T3’s Take 3: 30 Days of Nothing…


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1) 30-Day Grind

Today was the 30th straight day that the S&P 500 index failed to make a 1% move.

Year-to-date ahead of this stretch the S&P moved 1% about once every 3 days, so I’m not exaggerating when I say this is the most boring market I’ve ever seen.

The index finished down -0.2% at 2184, while the Russell 2000 and Nasdaq Composite did slightly better.

Deere (DE) and Foot Locker (FL) both rose sharply on their strong earnings reports, while biotech and oil service names fell.

2) Fed Follies!

On Wednesday, the Fed released the dovish-leaning Minutes from its July meeting.

But on Thursday, Fed officials Williams and Dudley both said rate hikes are on the table in the near-term, which has traders ratcheting up their rate hike expectations once again.

That sent bond and gold lower today, while regional banks (which benefit from higher rates) caught a small bid.

Next week, Fed Chair Janet Yellen will speak at an annual meeting of central bankers in Jackson Hole, Wyoming, and will likely give some more clues on the Fed’s near-term trajectory.

Given the Fed’s erratic nature this year, there is no telling what she’ll say, so be very careful if you’re placing bets!

3) Kurt Capra on SCTY

Today on T3 Live’s Virtual Trading Floor, my colleague Kurt Capra provided the following analysis on controversial solar stock Solar City (SCTY):

SolarCity (SCTY) has been showing weakness and an inability to bounce.

The daily chart is set up to break down:

Look for a move under the bottom of the range sometime next week.

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Monday’s Trading Calendar

US Economics (Time Zone: EDT)

08:30 Chicago Fed Nat Activity Index (Jul): prior 0.16

Global Economics

08:30 CAD Wholesale Sales m/m


Before Open:

None of significance

After Close:

NQ Mobile Inc (NQ)