Aug 27th 2014 – Stocks Little Moved As S&P 500 Ends Above 2,000 Again

Market View:

I was actually hoping that we would see a little selling today, without a little selling after such a run up, it makes me nervous for a market one day shock drop.

If the market lets off a little steam, it creates opportunities for others to buy the dip and would allow it to see another big rally up away from the 2000 mark.  I would like to see the shorts get squeezed here, but as it stands with a sideways move, we are in no man’s land.  So it will be up to data reports and what is left of earnings and any M&A news to drive the markets higher.

Hopefully without any geopolitical noise too!

Market News:

U.S. stocks ended little moved on Wednesday as Wall Street caught its breath, with the S&P 500 closing at a record just above 2,000 for a second consecutive session.

Finishing at a record just above the 2,000 milestone for a second day, the S&P 500 added a fraction to 2,000.12, with utilities the best performing of its 10 major sectors.

The Nasdaq declined 1.02 point to 4,569.62.

Traders tracked events in Ukraine, with the U.S. State Department saying Russia had sent additional tanks and armored vehicles into Ukraine in what the Obama administration believes is a new military counter offensive.

Thursday

Earnings: Dollar General, Splunk, Abercrombie and Fitch, Toronto Dominion, Pall Corp, Signet, Canadian Imperial Bank

8:30 a.m.: Initial claims

8:30 a.m.: Q2 GDP (second reading)

10:00 a.m.: Pending home sales

11:00 a.m.: Kansas City Fed survey

1:00 p.m.: $29 7-year note auction

News Sources:  CNN Money & CNBC