Jamie Lissette's Tumblr

...ending the week close to its lows, falling after a mixed jobs report weighed on sentiment (the report leaves many questions – causing uncertainty over whether the Federal Reserve will raise interest rates in two weeks). China was a non-factor the last two-days amid its holiday, though other emerging markets continue to unravel. All 10 S&P sectors were lower, led by weakness in Discretionary, Industrials, Healthcare, and Technology, while Financials fell the least. The Dow was down 348 points at session low in a week that saw big swings in stocks, and commodities (oil closed the week higher). The S&P 500 posted its sixth decline exceeding 1% in 12 days (prior to that there’d been 10 such declines since January).

...much different that 200-1000 point swings earlier this week amid China growth fears, in what was a very busy and hectic time week. There was certainly a lot of data/macro news over the past two weeks moving markets (U.S. economic data/stock market tantrum/impact of China yuan devaluation), and several opposing views from Fed members today ahead of the Jackson Hole summit this weekend…leaving question unanswered as to a rate hike possibility in September, or in December, or this year at all (or next).

With several important data points upcoming (Aug jobs data next Friday), it’s probably safe to say that no possibility is off the table. With that being said, today’s action was more of a wait and see approach ahead of the summit in Jackson Hole. The volatility index (VIX) closed up 2% at 26.71, down from high of 53 level on Monday.

...non-volatile day of trading, as investors continued to assess the pace of global growth after the China yuan devaluation shocker this week weighed on stocks, commodity and currency markets. The stock action today was relatively “tepid” in a week that has seen anything but type moves.

...as the S&P closed out with another losing week (falling 4 of 5 sessions), and now down for a 5th weekly drop in seven after taking out its 200 day moving average support level (2,073) – but major averages did pare losses into the close. The Dow Industrials slid for a seventh consecutive losing session (first time in 4-years), and has traded down over 1,000 points from record highs.

...giving up early gains (after initial weakness), as markets were on the fence of what economic data meant for Fed/economy. U.S. labor costs rose at the slowest pace in at least three decades in the spring, a sign of continued sluggish wage growth, which some speculated could weigh on the Federal Reserve's decision to raise short-term interest rates.

...slipping into the close, as major averages are trading at or near fresh all-time highs, adding on to last week’s gains amid high earnings expectations (and no fear in the market at all). Busy week of corporate results with over 450 companies reporting (IBM, highlights tonight’s releases), while the Nasdaq Composite paced the gains today (after the Nasdaq 100 surged 5.5% last week to 15-year highs). The gainers continue to be Technology, Healthcare Discretionary, Financials and Staples, while commodity based sectors Materials/Energy as well as defensive Utilities are lagging. The S&P 500 index advanced above its May 21st closing record midday.

...outperforming early after Google quarterly results were well received by Wall Street (shares were up 15%), only to pick up steam late day, pushing the Index above 5,200 for the first time ever, as Biotech stocks traded to fresh all-time highs and semiconductors bounced off the lows. Also lifting markets, positive economic data, with strong June Housing Starts/Building Permits (as Wall Street ignored a decline in monthly Consumer Confidence). Earnings this week have been similar to last quarter (earnings beating, but revs not so hot), but enough to keep pushing markets higher. Earnings kick into full gear next week with about 450 companies reporting earnings next week…AAPL, MSFT, CAT, AMZN, BA, AXP, IBM, HAL, MCD, LLY just a couple of headliners next week.

...as Greece default fears becoming a greater reality with a debt repayment to the IMF due tomorrow, and no deals reached with creditors over the weekend. Overnight lows for the S&P futures were 2,054 (about 45 points below Friday closing lows) and touched highs 2,083.25. Market weakness was broad based, with several other factors (China, Puerto Rico debt) also weighing on investor sentiment.

The move lower was led by Financials (banks), Materials and Discretionary, while defensive Utilities held. The move lower pushed the NASDAQ back under the 5,000 level, first time in 2-weeks (down 2.4%). The so called “fear” index, the CBOE volatility index (VIX) jumped as much as 34%, or over 4.50 above 18.50 (its highest levels since the beginning of February).

... with the Tech heavy NASDAQ led lower by weakness in the semiconductor sector after Micron (MU) posted a disappointing quarter/guidance that weighed on the sector, while the Dow Industrials posted a gain due to shares of Nike (NKE) after its earnings handily topped consensus. The NASDAQ was down as much as 1% at its worst levels. Bonds were also under pressure, with yields jumping near best levels of the year.

...on expectations that Greece and its lenders will reach a reform deal, potentially saving the country from default. European markets jumped over 3.8% on the prospect that key meetings will yield a solution to Greece’s debt crisis. Eurozone leaders met for an emergency summit in Brussels Monday today (plenty of headlines out – but no resolution yet). Given the optimism on Greece, M&A news, and better housing data, there were new records set intraday for the Nasdaq Composite, Nasdaq Biotech, Russell 2000, S&P SmallCap 600, and S&P Midcap 400. The S&P 500 index gained for a fourth day in five, with Energy, Financials, Health Care leading/Utilities, Materials lagging.

U.S. equity markets declined for a second session (though finished off the worst levels of the morning), dragged down by European market after talks between Greece and its international creditors broke up in failure over the weekend and Athens moved closer toward a debt default that threatens its future in the euro. Major U.S. averages were lower across the board (follows Friday when all 10-S&P sectors and all 30 Dow components closed negative), as the S&P traded back below key technical levels (100-day 2,088), the Dow Industrials moved back into negative territory for the year, and the NASDAQ trades around its 50 day MA of 5,023.

In sector news, positive moves in an overall down market from housing stocks (on SPF/RYL merger and better housing data), Internet security stocks (amid all recent hacks/breaches, with latest against US gov't) as CYBR, FEYE, PFPT all surge, and Healthcare/HMO stocks after Dow Jones reports of deal talk between CI/ANTM/AET/HUM all in mix. European stock closed lower after weekend debt talks between the Mediterranean nation and its creditors broke down. Most commodities declined, although gold was in positive territory.

...today marked the complete opposite of Wednesday’s action for major averages, as equities were down across the board, and all 30 Dow components and all 10 S&P sectors finished in negative territory. Equities started lower amid negative news out of Greece while better economic data (including a jump in inflation) again perked up expectations of a Fed hike sooner than later (though September seems to be the time frame…if at all).

It felt more today (on light volume) like some profit taking into the weekend after no agreements on Greece repayment. The S&P 500 has been battling with 50 day and 100 day the past few weeks .and dropped back below its 50 day moving average of (2,103) today but held above its 100 day (2,087). Decline today were led on Energy (oil falls), Healthcare, and Technology, while Discretionary and Staples fell the least.

...with trading quiet and lackluster, as summer doldrums kicking in well before the actual doldrums take place! Since quarterly earnings concluded a few weeks back, markets have become stagnant, trading in fairly narrow trading bands (DJIA holding around 18K, S&P 2,100 and Nasdaq 5K), as headlines have been comprised of economic data, Fed reactions, and Greece debt talk. It has been the same story day in day out with a few M&A stories keeping individual stocks/sectors active. The action in the commodity market grabbed attention early in the 1H, while the volatile moves in the bond and currency markets (more today) are the latest macro market drivers.

...a strong jobs number got things moving early, with another sell-off in bonds, while equities end mixed, as a better employment reading increases expectations of a potential rate hike this year from the Fed (beginning process to slow easy money benefits). Financials and Energy stocks were among the top gainers on the day (on rates and rising oil prices respectively), while interest rate sensitive sectors (Utilities, Telecom, REITs) were among leading laggards.

...ending slightly higher on the day after falling initially. Several moving parts for the major averages this week, which include Greece debt settlement deadlines ($302B IMF debt repayment due by Greece Friday), the OPEC meeting, and Nonfarm payroll jobs data (also on Friday). Major averages recover after the S&P 500 posted its biggest weekly loss in the last 6 weeks. The dollar jumped following better manufacturing, construction spending data this morning (followed mixed PMI readings out of China and the EuroZone overnight). The better data also lifts bond yields (sending bonds lower).

...trading mixed most of the session (NASDAQ holding at new all-time highs), as markets remain complacent holding at record levels. U.S. consumer prices rose for the third straight month in April, the latest sign inflation is stabilizing, while Fed Chair Yellen said today in a speech that the central bank is on track to raise interest rates sometime this year. Even with those two key factors, equities were little changed, as volume was anemic, and major averages traded in a fairly narrow trading range ahead of the Memorial Day Holiday weekend. The dollar surged, bonds slipped, and commodity prices were generally lower to end the week. Transports slipped again, led by weakness in airlines.

...recovering from lower levels earlier (it appeared the U.S. market rallied right as the European markets closed), and managed to finish the day higher; oil was mixed; dollar falls on profit taking; ECB meeting turned out to be a non-event; European markets closed on lows; Asia weaker; lot of volatility on the day; 6 new issues opened for trading today, and we get jobs data tomorrow.