Quick Recap of Monday’s Session:
Stocks finished mostly flat on Monday in a quiet session of trading. Major indices started the day lower following the speculation and subsequent denial (from the ECB) that the ECB would consider setting target interest rates for bond purchases. Stocks sold off throughout the morning before rallying back roughly an hour after the open. Trading was choppy throughout the day, as neither the bulls nor the bears could gain any ground for the majority of the session. Major indices closed at roughly break even prices, with Midcaps underperforming.
S&P 500 0.00%, NASDAQ -0.01%, DJIA -0.03%, Midcaps -0.37%.
Looking Ahead to Tuesday:
- Overnight we get Public Sector Net Borrowing from the U.K.
- Before the bell here in the U.S. we get some retail data in the ICSC-Goldman Chain Store Sales and Redbook Chain Store Sales releases.
- Monday was fairly quiet, and Tuesday doesn’t look to be much different. With a lack of further speculation surrounding Fed easing and ECB / Euro policy decision as well as very little in the way of economic data (not to mention traders still seem to be on their August vacations), Tuesday could be a snoozer. Stocks remain overbought in the short-term, though the bears missed a perfectly good opportunity on Monday to pull back a bit. We’ll be watching the action tomorrow to see if the bulls can capitalize and push stocks up towards the highs of 2012.
S&P 500 - Intraday
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S&P 500 - Last 12 Months
Don't fight the tape --- the trend is slowly up to 1475 by year end. WHY? 2%+ economic growth Housing rebound Auto Sales Rebound $ starting to come out of bonds Positive Cyclic Trends Lazio Birinyi remains bullish Most investors bearish --- a good contrarian indicator