gains against the euro.
- Utilities leading the market in a rather defensive turn.
- Michigan still feeling good over the warm weather.
- Market starts the week still in position to roll in the range: it comes down to us (as in the U.S.) versus the rest of the world.
- New Greece ruler austerity stance, weak US retail results undermine stocks early.
- A week of downside takes the indices to the bottom of the range and an intraday reversal suggests a rebound is starting.
- A day when hard news was notably absent.
- Other financial markets react sharply to continued worldwide economic signals.
- Now the markets have hit the apparent range bottom we look for a rebound . . . inside the range of course.
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- Market tries to rebound over some the European election results, overcomes early weakness, finishes flat.
- A modest rebound holds where it needs to, but no power from any leading stocks.
- Other markets continue to act as if there is real trouble ahead.
- India GDP now falling, presents a new, or at least now discussed, concern.
- Some more interesting jobs report statistics.
- Trading volumes still well off historical levels.
- Not much of a bounce, could simply be a continuation to the downside, but NASDAQ has an interesting ABCD pattern setting up as the other indices hold that support.
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SUMMARY:
- Unemployment rate decline touted but most see through it, and most importantly, the stock market doesn’t buy it.
- Stocks run from the jobs report, end up right back where the bounce started two weeks back.
- Dollar surges despite weak jobs report, but bonds, oil, and gold act as you would expect.
- Jobs just don’t add up, even to 115K non-farm jobs.
- The jobs market is, yes, different this time because the US is different.
- Is this as good as it gets in terms of the recovery?
- Austerity doesn’t work? How about Keynesian economics?
- The indices are back to where the bounce started. Unless a recession is coming the indices should hold above the 2011 highs.
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SUMMARY:
- Good news? Bad news? Just what is going on?
- Stocks tried to bounce early but failed horribly.
- Pretty stiff losses as the market split grows a bit wider.
- Jobless claims much better than expected (though still revised worse the prior week) & ISM much better than expected while everything else stinks. Prepping for some sleight of hand on the jobs report?
- April Same Store Sales missing big. Holy cow, could it truly be that consumers spent forward given the warmer weather?
- ISM Services post a hefty miss. No big deal; just the largest part of the economy.
- Challenger job cuts jump 11% after an 8.8% decline.
- Jobs report Friday: if it is bad it hurts, if it is good it helps temporarily but as with the ISM, will anyone believe a good number?
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(more…)
- Stocks fade after four upside sessions, handling some mixed economic data, trying to consolidate last week’s gains.
- Indices open flat, range-trade in the red all session.
- Spain joins the UK in recession as Canada posts a surprise contraction in its economy.
- March Inflation adjusted income turns positive finally though spending fades.
- Chicago PMI misses while Dallas flips negative, both sporting disappointing internals. Will the national ISM follow them this time?
- Thus far a very decent pullback as stocks digest the early season earnings bounce. A hold over the mid-April peak sets up a run at the prior highs.
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SUMMARY:
- Investors focus on consumption, sentiment, and Amazon versus GDP and Spanish downgrades.
- Stocks post fourth straight gain as the indices continue their therapy.
- Approaching the prior highs the indices look better but maybe not good enough.
- GDP misses expectations even though weather driven consumption tops expectations.
- Michigan Sentiment finally tops expectations.
- Spain downgraded to a couple of steps above junk as unemployment hits a staggering 24.4%.
- Google now sued by the DOJ. AAPL, GOOG . . . who next? Shades of MSFT yet again.
- End of month Monday, turn of new month may keep the money coming in for now but the indices then have to deal with the recent highs.
- Jobs report may put the move on hold: last time we were at these levels was, of course, the April jobs report and stocks sold afterward.
- AAPL does not participate but stocks extend Tuesday’s and Wednesday’s rally nonetheless.
- Indices improve their position further, but just as 1-2-3 pullbacks set up new upside runs, a 3-day bounce can set up new downside.
- Other markets still look worried about some other event to come. US is relatively stronger but the neighborhood value is falling.
- Jobless claims follow the same script: revisions higher so they can ‘decline’ yet again.
- Pending home sales rise 4.1% in March, prompting calls of a housing bottom. They are just contracts people. Now go and try to find a loan.
- Moves tend to come in threes. After hours there is competing news: AMZN earnings versus Spain downgrade. Can AMZN breathe an extra day’s life into this move?
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- Reports of AAPL’s death have been greatly exaggerated.
- Stocks mixed awaiting AAPL earnings with NYSE up, NASDAQ down.
- Uncertainty is the problem? Isn’t it the CERTAINTY of certain policies that is stifling business?
- The Good: New Home Sales, European bond auctions have subscribers, Richmond Fed jumps.
- The not so good: Consumer Confidence misses, Case/Shiller still weak, China tire demand slows, G-10 Macro data turns negative.
- AAPL earnings set to lead a Wednesday bounce
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- Nothing positive for US stocks to start the week as China and Europe show weak manufacturing, US earnings disappoint, and WMT accused of bribes.
- Large cap indices gap through the 50 day EMA, but cut the losses. Now the test of the break lower is next.
- In the midst of a lot of world financial problems, AAPL, CMG make important tests.
- Earnings mixed after hours but perhaps TXN can provide NASDAQ a spark yet again. Perhaps.
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SUMMARY:
- A bit more expiration volume as indices close mixed on the day, mixed on the week.
- Large cap indices still holding the 50 day EMA, still in decent shape. Of course small caps and semiconductors are still in not so decent shape.
- AAPL effect? Large cap, big name leaders testing and weighing on the markets, but other stocks look solid as the big leaders make very normal tests of very strong runs.
- First week of earnings sees 85% of S&P reporting beating estimates.
- Headlines say German business sentiment helping the euro versus the dollar while the ongoing EU sovereign debt crisis said to help US bond markets. All the while European bond yields and CDS rates climb.
- French elections and their impact on France. A preview of the US?
- A fall from the highs then two weeks of lateral movement. The next move should be close to showing itself.
- Market still looks heavy as some leaders fade, but many quality stocks still on the move.
- AAPL earnings and an FOMC meeting could provide the market the information it needs, of course on top of Europe’s troubles, French elections, earnings, economic data . . .
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- Volatility shows it is still present as indices reverse from early gains.
- Earnings results, initial reaction to Spanish bond auction push early gains, but the economic data and reconsidering those European auctions sweep stocks lower.
- Large cap indices still holding the 50 day EMA versus volatility and an intraday reversal on volume.
- Newest and most important wrinkle: the return of intraday reversals on top of day to day volatility.
- Jobless claims jump to 386K. Some financial outlets finally realizing the data has no clothes.
- ‘Successful’ Spanish bond auction later viewed as not so successful.
- March Existing Home Sales drop when expected to rise. The ‘experts’ need to realize hope and change was just a slogan and not an economic strategy, or at least not one that works.
- Philly Fed misses expectations. At least it was still positive . . . overall.
- Expiration Friday will come and go but the key for us is how the large cap indices hold the 50 day EMA and those leaders that keep setting up and moving up.
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SUMMARY:
- Two-day bounce falters and stocks fade leaving some indices at support, others grasping.
- China GDP rumor a complete miss as GDP misses expectations.
- Internals continuing to match prices in their day to day volatility.
- CPI continues to advance, eating up real earnings.
- Bank earnings lavished with praise but who couldn’t make money borrowing for 0% for a guaranteed 3% or better?
- Michigan Sentiment falls on energy concerns, but expectations are still quite good.
- The mixed Friday finish (in terms of support) hold out some upside possibilities, and earnings could rally stocks, but if not, the indices certainly look heavy.
- So much for the logical path: SP500 breaks back into its range, leaving NASDAQ to hold the line.
- Once again Europe is an issue. Must be as the market is lower.
- Buffett Tax provides little revenue but Schumer says we ‘got to start somewhere.’
- ISM is quite decent overall, but the setup is worrisome.
- A good drop into earnings sets the stage for an initial bounce. After that . . .
- Alcoa actually posts a good report. Okay, what is the catch? Did hell just freeze over?
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SUMMARY:
- Stocks bide some time ahead of trader-less Friday jobs report.
- France debt auction shows shades of Italy with higher rates and weak demand.
- Spanish 10 year bond revisits last fall’s spread with German bonds.
- Money fleeing Europe for the US once again and even US instruments are impacted.
- Jobless claims hit a 4 year low so the news outlets tell us without any asterisk just as the Department of Labor tells them.
- Same Store Sales feast again on the warm winter and early an Easter.
- Money fleeing US equity markets . . . still . . . as investors pull money and insiders sell.
- Indices bounce but they do not wipe away the Wednesday flops. This makes next week most interesting for the life of this part of the rally.
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- Stocks staggered by FOMC minutes, but manage to cut the losses, hold the 10 day EMA.
- Lots of news but nothing really mattered outside the FOMC minutes.
- A lot of jockeying, but the strong continued to be strong even after the Fed statement.
- Dollar and bond yields jump, gold slumps as the promise of easy money seems not so much a promise.
- Small business lending lowest since September.
- Factory Orders miss market slightly but still rise.
- President calls for Buffett taxes again, but just who is paying the taxes now?
- If the liquidity ends at this juncture, the outlook is not positive for stocks or the economy.
- Stocks are either going to surge through 2012 or tank soon according to the pundits. That is a good enough split to keep things going and we want to stick with the clear strength.
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- A down day but no damage to the Tuesday rally.
- Stocks overcome weakness in IBM, INTC, mostly.
- Mortgage index rises but purchase mortgage applications flop.
- Another study shows how lagging this recovery is.
- Earnings and European bond auctions: strange bedfellows set to drive the market.
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SUMMARY:
- Nondescript end to a strong first quarter for the market.
- Window dressing never showed up. Maybe the funds have what they want already.
- Spending rises but incomes again are negative when inflation and taxes are considered. Economists have a special phrase for this: burning the candle at both ends.
- Chicago PMI misses but still over 60. The region is worried about a cost ‘tipping point,’ however.
- Gasoline? We don’t need no stinking gasoline? Michigan Sentiment just fine, easily beating expectations.
- Jeff Immelt to remain ‘neutral’ in the 2012 election campaign. A little late for that.
- April tends to be a good month. Here’s to looking for new money and not many earnings warnings.
- Stocks sell again, wiping away the Monday Bernanke breakout. Then Europe closes and the indices roar back, again.
- Worries about Europe supposedly fuel stock weakness as confidence a bit lower, Spain plans austerity strikes.
- Oil struggles on rumors US, Europe ready to open SPRO spigots.
- Leaders trying to hold the line. Some are struggling, some are surging.
- Dear Mr. President: you are a smart man. Surely you know the difference between tax credits and subsidies. And if you want to help, cut the federal gasoline tax that is 3x the companies’ profits per gallon.
- Jobless claims surge but they are supposedly at 4 year lows. How? Government revisions to ‘more accurately’ reflect the market. Right. What about the disappearing workers?
- GDP third revision is the same.
- Poised to bounce again, but will they? Upside moves find it harder to hang on.
- The set up is there, but Friday is not the best day to start a sustainable rally.
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SUMMARY:
- Stocks rise after a 3-day pullback, ending ‘losing streak’ and keeping the same action in place, just don’t generate any pre-weekend excitement.
- Oil, gold jump ahead of a weekend as weekends now have to factor in rising geopolitical issues.
- There they go again: European bond yields screaming back up.
- KB Homes demand plunges, New Home Sales drop versus the expected rise, and large revisions to prior data are discouraging.
- Lots of data next week but watch for earnings warnings thanks to higher prices, tougher comps (remember FedEx).
- Market character has not changed so we look to play more emerging leaders while tending current leaders that may be losing the mojo.
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SUMMARY:
- Stocks slow the upside push and actually ‘sell.’ Another weak morning dip, however, is once again met with a return of bids.
- China second fuel price increase, reports of less steel imports cools the upside just a bit.
- Housing starts miss expectations and the emphasis is still on apartments versus single homes.
- The Inflation Plan revisited: China yuan float pushed by Administration as answer to trade deficit but that, as we know, is not the real problem or the real reason.
- A modest pullback still not giving older leaders rest and some looking top-heavy. Of course that has not made a difference yet.
- Looking for stocks that are not extended: some energy, some transports. They are out there, just harder to find.
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SUMMARY:
- Choppy go nowhere expiration but indices hold the week’s gains.
- Frogs mating in March. Things just don’t seem right economically.
- Industrial production flat, missing expectations, but January revisions make it a wash.
- Capacity revised to a 4 year high in January, but declines for the first time in a year in February.
- Michigan Sentiment shows the impact of gasoline prices, misses its mark.
- Fuel demand falls to a 3 year low and other gasoline related facts.
- February CPI hits a 10 month high, AKS raises its steel prices.
- Inflation hits the lower incomes the hardest, so where are the protestors regarding administration policies that create inflation, produce the worst recovery since the 1930′s, and impacts the ’99%’ the hardest?
- UK drops the 50% ’1% rich’ tax, bowing to history and basic economics.
- Tax Revenues down in the 2012 ‘continuing expansion’.
- Expiration week brought some good profits. A pullback and we can be in position to make some more.
- The dilemma: will new money (bond money) put a floor under any pullback or will slowing economic data impact the market? Has to change the character to buy into the latter.
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- No time for a pullback as more money pushes stocks higher.
- Rumors strike again, this time regarding oil releases from world strategic reserves.
- Jobless claims match February’s drop to 4 year lows but 4 week average has slowed its decline.
- Producer Prices rise, core falls, year over year declines. Confusing? It is supposed to be.
- New York, Philadelphia show continued manufacturing improvement, helping offset the national ISM disappointment.
- Economic data is solid but shows some potentially troublesome details below the headlines.
- Stocks refuse to slow down heading toward expiration. That may just push a pullback out to next week. A pullback deferred, however, is not nearly necessarily as severe.
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- Modest pullback after a breakout surge has commentators saying investors are confused. Whatever.
- Stocks ‘test’ but still rebound to close basically flat. Some test.
- Bonds are diving and lots of theories, likely all partly correct.
- Import prices higher with oil, lower without it.
- Note to President: Rising dollar will help all prices, including oil. If you had not dismantled the dollar perhaps you would not be getting heat for petroleum prices.
- Does begging help? Saudi Arabia says it will raise production to ‘protect’ the world economic recovery. Delayed response to Schumer?
- Still want more pullback. May or may not get it.
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- Stocks rise decently ahead of FOMC, waffle, then blast off on JPM actions.
- Snatching victory from the jaws of mediocrity: SP500, DJ30, NASDAQ hit new post-bear market highs.
- Dollar and stocks finally moving in sync.
- Fed raises its opinion of economic growth from ‘modest’ to ‘moderate.’
- Beware the economic data headlines.
- Retail Sales advance . . . on higher gasoline, food, and building materials cost increases.
- Business inventories rise, purportedly on strength, but much of it was due to auto channel stuffing, and frankly, not much building or sales.
- Now we have the breakout. If the test holds, onward and upward.
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- Slow day as indices continue to test prior peaks, avoiding resolving the next key market issue.
- China, Europe provide a bit of news in a vacuum of US data.
- Lack of news, market movement leaves pundits discussing the arcane.
- Slow markets can deceive you with apparent weakness, but this one does look top heavy. Every time you think it is finished, however, the bids return.
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SUMMARY:
- Jobs are decent, stocks bounce, but the indices are still below the recent peaks.
- Some stocks continue to look super, and others bounced back but look a lot like mere relief bounces.
- Jobs continue to improve but the best jobs are 50% temporary, job quality and pay has degraded, long-term unemployment is still incredibly high, and another 10 years is needed at this rate to get back to even.
- January Trade Deficit jumps to the highest in 3+ years. That is not a bad thing.
- Economy at escape velocity? Does the jobs report scuttle any vestiges of a QE3? ECRI versus areas of economic improvement.
- Friday did not answer the rally or correction question, but it sure left the table set for this week to try and formulate an answer.
- Many more downside setups, but good stocks continue running and there are more than a few upside setups as well.
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- Stocks dutifully bounce from three days downside.
- Decent gains but not enough to wash away the Tuesday selling.
- ADP jobs preview slides in right at expectations, showing solid improvement from January.
- Q4 Productivity Revision higher. Guess that means more layoffs.
- Consumer Credit lower but handily tops expectations.
- Professor Shiller: housing prices are now ‘normal.’
- Leaders attempting to rally stocks back up, but key groups still look heavy.
- Playing some quality upside moves but wary of this bounce.
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SUMMARY:
- It was going to happen, and Tuesday the markets got their reason and sold.
- Europe re-emerges as the issue (with a China and Brazil assist), stocks gap lower.
- Morgan Stanley predicts more Fed easing by April or June meeting.
- NASDAQ easily over its prior high, SP500 and DJ30 holding at support, but SP600, DJ20 and SOX as well are a problem.
- Some leaders show resilience, bouncing off lows, but others are cracking or in position to really crack.
- Just a 1-2-3 pullback ahead of a new high or just setting up a test for some further downside?
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SUMMARY:
- China GDP targeting upsets a market already in the mood for a pullback.
- Stocks fade, but a very modest pullback with most sectors holding up fine.
- Irony: small caps post the lone gains as chips, manufacturing, metals continue their weakness.
- Service ISM tops expectations with fastest growth pace in a year.
- January Factory Orders fall but less than expected.
- EU February PMI falls back into contraction.
- Fed’s Fisher: Prepare for less easing.
- GM bags the Volt after buying expensive Super Bowl ad. But, it does plan to over natural gas pickups.
- This is not much of a pullback, but enough stocks are struggling after the ripple effects of Bernanke’s testimony to stay vigilant. If nothing else, a pullback gives us very good entries on very good stocks.
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SUMMARY:
- Stocks change their character a bit: lack of news and stocks fall instead of rise.
- Geithner complains of collective ‘amnesia’ about financial reform complaints, but how has the memory problem?
- Large cap indices sport modest losses, but the small caps are already heading to the 50 day EMA.
- Despite the improvement in economic data some very troubling countercurrents have developed.
- No breakdown yet and market rallies can last much longer than common sense, but be careful with your gains.
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SUMMARY:
- Stocks continue to post gains with high to higher action, but they still cannot close the deal on those buzz levels.
- Economic data mostly positive but stocks do have to fight off some afternoon rumors apparently spawned out of Iran.
- Jobless claims continue to hold around 350K.
- February Same Store Sales feast as warm weather now helps, not hurts, retailers.
- Personal income and spending rise, but less than expected and not with inflation.
- ISM national manufacturing still expanding but slower and less than expected.
- Indices getting just a bit stretched above the 200 day SMA.
- More calls for a top, and intuitively and logically that seems the case, but stocks keep setting up and breaking higher.
- Still gauging the ripples from Wednesday’s Bernanke statements.
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SUMMARY:
- Stocks start higher but rather bland Bernanke testimony to Congress fans fears of stimulus withdrawal and stocks and commodities fall.
- Q4 GDP Second iteration bumps up growth to 3% but the gains try to cloak some disquieting internal numbers.
- Chicago PMI storms ahead, begging the question how could there be economic storms ahead?
- Did Bernanke’s comments, or lack thereof, mark the beginning of the end of easy money?
- Overall stocks hold up well on the Bernanke blip, but the small caps look worrisome.
- Looking for a reason to sell? Reactions to seemingly innocuous influences give insight into the market’s psyche.
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- Stocks downbeat to start the session but the bids return and leaders move ahead even if the indices lag.
- SP500 crosses to a new post-bear market high. Can’t hold it, but it is breaking the ice.
- G20 tells Europe to solve its own issues for now so German parliament passes the second Greece bailout installment while S&P cuts the bailout fund’s rating to negative.
- January Pending Home Sales rise 2%, topping expectations.
- Tax lessons from real life: UK raises ‘wealthy’ tax rate 10 points, reduces tax revenues.
- More of the same: stocks continue to move from low to high, leaders continue to lead. Overall, however, the indices struggle to advance.
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SUMMARY:
- Stocks start stronger, give up the gains for a mixed close as the slow slog continues.
- Slow overall, but some solid moves from solid leaders.
- Michigan Sentiment Final jumps again.
- New home sales fall in January, but opposite of Existing Home Sales, they do so because of an upward revision in December numbers.
- Geithner says ‘no quick fix’ for gasoline problem. No there is not, but we would already be ‘fixed’ if we had taken action back when they last said there was no quick fix . . .
- President pushes algae fuel as he takes credit for higher oil production that had its beginnings before he was even running for President and when he has only 3% of offshore zones closed to drilling.
- Excess money helping fuel higher fuel prices.
- Indices end the week basically unchanged, i.e. still rising but making virtually no overall progress. Individual stocks are the upside key for now as we watch for rollover signs.
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- Indices bounce off their short term tests as another dip finds some buyers.
- Up again but still an almost painfully slow upside move.
- European officials change their position, now forecasting a 2012 contraction even as German business confidence trends higher.
- US earnings remain good but the 2012 guidance, similar to Europe, is downbeat.
- Jobless claims hold steady but are still on a trend lower, a very slow and very late trend lower.
- Germany throws in the solar charger, phases out solar subsidies.
- And you wonder why the recovery is weak: President believes productivity led to US unemployment problems.
- Morgan Stanley calling for a 14% market correction in 2012. It doesn’t look as if it is happening right now . . .
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- Stocks lethargic and lose ground, not on sellers, just on a lack of buy side interest.
- European services suggest backsliding into recession again.
- China sees manufacturing rise, but still at contraction levels four straight months.
- Existing home sales rise but only because the prior gains were revised lower by 5%. At least inventories are lower.
- President’s corporate tax overhaul has a major flaw: it doesn’t cut corporate taxes.
- Market looks tired, but the pullback is putting some good stocks in potentially good upside entry patterns.
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- Greece deal reached, Greece gets its second bailout installment. Much rejoicing.
- Gold pricing in inflation, Oil pricing in Iran and breaks out.
- Home Depot earnings provide hope for housing or is it just a hot flash?
- Saks earnings nice, Wal-Mart not so nice. The classic turn in retail.
- Some buy on close orders for a change.
- Dow hits 13,000 briefly as the indices move higher, but the move is surely slow, not as exciting, and harder to find ways in.
- Last hour rebound shows the bids are still there but harder for the market to get lathered up.
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SUMMARY:
- Stocks overcome minor selling attempts on the week, post gains along with some new post-bear market highs.
- Still feels as if you have the tiger by the tail, but thus far the tiger has not tried to swat us.
- Gallup puts Unemployment at 19.2% as CBO tells us long-term unemployed still at 40%, where they were in 2009.
- Philly Fed forecasting 30K jobs created in February. Why won’t people hire?
- CPI ‘lighter’ trumpet the headlines, but the core is hot and getting hotter: beware gasoline prices.
- Sticking with what is working but the ranks of quality new plays are growing thinner.
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- Bids not out of the market but they needed some help Thursday.
- Have liquidity, will rise: ECB following the US’ steps in liquidity 1-2-3, world markets gain.
- PPI comes in hot, but it does not matter, right?
- Jobless claims continue their trajectory of improvement.
- June Housing Starts rise more than expected.
- Philly Fed manufacturing rises edges expectations, posts solid gain.
- Sell on close orders again, but thus far not inhibiting the market move.
- There are problems to watch for, but only to watch for at this juncture.
- Stronger start, no follow through, and even a reversal in some key names.
- Weak but not as weak as expected EU GDP propped up by China promise to give money.
- New York regional PMI solid, Production and Capacity solid as well.
- Homebuilder confidence hits a 4 year high. Do you trust the used car salesmen of the housing industry?
- When you believe 2.9% GDP growth is a good thing, 5.2% to 6% unemployment is full employment, and growing the deficit by $5T is a good cut of spending, you have problems. In short, the US has problems.
- Trips to support increasing in frequency.
- More downside plays are setting up and providing good risk/reward potential. That tells a lot of the market story in itself.
- Remain vigilant and reasonable in expectations as the pullback looks to be taking root.
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The Market Video is DIVIDED into component parts: Market Overview, Economy Summary, Technical Summary, and the Next Session. This allows you to choose the segments you are interested in without having to find the segment in a longer video. Click on the link to the portion you wish to view.
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SUMMARY:
- Finally a Greek deal. Where is the parade? That is Friday in the tear gas induced haze in the streets of Greece.
- Stocks show the old low to high again.
- Jobless claims still improving as continuing claims bump higher in a bit of a peace offering by the statisticians after last week’s jobs report.
- Wholesale inventories predictably rise.
- The market rise is now akin to holding a tiger by the tail. Go with him until he figures out you are there and tries to swat you.
SUMMARY:
- Little news and the indices show the low to high action yet again.
- Earnings appear improving after a mid-season dry patch.
- A Greek deal is imminent, again.
- Dependency Programs consuming evermore of our funds.
- Earnings continue to push stocks, but with no resultant major upside moves in the indices, stay aware.
Watch Market Overview Video
Watch Economy Summary Video
Watch Technical Summary Video
Watch Next Session Video
