Our Market Comments as of September 23rd, 2014 US equity markets started the trading week in negative territory. Selling #momentum was stronger on the US mid caps and Technological sector, with momentum stocks losing ground and pulling lower thee broader market. The Nasdaq Composite lost -1.14% on the day, with names such as #Amazon, #Netflix, #Alibaba Group and #Yahoo Inc losing about -4% on average. On the other hand Apple Inc held loses after i Phone 6 sales have exceeded 10m phones in their first week of trading! The S&P500 lost - 0.80% on the day, falling again below the 2000 support. The Dow Jones held a bit better closing lower only 0.62%, with large caps getting some positive flows in as a defensive tactic from potential corrections. On the #macroeconomic front we saw existing home sales drop -1.8% for the month of August vs July which disappointed investors given the housing seasonality. This put more pressure on house builders and the mid cap Russell 2000. Overnight Chinese PMI data eased some concerns which Chinese HSBC Manufacturing touch better at 50.5 which saw an excuse to buy back AUDUSD shorts, but the detail wasnt stunning in the PMI release. European markets are expected to be under pressure this morning ahead of important PMI data.
Posted on: Tue, 23 Sep 2014 12:03:52 +0000
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