From MarketWatch
S&P 500 smashes targets, but that doesn't mean stocks have more steam
By Barbara Kollmeyer
Published: Feb 18, 2015
Limping to the finish line, the S&P 500 closed above 2,100 for the first time ever on Tuesday, delivering year-end target goals to Goldman Sachs, Credit Suisse and Barclays nearly 11 months early. Deutsche Bank’s 2,150 target is not far off, then we start digging into the 2,200 ballpark. What say ye, marksmen?
Those S&P 500 gains weren’t much, and were based on the mere whiff of a rumor linked to one of the craziest eurozone-crisis episodes in recent history. See It Market’s Andrew Nyquist points out that if the S&P 500 closes out the month at current prices, it would mark the biggest percent gain for the month of February since 1998.
He also points out that the index is just 4% up on its September 2014 highs, and for five months, that gain’s not such a huge deal. Last year, the market bottomed around Feb. 3 and ended up more than 4% for the month — which Nyquist says raises the question of how much steam is left this month. Crunching a few numbers, he points to 2,124 and 2,163 as the next resistance levels in this new 2,100-plus territory. More on his thoughts here.
Some scolding from Jones Tradings’s Michael O’Rourke, who calls the “lack of respect for risk is astounding,” with S&P 500 highs coming as a Greek exit from the euro looks more real than ever. And investors keep upping the value of U.S. earnings amid multiple expansion. That comes just as markets are beginning to wake up to a Fed “policy-normalization process mid-year,” he says.
The perennial question: What’s the big money doing? It’s 13F time and fourth-quarter holdings are on the radar, though of course that’s a look back. Late last week, we saw David Tepper’s Appaloosa Management slash the value of equity holdings 40% in that period. But then Daniel Loeb’s Third Point boosted stock holdings. And filings also show Soros has cut back on U.S. stocks. At least late last year.
Scroll down to The Buzz for a completely rundown which stocks the big money was getting in and out of.
If you’re truly bored of Greece, then today’s the day to get your Fed fix, with minutes coming up. And eager beavers will be listening up to see if the Fed is done with being “patient,” especially after Philly Fed’s Plosser was quoted on Bloomberg as saying the central bank is “really close” with regards to a rate rise.
Read more from MarketWatch >>
S&P 500 smashes targets, but that doesn't mean stocks have more steam
By Barbara Kollmeyer
Published: Feb 18, 2015
Limping to the finish line, the S&P 500 closed above 2,100 for the first time ever on Tuesday, delivering year-end target goals to Goldman Sachs, Credit Suisse and Barclays nearly 11 months early. Deutsche Bank’s 2,150 target is not far off, then we start digging into the 2,200 ballpark. What say ye, marksmen?
Those S&P 500 gains weren’t much, and were based on the mere whiff of a rumor linked to one of the craziest eurozone-crisis episodes in recent history. See It Market’s Andrew Nyquist points out that if the S&P 500 closes out the month at current prices, it would mark the biggest percent gain for the month of February since 1998.
He also points out that the index is just 4% up on its September 2014 highs, and for five months, that gain’s not such a huge deal. Last year, the market bottomed around Feb. 3 and ended up more than 4% for the month — which Nyquist says raises the question of how much steam is left this month. Crunching a few numbers, he points to 2,124 and 2,163 as the next resistance levels in this new 2,100-plus territory. More on his thoughts here.
Some scolding from Jones Tradings’s Michael O’Rourke, who calls the “lack of respect for risk is astounding,” with S&P 500 highs coming as a Greek exit from the euro looks more real than ever. And investors keep upping the value of U.S. earnings amid multiple expansion. That comes just as markets are beginning to wake up to a Fed “policy-normalization process mid-year,” he says.
The perennial question: What’s the big money doing? It’s 13F time and fourth-quarter holdings are on the radar, though of course that’s a look back. Late last week, we saw David Tepper’s Appaloosa Management slash the value of equity holdings 40% in that period. But then Daniel Loeb’s Third Point boosted stock holdings. And filings also show Soros has cut back on U.S. stocks. At least late last year.
Scroll down to The Buzz for a completely rundown which stocks the big money was getting in and out of.
If you’re truly bored of Greece, then today’s the day to get your Fed fix, with minutes coming up. And eager beavers will be listening up to see if the Fed is done with being “patient,” especially after Philly Fed’s Plosser was quoted on Bloomberg as saying the central bank is “really close” with regards to a rate rise.
Read more from MarketWatch >>
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