STTG Market Recap Feb 10, 2015 – Stock Trading To Go
A solid day for the indexes as the market gapped up at the open and buyers filled in all day. The S&P 500 gained 1.07% and the NASDAQ 1.30%. Jens Weidmann, head of Germany’s Bundesbank, held to an austerity line and told Reuters on Tuesday that Greece needed to make a credible effort to recover itself with tighter public finances and economic reforms. Markets are more or less ignoring any real threat of Greece walking away from their deal with the EU / Germany.
If you are a Fed watcher as we all have been forced to become it looks increasingly like they are preparing markets for the first rate hike in many many years this summer.
The President of the Federal Reserve Bank of Richmond Jeffrey Lacker said Tuesday morning that June ‘looks like the attractive option’ for raising rates. In an exclusive interview with the Financial Times on Tuesday, the President of the Federal Reserve Bank of San Francisco, John Williams, said rate hikes are “closer and closer.”
The S&P 500 is now at the top trendline we have used for many months; let’s see if we can see this push through. The NASDAQ had a false breakout a few days back – let’s see if the second try has more authority.
The action in the Treasury market is looking better of late – we see ten year Treasury yields almost back to the 2% range.
Coca-Cola (KO) rallied after posting earnings of an adjusted 44 cents per share for the fourth quarter, two cents above estimates, with revenue above forecasts as well.
Apple (AAPL) is looking very strong and crossed the $700B market cap threshold.
Pfizer (PFE) continues its recent strong run.
Biotechs continue to be stars – here is a $3B market cap company that has had a fantastic 2015 already.
It was a rough day in the oil patch after a big move the past 7-8 days or so. We need to see some consolidation and then follow up to the upside in the coming 2 weeks to mark this reversal as more than a dead cat bounce.
Here are some earnings report of interest Wednesday as we get to the tail end of earnings season – PepsiCo, TimeWarner, AOL, Baidu, Cisco Systems, MetLife, Applied Materials, Tesla Motors, TripAdvisor, Whole Foods, and Panera Bread.
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STTG Market Recap Feb 10, 2015 – Stock Trading To Go
