3 7 2014
All of the indices were in the green yesterday morning while gold and oil were in the red. But then, just after midday, that all changed.
The markets weakened quickly giving up much of their gains, and gold and oil had a strong reversal to the upside. It seems that the Ukraine is unfortunately at the forefront.
The Crimea announced earlier in the day they would like to secede from the Ukraine and likely become part of Russia. The US and the EU started the rhetoric about Russian sanctions. And Russia isn’t backing down despite reports earlier in the week.
The DOW and S&P 500 managed to close in the green, but closed at the bottom of the day’s trading range (see S&P 500 1 Day Graph). The NASDAQ and Russell 2000 Small Cap indices both finished in the red.
Just the opposite happened with gold and oil at the same time (see Gold 1 Day Graph). Both began the day firmly in the red but finished firmly in the green.
The above mentioned reversals are telling me the markets are worried over the situation escalating. But there was no wholesale selling, just concern.
Up Volume was 64% on the NYSE but only 46% on the NASDAQ. Advancing issues were 56% and 52% respectively.
The markets still want to go higher and the midterm trend is still strong. The short term spoiler though is the situation mentions above.
The other driver of the markets today is the numerous jobs data being reported. We have the various payroll data as well as the Unemployment rate.
We have no companies reporting on the S&P 500. We have 20 stocks reporting in the broader markets. Some of the more notable companies are listed below.
Remember to tune into The Wall Street Shuffle Saturdays on 1190 AM at 10 a.m. in DFW. Tim Reazor will be joining me as my new co-host.
I hope you enjoy the show. If you have any investment questions you would like discussed on the air, just e-mail me a danny@thewallstreetshuffle.com and we will address your questions.
If you have any specific investment questions in which you would like personal advice, e-mail me at dstewart@old.noramassetmanagement.com and I will be happy to respond.
Dan Stewart CFA®
NorAm Asset Management
Economic Reports Today:
Trade Balance
Change in Nonfarm Payrolls
Two-Month Payroll Net Revisions
Change in Private Payrolls
Change in Manufacturing Payrolls
Unemployment Rate
Average Hourly Earnings
Average Weekly Hours All Employees
Underemployment Rate
Labor Force Participation Rate
Consumer Credit
Some Notable Earnings Reports Today:
Foot Locker (FL – before market)
Big Lots (BIG)
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