Archive for June, 2014

  • S&P and NASDAQ Close Higher for 6th Consecutive Quarters



    DOW 16,826.60  -25.24 points or -0.15%
    S&P 500  1,960.23  -0.73 points or -0.04%

    NASDAQ 4,408.18  +10.25 points or  +0.23%

    Russell 2000  1,192.96  +3.46 points or +0.29%

     

    On the final trading day of the 2nd Quarter, the Market basically hugged the unchanged level all day closing only slightly lower. Today marked the sixth consecutive Quarter where the S&P and NASDAQ closed higher. The last time that occurred was 14 years ago. The Dow closed higher for 5 of the last 6 Quarters. 

    Although this is a Holiday week, and volume will decrease Wednesday and Thursday, there will be important employment data released Thursday that will have an impact on Market direction.  Stay tuned. 


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


    June 30

    9:45 am Chicago PMI report for June was 62.6. The Market was expecting 61.0. The prior reported figure was 65.5.

    10:00 am Pending Home Sales report for May was 6.1%. The Market was expecting 1.5%. The prior reported figure was revised from 0.4% to 0.5%.


    July 1

    10:00 am Construction Spending report for May 

    10:00 am ISM Index report for June

    10:00 am Construction Spending report for 

    2:00 pm Auto Sales report for June 

    2:00 pm Truck Sales report for June


    June 2

    7:00 am MBA Mortgage Index report for June 28

    7:30 am Challenge Job Cuts report for June

    8:15 am ADP Employment Change report for June

    10:00 am Factory Orders report for May

    10:30 am Crude Inventories report for June 28


    June 3

    8:30 am Nonfarm Payrolls report for June

    8:30 am Nonfarm Private Payrolls report for June

    8:30 am Unemployment Rate report for June

    8:30 am Hourly Earnings report for June

    8:30 am Average Workweek report for June

    8:30 am Initial Claims report for June 28

    8:30 am Continuing Claims report for June 21

    8:30 am Trade Balance report for May

    10:00 am ISM Services report for June

    10:30 am Natural Gas Inventories report for June 28







  • Market Squeezes in a Positive Close



    DOW 16,851.84  +5.71 points or +0.03%
    S&P 500  1,960.96  +3.74 points or +0.19%

    NASDAQ 4,397.93  +18.88 points or  +0.43%

    Russell 2000  1,189.50  +8.79 points or +0.74%

     

    The Market traded in the red all day until the final moments of the session when the market managed to squeeze in a small rally to lift the indexes to a positive close. There was an uptick in volatility, something that has been absent from the market for quite a while. The market is closed this Friday for the 4th of July holiday. The short week will however, will see plenty of economic data that will have an impact on the market. The volume will be extra light, since many traders, money managers, etc will be vacationing. 


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


    June 23

    10:00 am Exisitng Home Sales report for May was 4.89M. The Market was expecting 4.80M. The prior reported figure was revised from 4.65M to 4.66M. 


    June 24

    9:00 am Case-Schiller 20-city Index report for April was up 10.8 percent. The Market was expecting 12.4 percent. 

    10:00 am FHFA Housing Price Index report for April was exactly flat. The prior reported figure was up 0.7 percent.

    10:00 am New Home Sales report for May was 504,000. The Market was expecting 440,000. The prior reported figure was revised from 433,000 to 425,000. 

    10:00 am Consumer Confidence report for June was 85.2. The Market was expecting 84.0. The prior reported figure was revised from 83.0 to 82.2.


    June 25

    7:00 am MBA Mortgage Index report for June 21 was down -1.0 percent. The prior reported figure was down -9.2 percent. 

    8:30 am Durable Orders report for May was down -1.0 percent. The Market was expecting up 0.4 percent. The prior reported figure was revised from 0.6 percent to 0.8 percent. 

    8:30 am Durable Goods-ex transportation report for May was down -0.1 percent. The Market was expecting up 0.4 percent. The prior reported figure was revised from 0.3 percent to 0.4 percent. 

    8:30 am GDP-Third Estimate report for Q1 was down -2.9 percent. The Market was expecting down -1.8 percent. The prior reported figure was down -1.0 percent. 

    8:30 am GDP Deflator-Third Estimate report for Q1 was up 1.3 percent. That was exactly in line with the Market expectations as well as the prior reported figure also 1.3 percent.

    10:30 am Crude Inventories report for June 21 was 1.742M. The prior reported figure was down -0.579M.


    June 26

    8:30 am Initial Claims report for June 21 was 312,000. The Market was expecting 310,000. The prior reported figure was revised from 312,000 to 314,000.

    8:30 am Continuing Claims report for June 14 was 2,571,000. The Market was expecting 2,588,000. The prior reported figure was revised from 2,561,000 to 2,559,000. 

    8:30 am Personal Income report for May was 0.4 percent. That was exactly in line with Market expectations. The prior reported figure was 0.3 percent. 

    8:30 am Personal Spending report for May was 0.2 percent. The Market was expecting 0.4 percent. The prior reported figure was revised from -0.1 percent to flat.

    8:30 am PCE Prices-Core report for May was 0.2 percent. That was exactly in line with the Market expectations as well as the prior reported figure. 

    10:30 am Natural Gas Inventories report for June 21 was 110bcf. The prior reported figure was 113bcf.


    June 27

    9:55 am Michigan Sentiment-Final report for June was 82.5. The Market was expecting 81.7. The prior reported figure was 81.2.

  • The Market Recovered Big Early Losses to Close Slightly Lower



    DOW 16,846.13  -21.38 points or -0.13%
    S&P 500  1,957.22  -2.31 points or -0.12%

    NASDAQ 4,379.05  -0.71 points or  -0.02%

    Russell 2000  1,180.71  -1.97 points or -0.17%

     

    The Market traded down pretty hard in early morning trading and proceeded to improve the remainder of the day, to close only slightly lower.  The Federal Reserves current bond buying program’s tapering schedule should bring the Feds bond purchases down to zero by October, 2014. The Q1 economic data suggests to many that the economy is worse than previously believed, the severe winter weather was not the sole catalyst for poor economic activity, and therefore rates will remain low, as Fed Chair Janet Yellen has stated, for an extended period of time. 


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


    June 23

    10:00 am Exisitng Home Sales report for May was 4.89M. The Market was expecting 4.80M. The prior reported figure was revised from 4.65M to 4.66M. 


    June 24

    9:00 am Case-Schiller 20-city Index report for April was up 10.8 percent. The Market was expecting 12.4 percent. 

    10:00 am FHFA Housing Price Index report for April was exactly flat. The prior reported figure was up 0.7 percent.

    10:00 am New Home Sales report for May was 504,000. The Market was expecting 440,000. The prior reported figure was revised from 433,000 to 425,000. 

    10:00 am Consumer Confidence report for June was 85.2. The Market was expecting 84.0. The prior reported figure was revised from 83.0 to 82.2.


    June 25

    7:00 am MBA Mortgage Index report for June 21 was down -1.0 percent. The prior reported figure was down -9.2 percent. 

    8:30 am Durable Orders report for May was down -1.0 percent. The Market was expecting up 0.4 percent. The prior reported figure was revised from 0.6 percent to 0.8 percent. 

    8:30 am Durable Goods-ex transportation report for May was down -0.1 percent. The Market was expecting up 0.4 percent. The prior reported figure was revised from 0.3 percent to 0.4 percent. 

    8:30 am GDP-Third Estimate report for Q1 was down -2.9 percent. The Market was expecting down -1.8 percent. The prior reported figure was down -1.0 percent. 

    8:30 am GDP Deflator-Third Estimate report for Q1 was up 1.3 percent. That was exactly in line with the Market expectations as well as the prior reported figure also 1.3 percent.

    10:30 am Crude Inventories report for June 21 was 1.742M. The prior reported figure was down -0.579M.


    June 26

    8:30 am Initial Claims report for June 21 was 312,000. The Market was expecting 310,000. The prior reported figure was revised from 312,000 to 314,000.

    8:30 am Continuing Claims report for June 14 was 2,571,000. The Market was expecting 2,588,000. The prior reported figure was revised from 2,561,000 to 2,559,000. 

    8:30 am Personal Income report for May was 0.4 percent. That was exactly in line with Market expectations. The prior reported figure was 0.3 percent. 

    8:30 am Personal Spending report for May was 0.2 percent. The Market was expecting 0.4 percent. The prior reported figure was revised from -0.1 percent to flat.

    8:30 am PCE Prices-Core report for May was 0.2 percent. That was exactly in line with the Market expectations as well as the prior reported figure. 

    10:30 am Natural Gas Inventories report for June 21 was 110bcf. The prior reported figure was 113bcf.


    June 27

    9:55 am Michigan Sentiment-Final report for June

  • Market Moves Higher Despite Dismal Q1 GDP Revision



    DOW 16,867.51  +49.38 points or +0.29 %
    S&P 500  1,959.53  +9.55 points or +0.49%

    NASDAQ 4,379.76  +29.40 points or  +0.68%

    Russell 2000  1,182.68  +9.44 points or +0.80%

     

    The Market initially opened lower this morning after the Q1 GDP report was revised down to a dismal -2.9 percent. The Market was expecting -1.8 percent. This is a dramatic revision lower. The Market appeared to almost immediately shrug off the GDP revision and move back into positive territory. The Market focused on the future and dismissed this past Quarter news and remained higher for the day into the close. 


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


    June 23

    10:00 am Exisitng Home Sales report for May was 4.89M. The Market was expecting 4.80M. The prior reported figure was revised from 4.65M to 4.66M. 


    June 24

    9:00 am Case-Schiller 20-city Index report for April was up 10.8 percent. The Market was expecting 12.4 percent. 

    10:00 am FHFA Housing Price Index report for April was exactly flat. The prior reported figure was up 0.7 percent.

    10:00 am New Home Sales report for May was 504,000. The Market was expecting 440,000. The prior reported figure was revised from 433,000 to 425,000. 

    10:00 am Consumer Confidence report for June was 85.2. The Market was expecting 84.0. The prior reported figure was revised from 83.0 to 82.2.


    June 25

    7:00 am MBA Mortgage Index report for June 21 was down -1.0 percent. The prior reported figure was down -9.2 percent. 

    8:30 am Durable Orders report for May was down -1.0 percent. The Market was expecting up 0.4 percent. The prior reported figure was revised from 0.6 percent to 0.8 percent. 

    8:30 am Durable Goods-ex transportation report for May was down -0.1 percent. The Market was expecting up 0.4 percent. The prior reported figure was revised from 0.3 percent to 0.4 percent. 

    8:30 am GDP-Third Estimate report for Q1 was down -2.9 percent. The Market was expecting down -1.8 percent. The prior reported figure was down -1.0 percent. 

    8:30 am GDP Deflator-Third Estimate report for Q1 was up 1.3 percent. That was exactly in line with the Market expectations as well as the prior reported figure also 1.3 percent.

    10:30 am Crude Inventories report for June 21 was 1.742M. The prior reported figure was down -0.579M.


    June 26

    8:30 am Initial Claims report for June 21

    8:30 am Continuing Claims report for June 14

    8:30 am Personal Income report for May

    8:30 am Personal Spending report for May

    8:30 am PCE Prices-Core report for May

    10:30 am Natural Gas Inventories report for June 21


    June 27

    9:55 am Michigan Sentiment-Final report for June