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Thursday, March 28, 2024

STTG Market Recap Apr 15, 2015

Courtesy of Blain.

A solid day in U.S. markets as indexes gapped up and stayed solid all day.  The S&P 500 gained 0.51% and the NASDAQ 0.68%.  Stocks extended gains slightly following the Federal Reserve’s Beige Book noted improvements in residential real estate but reported overall moderate growth.

Some key earnings for Thursday – Citigroup, Goldman Sachs, American Express, Schlumberger, UnitedHealth, Philip Morris, Sherwin-Williams, PPG Industries.

Fun fact – Japan has passed China as the largest holder of U.S. government debt.

Japan overtook China as the top foreign holder of U.S. government debt for the first time since the global financial crisis amid signs of economic and policy shifts in Asia’s two largest economies.  Japan owned $1.2244 trillion of U.S. debt, compared with $1.2237 trillion for China as of February.  Japan’s holdings of Treasuries increased $13.6 billion from a year earlier, while China’s declined $49.2 billion.  Since December 2012, when Shinzo Abe was elected Japan’s Prime Minister on a platform of spurring inflation by weakening the yen, its U.S. government debt holdings have risen $113.2 billion compared with a $3.3 billion increase by China.

Here are the longer term charts for the indexes – the NASDAQ has been ok since it has popped out of this recent wedge.  The S&P 500 is now approaching its top trend line – that line (when punctured as a support) has led to corrections 6 times in the past year.  So getting over it is a nice respite.

spx

nasdaq

The Russell 2000 continues to be a leader – the lack of exposure to the dollar has led to a rotation here thru 2015.  Off to new highs.

rut

The NYSE McClellan Oscillator is in good shape – this is now a sustained period we have a reading over 0.

NYMO

Oil had a nice day as this breakout from mid March looks like it was finally a real one.  Inventory data in the U.S. was below expectation.  Though hitting a record level for a 14th consecutive week, U.S. crude inventories rose only 1.3 million barrels to 483.69 million, the smallest build since the week ending Jan. 2, the Energy Information Administration said on Wednesday.

wtic

Oil stocks were the stars of the day – you can see the ETFs for both the production (XOP) and services (OIH) run.

xop

oih

Netflix (NFLX) surged 11% to the $530 area in after hours after reporting earnings.   Can’t show you the price below because it is now “off the chart”.

Netflix said its video-streaming service topped 62 million subscribers worldwide, as original shows such as “House of Cards” drew new viewers globally.   U.S. subscribers jumped by 2.28 million in the first quarter, while international accounts rose 2.6 million, the company said. Both figures beat the company’s Jan. 20 forecast. Sales grew 24 percent to $1.57 billion, matching analysts’ projections.  The rise of the U.S. dollar trimmed sales and contributed to losses overseas, the company said.

nflx

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