STTG Market Recap November 12, 2014 – Stock Trading To Go

It sounds repetitive but Wednesday was yet another day with some morning pressure which led to dip buyers showing up later in the session; this is what you want to see in a bull market.  The S&P 500 fell 0.07% while the NASDAQ gained 0.31%.  There has been very little news in the U.S. this week but European indexes were weak today which led to the morning selling in the U.S.  Bank of England Governor Mark Carney unveiled lower U.K. growth and inflation forecasts as officials adjusted to account for “moribund” global expansion and stagnation in Europe.

Here are the longer term charts for the indexes.  Yesterday we said the NASDAQ popped its head out of a week and a half consolidation pattern; that continued today.

The NYSE McClellan Oscillator has now pulled back from its extreme overbought conditions a bit.

Oil continues to be very weak, not only below its main downtrend line (upper purple line) but now has spent a month below this accelerated downtrend line.

Much like the NASDAQ itself, Apple (AAPL) has been consolidating a big gain for the past 2 weeks and today it popped out of it.

The utilities sector took a hit as the U.S. and China reached an accord on carbon reductions to curb climate change- here is the chart for the sector ETF (XLU).

Macy’s (M) gained after the department-store chain posted third-quarter earnings that beat estimates, while its revenue missed. The company also cut is full-year guidance.

JM Smucker (SJM) dropped after the seller of peanut butter to coffee and pickles cut its forecast for adjusted earnings in its current fiscal year.

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STTG Market Recap November 12, 2014 – Stock Trading To Go