Courtesy of Blain.
Reminder: This will be the last week of nightly recaps as we move to a weekly (Sunday night) format, and roll out monthly reviews of other financial websites across the interwebs.
Indexes gapped up modestly at the open, and held some of those gains into the close in yet another very non volatile day! The S&P 500 added 0.20% while the NASDAQ rallied 0.30%. The S&P posted its 32nd straight session without a greater than 1% move on a closing basis. Raymond James’ Jeff Saut said “the past 30 days have been the least volatile in over two decades.”
“What we’re seeing since Brexit, … is a relentless underlying strength in the market,” said Adam Sarhan, CEO at Sarhan Capital. “The market refuses to fall.” (No zombies for you!)
New home sales for July unexpectedly surged, reaching their highest level in almost nine years.
Same old same old for the 2 major indexes but the Russell 2000 has been showing some nice life.
The NYSE McClellan Oscillator has tried repeatedly to get over 0 of late but just can’t pull it off.
Best Buy (BBY) shares soared after beating expectations on both earnings and revenue.
Toll Brothers (TOL) jumped 9% as the home builder reported a 58% rise in third-quarter profit.
Pretty nasty reversal in Twilio (TWLO) today as it tried to break upward and instead closed near a low. Still holding the 10 day moving average but it’s one to watch if it fails to break upward again.
Acacia Communications (ACIA) had a similar bad day so it’s interesting to see these two IPO darlings suffer like this on the same day.
