Closing Market Commentary For 07-15-2014
The session low occurred just about the midday commentary publishing and proceeded to melt upwards where the DOW was flat, but in the green while all of the averages were -0.20% or lower. Volume levels remain in the low zone for most of the afternoon with occasional bursts of green from the BTFDers.
By 4 pm the markets closed without any fanfare, just closed!
Stocks were down for various reasons today, but one most talked about is Yellen’s speech this morning.
US stocks down as investors assess earnings, Yellen remarks; Goldman, JPMorgan higher
Major stock indexes fell in midday trading Tuesday, giving back modest gains from earlier in the day. Investors weighed a mix of corporate earnings, government data and the latest comments from Federal Reserve on the economy.
A string of solid job gains has raised the possibility that the Fed could raise its key short-term interest rate sooner than previously anticipated. KEEPING SCORE: The Standard & Poor’s 500 index fell nine points, or 0.5 percent, to 1,967 as of 12:05 p.m. Eastern Time.
The Dow Jones industrial average slipped 33 points, or 0.2 percent, to 17,021. The Nasdaq composite slid 44 points, or 1 percent, to 4,395. YELLEN SPEAKS: Yellen told Congress that the Fed intends to keep providing significant support to the U.S. economy to boost growth and improve labor market conditions, noting that the economic recovery is not yet complete.
The medium term indicators are leaning towards the hold side at the close. The all important signs of reversal, up or down, have not been observed so we are mostly, at best, neutral and conservatively holding. The important DMA’s, volume and a host of other studies have not turned and that is not enough for me to start shorting. The SP500MACD has turned down, but remains above zero at 11.73. I would advise caution in taking any position during this uncertain period.
