STTG Market Recap Feb 4, 2015 – Stock Trading To Go
Wednesday’s sessions was volatile marked by a sharp spike down in the closing moments of the day as news broke that the European Central Bank revoked a waiver that allowed banks to use Greek government debt as collateral for loans. The decision will force Greek lenders, who since 2010 had been able to access funds from the ECB against junk-rated collateral, to apply for funding from their national central bank at less-advantageous rates. The S&P 500 fell 0.42% and the NASDAQ 0.23%.
In economic news the ISM non-manufacturing Index posted 56.7 for January, a slight increase from December as economic activity in the services sector grew for the 60th consecutive month. Any reading over 50 is a sign of expansion. Keep in mind we have the January employment figures out Friday.
Both the indexes “failed” near a key resistance area – but it’s not life or death; that often happens on the first attempt.
The NYSE McClellan Oscillator is in the green once again – staying above zero will make bulls breathe easier.
Oil fell back sharply so we’ll see if this breakout of a few days lasts or not. A complete reversal back to the mid $40s would be a very bad sign. Weekly inventory data showed crude stockpiles at their highest levels since at least 1982.
Disney (DIS) jumped to a new high following a blowout earnings report after the bell Tuesday.
Whirlpool (WHR) jumped after also topping projections. Great chart!
Merck (MRK) fell after saying 2015 adjusted earnings and sales will be below analyst estimates.
Original article –
STTG Market Recap Feb 4, 2015 – Stock Trading To Go
