Views From The Hill: August-13-2013

Posted on Posted in Views From The Hill

Stock Market Commentary

I suppose we should not look a gift horse in the mouth nor a relief rally with pathetic volume for that matter. All of the major equity indexes (see below) made new three-day highs and are showing reversal signs from negative momentum. With not much positive economic news or other events to drive the market, the bears are resting while bulls are beginning to kick up some dust and challenge some of the stock markets 52 week highs.  As mentioned yesterday, the trends for equities remains upward and the most recent downward move is proving to have been only a correction in a overbought bull market.

Keep Hillbent for The Market Direction…

 


Daily Market Performance

Index LAST Net Chg % Chg
SP-500 1,946.72 12.97 0.67%
DJ-30 Industrials 16,651.80 91.26 0.55%
Nasdaq Composite 4,434.13 44.88 1.02%
Nasdaq-100 3,949.20 43.98 1.13%
Russell-2000 1,141.78 8.75 0.77%
CBOE Volatility 12.90 -1.23 -8.70%
10-Year Treasury Note 2.41 -0.03 -1.23%
US Dollar Index 81.66 0.10 0.13%
Gold 1,312.80 4.00 0.31%
Crude Oil 97.59 0.22 0.23%
U.S. Real Estate Index 285.19 3.26 1.16%
U.S. Home Construction Index 452.75 1.88 0.42%

 


Bullish Events

 Economy

Bearish Events

Economy
  • Manufacturing: Industrial Production for June-2014 in the European Union declined monthly by -0.3% vs. forecasts @ 0.4% and prior month @ -1.1%. On an annual basis, it remained unchanged @ 0.0% vs. forecasts @ 0.1% and previous year @ 0.5%.
MBA Purchase Applications Prior Actual
Composite Index – W/W Change 1.6 % -2.7 %
Purchase Index – W/W Change -1.0 % -1.0 %
Refinance Index – W/W Change 4.0 % -4.0 %

 

  • Consumer: Retail Sales for July-2014 were failed to meet consensus estimates for the 2nd consecutive month and contracted to 0.2% (unrevised) vs. prior month @ 0.5% (revised).
Release Date Actual (Revisions Updated) Forecast
08/13/14 0.00% 0.20%
07/15/14 0.20% 0.6% 
06/12/14 0.50% 0.6% 
05/13/14 0.50% 0.4% 
04/14/14 1.50% 0.8% 

 


Neutral Events

Economy
  • Business Conditions: Business Inventories for June-2014 matched consensus estimates @ 0.4% vs. prior month @ 0.5%.
  • Energy: The EIA status for the week of August-8-2014 reported a 1.4mm bbl increase in crude oil inventories and that refineries are operating at 91.6% capacity, which is still relatively high.
EIA Petroleum Status Prior Wkly Chg Actual Wkly Chg
Crude oil inventories -1.8 M barrels 1.4 M barrels
Gasoline -4.4 M barrels -1.2 M barrels
Distillates -1.8 M barrels -2.4 M barrels

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