Sept 10th 2014 – Stocks Rise, With Tech Sector Leading Gains

Market View:

I think today was a day for the bottom feeders, looking for a good place to buy the dip.  This plateau continues as we yoyo up and down searching for direction.  My gut still says we go higher from here, but only time will tell.

There was no major breaking news that was driving this move back up, just an attempt to catch the next wave up early in my opinion.

On another note, this will be my last blog post till next week as I am going on my annual expedition into Algonquin National Park where I get to pretend to be Grizzly Adams in the wilderness…loved those movies as a kid!  Should I survive the bears I will write to you all again on Tuesday.

Market News:

U.S. stocks rose on Wednesday, rebounding after the S&P 500’s largest decline in a month, with social-media shares helping lift the technology sector and as investors pondered when the Federal Reserve would start hiking interest rates.

Twitter rallied after UBS advised buying its shares; Facebook and LinkedIn also rose after UBS also raised its price targets on the social-media companies.

The decline in the cost of crude and a rise in consumer confidence bodes well for retail sales, analysts say.

Apple rose, a day after the provider of consumer technology unveiled a smartwatch and payment gadgets.

The central bank is measuring the progress of the recovery as it readies to conclude its bond purchases and considers raising rates. The Fed begins its next two-day policy session in a week.

The government on Wednesday reported wholesale inventories rose 0.1 percent in July, versus expectations for 0.5 percent.

Ahead of Wednesday’s open, the Mortgage Bankers Association reported home-mortgage applications declined last week as interest rates rose.

Thursday:

Earnings: Kroger, Lululemon Athletica, Ulta Salon

8:30 a.m.: Unemployment claims

10:30 a.m.: Natural gas inventories

1:00 p.m.: 30-year bond auction

2:00 p.m.: Treasury budget

News Sources:  CNN Money & CNBC