Monday, April 28, 2014

Back In The Saddle

Back from vacation and time to get back into it.  Interestingly, last week the S&P 500 began the week at 1864 and ended the week at 1863.  So despite a lot of big moves the market was basically flat overall for the week.

This morning markets are rallying and trying to reverse Friday's selloff.  In economic news, pending home sales for March rose 3.4%, above estimates.

In M&A news, Forest Labs (FRX) has agreed to buy Furiex Pharma (FURX) for $1.1 billion, and Pfizer (PFE) has submitted a merger proposal to Astra Zeneca (AZN).

Earnings reports continue this week, and a handful reported this morning.

Stocks rising on earnings: L, CRI, ROP, GLW, TEN, ECL, MCY

Stocks falling on earnings: NOV, LH, MSTR

Asian markets ended lower.  Japan saw its retail sales spike 11.0% in March, but the strength is a result of consumers stepping up ahead of the sales tax increase that hit April 1.

European markets are higher across the board.  Italy's consumer confidence rose to 105.4 from 101.9.  There is talk about more sanctions against Russia, but so far the market is shrugging off these concerns.

Oil prices are higher to $100.80 while gold prices are a bit softer and down near $1294.00.

The 10-year yield is higher to 2.70% and the VIX is down slightly near the 14.0 level.

Trading comment: The market continues to trade mixed with the S&P 500 above its 50-day average but the other indexes (Nazz, mid- and small-cap) trading below their respective 50-days.  This speaks to the risk aversion in the market and the continue of the rotation out of high growth stocks and into more value-oriented stocks.  Most corrections end when the selling creeps into the value stocks as well.  So we continue to watch for that.  The alternative scenario would be for growth stocks to complete their corrections and start to trade higher again.  This would be a bullish outcome and likely a signal of a renewed uptrend.  But we are not there yet.

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