Markets Hold Higher Despite Mixed Data

U.S stocks saw mixed results today after mixed macro data, as the Dow dropped just slightly and lagged behind the the S&P and the Nasdaq, which gained 1.6 and 13.95 points respectively. The New York Fed’s manufacturing index fell into negative territory in August for the first time since last October on declining order flow and increased costs. However, the the CPI for July was unchanged month over month, and industrial output rose 0.6%. Capacity use also increased for the month, as did the National Association of Home Builders’ housing market confidence index.

In corporate news, Staples (SPLS) fell 15% after the retailer lowered its full-year outlook following poor quarterly results. Deere also fell after reducing full-year estimates, losing over 6% and citing weakness in international markets. On the other end of the spectrum, ANF rose nearly 10% after better than expected earnings and an increased share buyback program helped to offset poor sales results. Cisco also reported solid earnings after the close and hiked the dividend 75% to 14 cents a share.

All in all, the bears couldn’t seem to sustain the downward momentum from yesterday despite muted action in Apple (AAPL) and Google (GOOG), as the SPY managed to close above $140. Stocks like Amazon (AMZN) and Priceline (PCLN) and big retailers like Target (TGT), Home Depot (HD), and Walmart (WMT) helped to lead the push higher and buoy stocks. If we continue to hold these higher levels, the bears could start to feel some pain.

Disclosure: Scott Redler is long AAPL, AMZN, LNKD, POT, GE, and LEN and short SPY

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About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

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