Views From the Hill: August-14-2014

Posted on Posted in Views From The Hill

Stock Market Commentary

Regarding economic data, the Jobless Claims report, while slightly higher, continues to show signs of improvement. Inflation also remains benign as Import-Export Prices are relatively flat on a monthly basis and barely increasing year-over-year. European GDP reports from France and Germany, the region’s two largest economies indicate unresolved economic weakness, but the market interpreted this data as a sign of prolonged accommodation from the European Central Bank (ECB).

Technically, strength begets strength and such is the case with this market as the SP-500 now boasts @ 54% of its components trading above the 20-day M.A. vs. 27% last week. The scenario for the 50-day M.A. is similar with @ 45% trading above this key moving average vs. merely 33% last week. The breadth of stocks trading above longer term moving averages, such as the 100-day or 200-day, has not changed drastically as the primary trend for stocks has suffered little damage during the recent correction.

 

Daily Performance Summary

Index LAST Net Chg % Chg
S&P 500 Index 1955.18 +8.46 +0.43%
Nasdaq Composite 4453.00 +18.87 +0.43%
Nasdaq 100 3969.11 +19.91 +0.50%
Russell 2000 1143.34 +1.56 +0.14%
CBOE Volatility Index 12.42 -0.48 -3.72%
10-Year Treasury Note 2.40 -0.01 -0.41%
US Dollar Index (Sept-2014) 81.57 -0.03 -0.04%
Gold (Dec-2014) 1315.70 +1.20 +0.09%
Crude Oil (Sept-2014) 95.58 -2.01 -2.06%
U.S. Real Estate Index 285.34 +0.15 +0.05%
U.S. Home Construction Index 461.87 +9.12 +2.01%

 

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