STTG Market Recap Jan 13, 2015 – Stock Trading To Go

STTG Market Recap Jan 13, 2015 – Stock Trading To Go

Watch tonight’s video market recap on my Ticker.tv channel, Mark333.

Another day of selling an up open hit the market Tuesday.  Yesterday we had a premarket push and that was sold off within minutes at the open.  Today we had an even larger premarket rally and a big push up to begin the day, but sellers came in again mid day and by mid afternoon indexes were negative.   In the end the S&P 500 fell 0.26% and the NASDAQ 0.07%.   Worries about the commodity market and possible German interference with “more free money!” from the European Central Bank seemed to be today’s culprits.

The S&P 500 came down to test our lower blue dotted trend line which connects recent lows of past fall/this winter.  Bulls do not want to see that broken, nor to break the lows earlier in January at 1992.   The NASDAQ is in a similar place.

The NYSE McClellan Oscillator remains negative; until we see a sustained positive # it remains correct to be cautious.

Copper was a story today – this is an important commodity; it is called “Doctor Copper” because it is generally viewed as a tell on the global economy.  Much like oil it has been selling off the past few months, and now in the near past has accelerated to the downside and was down severely today.  So we  see US Treasury yields dropping, oil falling off a cliff, and now copper being crushed.  These are usually things that happen when the global economy is sinking.

GoPro (GPRO) was a big loser today as Apple (AAPL) filed a patent for a new digital camera system operated by remote.  Anytime Apple does something that even remotely could be competition investors tend to sell and ask questions later.  The stock is now down 50% from its highs in early October.

Tesla Motors (TSLA) was fine during the day but Elon Musk said at the Detroit Auto show that sales in China contracted last quarter, and the stock is down nearly 7% in after hours to the $190 range.  That’s a new 6 month low.

The problem, according to Musk, is perception: Potential Chinese customers don’t think China’s charging network is sufficiently built-out to ensure that the cars can cover significant distances. He said that perception has been dealt with.

KB Homes (KBH) warned that margins would be pressured and the stock was struck down badly.  As we talk about in today’s video recap this stock had diverged from the rest of the group which actually has been acting pretty well – but KBH had not been making new highs so if you are a cynic who believes “information leaks”, someone(s) knew something.

On the positive side – hey what else, biotechnology.  Celgene (CELG) rallied after a bullish presentation at a JPMorgan conference.

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STTG Market Recap Jan 13, 2015 – Stock Trading To Go

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