Archive for February, 2014

  • S&P 500 Equity Index Closes at New All Time High



    DOW  16,272.65  +74.24 points or +0.46%                                                        S&P  1,854.29  +9.13 points or +0.49%

     NASDAQ 4,318.93 +26.87 points or +0.63%

     

    The Stock Market jumped higher lifting the S&P 500 index to a new all time high close. The market was encouraged by new Federal Reserve Chairperson Janet Yellen’s comments that blamed the recent weak economic data reports on the weather as opposed to inherent weakness in the underlying economy. The Market has been consolidating, building steam so to speak, over the previous two trading sessions preparing for today’s climb up to new highs. The DOW traded up +74.24 or up +0.46 to close up at 16,272.65 for the day. The S&P 500 index ran up +9.13 points or up +0.49 percent to close up at 1,854.29 for the trading day. The NASDAQ index moved up +26.87 points or up +0.63 percent to close up at 4,318.93 for the day.  

    All released and proposed to be released economic reports for the week are listed below.


    February 25

    9:00 am Case-Shiller 20-city Index report for December was 13.4 percent. The Street was expecting 13.6 percent. The prior reported number was 13.7 percent. 

    9:00 am FHA Housing Price Index report for December was 0.8 percent. There is no expected figure for this report. The revised prior reported figure was 0.1 percent. 

    10:00 am Consumer Confidence report for February was 78.1. Wall Street was expecting 80.8. The revised prior reported number was 80.7.


    February 26

    7:00 am MBA Mortgage Index report for February 22 was down -8.5 percent. There is no expected number for this report. The prior reported figure was -4.1 percent. 

    10:00 am New Home Sales report for January was 468,000. The Street was expecting 400,000. The revised prior reported figure was 414,000. 

    10:30 am Crude Inventories report February 22 was 0.068M. There is no expected figure for this report. The prior reported figure was 0.973M.


    February 27

    8:30 am Initial Claims report for February 22 was 348,000. The Street was expecting 335,000.  The revised prior reported figure was 336,000.

    8:30 am Continuing Claims report for February 15 was 2,964,000. Wall Street was expecting 2,975,000. The revised prior reported number was 2,981,000. 

    8:30 am Durable Orders report for January was -1.0 percent. The Street was expecting -1.1 percent. The prior reported number was revised from -5.3 percent to -4.2 percent. 

    8:30 am Durable Goods-ex transportation report for January was 1.1 percent. The Street was expecting -0.3 percent. The prior reported figure was revised from -1.9 percent to -1.3 percent. 

    10:30 am Natural Gas Inventories report for February 22 was -95bcf. There is no expected figure for this report. The prior reported figure was -250bcf. 


    February 28

    8:30 am GDP -Second Estimate report for Q4

    8:30 am GDP Deflator-Second Estimate

    9:45 am Chicago PMI report for February

    9:55 am Michigan Sentiment-Final report for February

    10:00 am Pending Home Sales report for January


  • Wall Street Flat for Second Consecutive Day




    DOW  16,198.41  +18.75 points or +0.12%                                                        S&P  1,845.16  +0.04 points or +0.00%

     NASDAQ 4,292.06 +4.48 points or +0.10%

     

    The Stock Market was basically flat for the second consecutive trading day. The market is continuing to hangout just below the all time closing high prices.   The DOW crept up +18.75 points or up +0.12 percent to close slightly higher at 16,198.41 for the trading day. The S&P 500 was almost exactly flat creeping up 0.04 points or flat percent to close at 1,845.16 for the day. The NASDAQ index moved up +4.48 points or up +0.10 percent to close up at 4,292.06 for the trading day. 

    All released and proposed to be released economic reports for the week are listed below.


    February 25

    9:00 am Case-Shiller 20-city Index report for December was 13.4 percent. The Street was expecting 13.6 percent. The prior reported number was 13.7 percent. 

    9:00 am FHA Housing Price Index report for December was 0.8 percent. There is no expected figure for this report. The revised prior reported figure was 0.1 percent. 

    10:00 am Consumer Confidence report for February was 78.1. Wall Street was expecting 80.8. The revised prior reported number was 80.7.


    February 26

    7:00 am MBA Mortgage Index report for February 22 was down -8.5 percent. There is no expected number for this report. The prior reported figure was -4.1 percent. 

    10:00 am New Home Sales report for January was 468,000. The Street was expecting 400,000. The revised prior reported figure was 414,000. 

    10:30 am Crude Inventories report February 22 was 0.068M. There is no expected figure for this report. The prior reported figure was 0.973M.


    February 27

    8:30 am Initial Claims report for February 22 

    8:30 am Continuing Claims report for February 15 was 

    8:30 am Durable Orders report for January

    8:30 am Durable Goods-ex transportation report for January

    10:30 am Natural Gas Inventories report for February 22


    February 28

    8:30 am GDP -Second Estimate report for Q4

    8:30 am GDP Deflator-Second Estimate

    9:45 am Chicago PMI report for February

    9:55 am Michigan Sentiment-Final report for February

    10:00 am Pending Home Sales report for January













  • Market Hovering Slightly Lower Just Below All Time Highs

    DOW  16,179.66  -27.48 points or -0.17%                                                        S&P  1,845.12  -2.49 points or -0.13%

     NASDAQ 4,287.59 -5.38 points or -0.13%

     

    The Stock Market was basically flat today trading just slightly lower, hovering just below all time highs. The market appears to be pausing, preparing for a run at the all time highs within a few days.  The DOW slipped down -27.48 points or down -0.17 percent to close down at 16,179.66 for the day. The S&P 500 was off slightly losing -2.49 points or down -0.13 percent to close down at 1,845.12 for the day. The NASDAQ index was off just -5.38 points or down -0.13 percent to close down at 4,287.59 for the day.

     Today’s economic calendar releases were all slightly lower than expected. These releases were largely ignored by the Street, as evidenced by the market action hovering just below all time highs. Again, the general consensus on Wall Street is that the recent economic data releases have been completely distorted by the severe weather and the Street has chosen to move ahead on the assumptions that the economy continues to improve, albeit slowly. 

    All released and proposed to be released economic reports for the week are listed below.


    February 25

    9:00 am Case-Shiller 20-city Index report for December was 13.4 percent. The Street was expecting 13.6 percent. The prior reported number was 13.7 percent. 

    9:00 am FHA Housing Price Index report for December was 0.8 percent. There is no expected figure for this report. The revised prior reported figure was 0.1 percent. 

    10:00 am Consumer Confidence report for February was 78.1. Wall Street was expecting 80.8. The revised prior reported number was 80.7.


    February 26

    7:00 am MBA Mortgage Index report for February 22

    10:00 am New Home Sales report for January

    10:30 am Crude Inventories report February 22


    February 27

    8:30 am Initial Claims report for February 22

    8:30 am Continuing Claims report for February 15

    8:30 am Durable Orders report for January

    8:30 am Durable Goods-ex transportation report for January

    10:30 am Natural Gas Inventories report for February 22


    February 28

    8:30 am GDP -Second Estimate report for Q4

    8:30 am GDP Deflator-Second Estimate

    9:45 am Chicago PMI report for February

    9:55 am Michigan Sentiment-Final report for February

    10:00 am Pending Home Sales report for January

  • Strong Market with S&P 500 Within 1% of New Highs

    DOW  16,207.14  +103.84 points or +0.64%                                                                 S&P  1,847.61  +11.36 points or +0.62%

     NASDAQ 4,292.97 +29.56 points or +0.69%

     

    The Stock Market exemplified real strength today as it continued to march higher in pursuit of new highs. The S&P 500 index was in new high territory intraday, gave back some of the gains to close higher, but one percent short of a new high close. The Sock Market remains strong up near the new high levels. The DOW jumped up +103.84 points or up +0.64 percent to close up at 16,207.14 for the day. The S&P 500 index ran up +11.36 points or up +0.62 percent to close up at 1,847.61 for the trading session. The NASDAQ index moved up +29.56 points or up +0.69 percent to close up at 4,292.97 for the day. 

     As for the economic calendar releases this week, the weather again, will play a strong factor in distorting the data, presenting a difficult task for economists, money managers, etc to obtain a true picture of the recent economic activity. Wall Street is moving on its own economic assumptions of what each firm believes the data should be, as opposed to what the weather distorted data releases say it is. Thus far, the Street’s interpretation has been that the economy is slowly moving forward.

    All released and proposed to be released economic reports for the week are listed below.


    February 25

    9:00 am Case-Shiller 20-city Index report for December

    9:00 am FHA Housing Price Index report for December

    10:00 am Consumer Confidence report for February


    February 26

    7:00 am MBA Mortgage Index report for February 22

    10:00 am New Home Sales report for January

    10:30 am Crude Inventories report February 22


    February 27

    8:30 am Initial Claims report for February 22

    8:30 am Continuing Claims report for February 15

    8:30 am Durable Orders report for January

    8:30 am Durable Goods-ex transportation report for January

    10:30 am Natural Gas Inventories report for February 22


    February 28

    8:30 am GDP -Second Estimate report for Q4

    8:30 am GDP Deflator-Second Estimate

    9:45 am Chicago PMI report for February

    9:55 am Michigan Sentiment-Final report for February

    10:00 am Pending Home Sales report for January