Jamie Lissette's Tumblr

Trader on 3 different funds. Moderator of The Hammerstone Institutional Forum available on Bloomberg, Pivot and Thomson / Eikon. Heavy on Sentiment, News and Momentum. Lighter on fundamentals.

[jamielissettehammerstone]

It was another strong showing for equity averages...

...lifting back above key technical levels, as Greek PM Alexis Tsipras gave in to European demands for immediate action to receive up to EU86B euros of aid he needs to keep his country in the euro area. The news, coupled with another rally overnight in Asia (China 2% gain, 3rd day in a row of gains), several M&A reported deals over the weekend (details below), and general market upside momentum, lifted stocks globally ahead of earnings this week (big tech/banks this week), and the Fed (Chair Yellen holds semi-annual monetary policy meeting with Senate/House this week).

Gainers today include high beta sectors Internet (NFLX, AMZN, FB all reached 52-week highs), Biotech (led early) and Financials (optimism ahead of earnings this week), while defensive Utilities, Telecom names lagged. Markets rallied overnight, extended gains after the open, and held all day. Equities rallied 1.2% Friday, the best showing since early May 8, but is 1.7% below its record set in May. Today also marked the fifth straight day the Dow Industrials have moved 200 points (either direction).

HammerstoneReport Closing ReCap -7/13/15

[jamielissettehammerstone]

U.S. equities gapped on the open for a third day...

...but managed to hold its gains this time (pushing higher into the close), with major averages narrowing its weekly loss to a minimal amount. Another rebound in China overnight, and hopes Greece will remain in the euro after providing new economic proposals to Euro leaders, helped propel gains this afternoon. China and Greece have dominated headlines all week, but attention should shift to quarterly earnings and the Fed (Yellen testifies to Senate/House next week in semi-annual monetary policy statements) next week. Gains today were broad based on Wall Street, with materials/industrials getting a lift on China, Financials higher on rising.

HammerstoneReport Closing ReCap - 7/10/15

[jamielissettehammerstone]

Monday brought more volatility for equity markets...

...highlighted by a 7% drop in oil prices, a Greek “no” referendum vote on Sunday rejecting austerity demands from creditors, and Asian markets posting wild swings again overnight (where 4-6% moves have been the norm of late). The S&P 500 index failed at its 150 day moving average for a 3rd day, while energy stocks dropped on the oil weakness, and financials slid on lower rates (bonds jumped). Commodities with an all-out rout, outside of the defensive/safe haven gold, with large declines across the board. All this ahead of earnings season starting later this week!

HammerstoneReport Closing ReCap -7/6/15

[jamielissettehammerstone]

Low volume, no major news, volatility at lows...

…so equity markets naturally push to new all-time record highs, as the S&P traded above its April 27th intraday high level of 2,125.92, while the Dow touched an intraday high of 18,324.04, surpassing its previous record set in early March (18,288.63).

The Fed “punchbowl” appears to be firmly in place as recent data points show the U.S. economy is not rebounding strongly enough for the Federal Reserve to raise interest rates before September. Leading markets higher today were financials (on rising rates), as well Dow component AAPL (after Icahn with more + comments), and Healthcare (amid another t/o in the sector and as Biotech bounce continues). Lesson learned again today, “never short a dull market”, as volumes were down, breadth was weak, but markets rally. Market complacency astounding, gold prices up about $50 from last week, bonds fall, dollar rises. Healthcare, Telecom and Financials led, while Materials and Staples lagged.

HammerstoneReport Closing ReCap -5/18/15

[jamielissettehammerstone]

One of the quietest days of the year on Wall Street...

...trading in narrow range throughout the day, as markets feel tired, but manage to hold at record levels, despite three negative economic data prints today. U.S. stocks were little changed Friday, pausing a day after the S&P 500 index closed at a record high. The NASDAQ actually ended lower for third straight week, but major averages held small gains. The S&P 500 traded in its narrowest intraday range (0.33%) since Christmas Eve, according to Bespoke; bonds end strong, with yields going out at lowest level of the week; the dollar falls for 5th straight week, and gold rises for a 2nd.

Stock movers were in retail (on several earnings this week – mostly disappointing), while stocks leverages to a move in interest rates remained active (financials, utilities, telco). The S&P 500 cruised to an all-time high Thursday, gaining 1.1% to 2121.10. It was the index's seventh record close in 2015. Transports outperformed today after weakness mid-week (falling 1% back to back day).

HammerstoneReport Closing ReCap 5/15/15

[jamielissettehammerstone]

U.S. stocks pulled back Monday...

...after stalling earlier near all-time highs, just a day after rallying the most in two months on Friday after jobs data. Federal Reserve Bank of San Francisco President John Williams reiterated today that policy makers could raise rates at any meeting, depending on economic data. Renewed strength in global bond yields were partially attributed for the late day slide, as German bunds and other euro-region sovereign debt declined as China cut interest rates (3rd time in 6-months). The next major market catalyst, tomorrow’s Greece deadline to repay the IMF $837M, while earnings in the retail space grab headlines as well.

HammerstoneReport Closing ReCap -5/11/15

[jamielissettehammerstone]

Up, up and away…

...as all day, media reports called the April nonfarm payrolls report “Goldilocks”, leading markets to best levels of the week, as numbers were good/solid for economy (223k added jobs, 7-year low unemployment rate), but not good enough to push expectations for the Fed to raise rates anytime in near future (revisions for jobs were to the downside/average earnings missed views).

The report created a “risk on” mentality, as the more than 1% gain was broad based, helped amid a pullback in global bond yields. Major indices trade back above key technical/psychological levels early (and held). The move higher takes all three major averages positive for week and back above psychological levels (Dow 18K, S&P 2,100, Nasdaq 5K).

Hammerstone Report Closing ReCap 5/8/15

[jamielissettehammerstone]

U.S. stocks rose moderately...

...with the S&P 500 trading above its previous closing record (and up 40 points earlier from its Thursday low print), posting its best two-day gain since the beginning of February. The news today has been relatively quiet, with only a few data points in the U.S., though manufacturing data overseas was mixed (China weak/Euro better). Data in the U.S. was in-line with expectations (Factory Orders). Bonds fell, yields rise, and commodities were mixed.

HammerstoneReport Closing ReCap-5/4/15

[jamielissettehammerstone]

U.S. equities recovered some of its prior day losses...

...as the Dow Industrials trade back above 18,000 level (touched low 17,774.89 yesterday), the S&P 500 back above 2,100 (2,077.59 low yesterday), and Nasdaq back around 5,000 (4,921.55 low yesterday). The Nasdaq snapped its 4-dau losing streak as well today, led by good gains in Semiconductors (+2.8%) and Biotech (+2.7%).

Stocks rallied Friday, but still ended the week lower, after a heavy dose of mostly weaker economic data (GDP highlight disappointment), a Fed meeting (which kept door open that any meeting going forward would be a “live” meeting for interest rate hike possibility, and a busy week of corporate earnings (included more misses than makes in revs/guidance).

HammerstoneReport Closing ReCap -5/1/15

[jamielissettehammerstone]

Markets end lower...

It looked initially that equities were set to extend record closing levels reached Friday for the S&P 500 and Nasdaq as major averages jumped early ahead of AAPL earnings tonight and ahead of the Fed 2-day meeting (Tues/Wed).

The S&P Small Cap 600 Index rose nearly 1% to new intraday record highs, while the S&P and NASDAQ also climbed (note NASDAQ historic intraday highs of 5,132.52 was back on March 10, 2000…traded highs of 5,119.82 earlier today before failing). But major averages pulled back from highs ahead of what could be a potentially big catalyst driven week (two central bank meetings FOMC/BoJ, as well as the busiest week of earnings this quarter), as oil prices declined.

HammerstoneReport Closing ReCap 4/27/15

[jamielissettehammerstone]

Major averages add to recent gains...

...but the tech heavy NASDAQ posts another record close after setting new levels yesterday, helped by earnings from giants MSFT, AMZN and GOOGL (while AAPL reports on Monday). S&P 500 index rises to new all-time closing highs (prior closing all-time high was 2,117.39 on March 2nd of this year).

Still no fear in the market as the VIX at new 2015 lows (12.16 low), and no volume to speak off in markets today…strange times with markets holding at all-time highs despite what has been a very lackluster earnings season so far (more than 40% complete)…there just remain no other place to park your money other than equities.

HammerstoneReport Closing ReCap 4/24/15

[jamielissettehammerstone]

It was a day to forget on Wall Street...

...as major averages posted their biggest one day declines in over a month, with all 10 S&P sectors to the downside. Volatility increased today, with the VIX Index rising over 10% to 14.11 level (off 2015 lows yesterday). Dow Industrials down 357 points at session low.

HammerstoneReport Closing ReCap- 4/17/15

[jamielissettehammerstone]

Equities give up early gains (a familiar theme the past two weeks)...

...with major averages at or holding around key levels, ahead of a heavy dose of financial and technology earnings this week (JNJ, JPM, WFC, CSX, INTC tomorrow). The Russell 2000 Index posted a fresh all-time high early, before paring gains, while major averages pullback to key levels (DJIA around 18K, S&P 500 around 2,100, and the Nasdaq Composite dips below the 5,000 level after trading above early). Foreign markets closed strong, as emerging markets climb for an 11th day, and both Hang Seng and Shanghai markets surge further, despite weak import/export data out of China.

HammerstoneReport Closing ReCap-4/13/15

[jamielissettehammerstone]

Equity markets end higher, erasing what was a negative picture overnight...

...as futures were broadly lower (Dow futures fell more than 100 points overnight), led by energy shares. The old “bad news is good news” was back for major averages again today, as the weaker jobs data on Friday was seen more as a reason to keep “loose” monetary policy in place longer for the U.S. (helping market sentiment) then a negative for the economy.

In addition, investors received more “dovish” commentary from NY Fed President Dudley, while an in-line ISM services report was perceived as positive (guess good news is also good news). Crude oil prices weighed on transports, but lifted energy stocks (which pushed major averages higher), while lower bond yields kept financial gains in check. Note S&P futures touched a low of 2,044 at about 8:00 AM this morning, but up more than 30 handles from that level.

Hammerstone Report Closing ReCap - 4/6/15

[jamielissettehammerstone]

Equities gapped up globally...

...holding gains throughout the sessions in the U.S., Asia and Europe, as more Central bank easing expectations/commentary, and M&A news (several deals announced today, all in Healthcare sector), were enough to propel stocks broadly higher.

The S&P 500 Index, coming into today, had gone 28 sessions without back to back gains (that streak broke today), while the Dow Industrials traded back above the 18,000 level midday and posted its first back-to-back daily gains Feb 24/25th.

HammerstoneReport Closing ReCap-3/30/15

[jamielissettehammerstone]

Equities snapped its four day losing streak...

...managing a small gain on very light volume, though the Nasdaq jumped late day on a WSJ report that INTC in talks to buy rival semi maker ALTR http://goo.gl/nEyDrP, lifting battered semi stocks. Equities have fallen the last few days after the latest bout of softer data pointed to a potential U.S. slowdown, slowing earnings in the S&P, and as Federal Reserve members continue to suggest a rate hike will occur this year (despite the bond/equity market telling us otherwise). 

Volatility continues in the currency, commodity (oil) and bond markets as well. Earlier this morning, data was in-line with forecasts, with GDP for quarter at 2.2%, but potentially more onerous, corporate profits fell in Q4 and posted the first annual decline since the middle of the last recession. European stocks finished higher Friday, but the region’s key benchmark saw its lengthy string of weekly wins come to an end; Germany’s DAX logs first weekly loss in 2 months.

HammerstoneReport Closing ReCap-3/27/15

[jamielissettehammerstone]

Major averages dropped into the close...

...as the S&P 500 and Dow Industrials gave up earlier gains, while the Nasdaq Composite snapped its 5-day winning streak, ending narrowly lower as Biotech stocks dropped. Transports were among top losers on the day, as rails declined on weaker forecast from KSU, while airlines suffered as oil prices jumped (DJ transports drop more than 1.5%); Defensive Telecom (low yields helping) & Staples (helped by weaker dollar). Markets overseas were mixed with more gains in Asia, but Europe was mixed. The main driver remains Central Banks, as they continue to provide all out QE to stimulate their economy/weaken their currencies (or at least in the U.S., don’t raise rates despite at record lows of 6-years despite an economic improvement), which has lifted global stock markets.

HammerstoneReport Closing ReCap -3/23/15