The 5-day winning streak ended today and here's why…

Did You Know?

People rely on Alphabet (aka Google) so much, in 2013 their services went down for 5 minutes and global internet traffic dropped by 40%.

(SOURCE: http://www.businessinsider.com/google-interesting-facts-2015-3?op=1)


Market Recap


Market Recap for Tuesday, March 8th, 2016

Tuesday, March 1st 2016 - Rockwell TradingTraders were in selling today.

By the end of the session all of the major indices were lower, and the S&P’s 5-day win streak had come to an end.

There were 3 reasons for today’s drop:

  1. China – In overnight trading, weak trade data (declining imports and exports) weighed heavy on global markets. A sell off overnight meant a lower open for the major indices.
  2. Crude Oil – Lower oil prices put pressure on stocks. In the morning, the correlation between stocks and oil correlation was very strong. In fact, the major indices almost mimicked the move lower in Crude Oil during the first 2 hours of the day.
  3. What goes up, must come down – Yesterday the S&P was up over 10% after making lows on February 11th. The run-up has been nice, but markets don’t go up forever and we were due for a retracement.

But it wasn’t all downhill today. Despite strong moves lower in the morning, the major indices did make an attempt higher in the afternoon. And at one point the NASDAQ actually turned positive. But stocks ultimately retreated to end the day near session lows.

Here’s where the major indices ended the day:

  • The S&P finished with a 1.1% loss. Down 23 points, the S&P ended at 1,979.
  • The DOW ended 0.6% lower. Dropping 110 points, the DOW closed at 16,964.
  • The NASDAQ decreased by 1.3%. With a 59 point loss, the NASDAQ finished at 4,649.

Crude Oil (CL) finished with a 3.7% decline at $36.49 a barrel and put pressure on stocks.

Its been a quiet week for the economic calendar, and there isn’t a whole lot to look forward to tomorrow. The only major report worth noting tomorrow is Crude Oil Inventories at 10:30am ET.


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This Week’s Economic Calendar


This Week’s Economic Calendar

Real Time Economic Calendar provided by Investing.com.

Have a great trading week!



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