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STTG Market Recap May 23, 2013
Thursday could be described as "dip buyers show up again". After the outside day yesterday on the major indexes, global markets showed a lot of weakness overnight with Japan's Nikkei down over 7%. U.S. markets opened up down about 1%, but within the first hour or so the dip buyers showed up to the scene. Until they are punished repeatedly by the market for doing so, they will keep repeating the pattern that has been working for them all year. In economic news Chinese flash purchasing managers data was weak, coming in at a contractionary level, while U.S. weekly unemployment claims fell back substantially from last week. However this is a technically inclined market as it is all about the central bankers actions right now. The S&P 500 finished down 0.29% and the NASDAQ 0.11% - both well off their lows of the morning. The DJIA has now fallen two days in a row - remember it has not fallen 3 days in a row in about 4 months!Original post: STTG Market Recap May 23, 2013
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STTG Market Recap May 22, 2013
In Monday's recap we wrote, in regard to Bernanke's testimony Wednesday:The fact we are going into that testimony on such a huge run and at the top end of the channel probably means odds are he is going to say something that someone will interpret at somewhat hawkish and we might actually get some modest selling, but we'll see.Well we got some modest selling; in fact a bit more than modest. Not versus Tuesday's close but certainly versus the highs enjoyed this morning. The S&P 500 moved in a 35+ point range today as every comment from Bernanke (and then later in the day during the minutes of the last Federal Reserve meeting) was cause for concern, pro or con. This is what the market has become - simply a daily monitoring of what the central powers say and will do. Really nothing new was said - the Fed is monitoring things and will adjust their program in the future. The S&P 500 fell 0.83% and the NASDAQ 1.11% but it certainly felt worse in the fact mid and small caps took bigger hits and the drops from morning highs were far more substantial.Original post: STTG Market Recap May 22, 2013
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STTG Market Recap May 21, 2013
It was a Tuesday in 2013. Thus the market was up. Simple enough. We've seen a remarkable streak of 19 up Tuesdays in a row for the DJIA - essentially the entire year. It's not the only record breaking streak - they are falling all over the place, we'll touch on one from SentimenTrader at the end of today's recap. There was no real economic news flow today but two Federal Reserve speakers including the important NY Fed head William Dudley. Both were dovish ahead of Ben Bernanke's testimony tomorrow on Capitol Hill. That should be the main event of the week along with the FOMC minutes to be released tomorrow at 2 PM and then it seems most people will begin to slither out early for the weekend holiday as the "market on autopilot" simply churns sideways or goes up day after day, week after week. Today the S&P 500 gained 0.17% and the NASDAQ 0.16% in a quiet session.Original post: STTG Market Recap May 21, 2013
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STTG Market Recap May 20, 2013
Welcome back to a new week as we enter the latter third of May. Remember the old adage "Sell in May and go away?". If only the world were so simple; you'd have missed a heck of a month by "going away". A better strategy is reduce exposure/be cautious when technicals tell us to, and stay involved otherwise. In that vein there have been a few periods of 2013 to be cautious at the least, but really no spot to be extremely bearish and/or be heavy short as we had in summers of previous years.... thus far. Monday was a quiet day of consolidation after a huge run from mid April. We had the typical reasons for minor selling - a Fed member here or there talking of tapering (reducing) quantitative easing at some point in the future. This is going to be hanging over the market for many quarters, so get used to it. Economic data is light this week and all eyes will be on Wednesday when Ben Bernanke heads to Congress to testify and also the Federal Reserve minutes of the meeting a few weeks ago is released. The S&P 500 and NASDAQ both fell 0.7%.Original post: STTG Market Recap May 20, 2013
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Trading Signals for MetaTrader Review
MetaQuotes Software, the company behind popular platforms MetaTrader 4 and more recently MetaTrader 5, reached out earlier this month to have their new Trading Signals service reviewed. This is a paid review and my unbiased take on the product.Original post: Trading Signals for MetaTrader Review
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