Market Commentary

Equities reversed most of the negative price damage incurred from last week. Meanwhile, commodities such as Gold and Crude Oil bounced upward from their extremely oversold positions. The Federal Reserve rate hike anticipated by many for the month of September is far from a “done deal” as Vice Chairman Fischer reminded the market today. Unlike equities, the bond market didn't buy this jawboning and rates ticked up despite dovish comments.

Market breadth for the SP-500 components was overwhelmingly positive with 427 advancers vs. 5 unchanged and 68 decliners. 182 of the benchmark index's stocks hit new 5 day highs vs. 17 new 5 day lows, in addition to 33 new 52-week highs and 5 new 52-week lows.

Stock price increases on surging volume

Precision Cast Parts (PCP) @ 230.92 (+19.10%) on 1100% volume surge

Sysco Corp (SYY) @ 37.59 ((+1.79%) on 226% volume surge

Genworth Financial (GNW) @ 5.47 (+13.49%) on 190% volume surge

Apache Corp (APA) @ 48.45 (+5.07%) on 175% volume surge

Time Warner Inc. (TWX) @ 82.17 (+2.53%) on 112% volume surge

Stock price declines on surging volume

Starbucks Corp (SBUX) @ 56.27 (-1.63%) on 51% volume surge

Edison Int'l (EIX) @ 59.54 (-2.41%) on 46% volume surge

Entergy Corp (ETR) @ 68.91 (-1.92%) on 39% volume surge

Monster Beverage (MNST) @ 144.73 (-2.98%) on 38% volume surge

 Market Summary

Index

Price

Change

SP-500 21.04.17 +26.60 / +1.28% Nasdaq-100 4573.11  +53.03 / +1.17% Russell-2k 1222.67 +15.77 / +1.31% VIX 12.23 -1.16 / -8.66% 10 Yr Tsy Note Rate 2.23 +0.06 / +2.76% 30 Yr Tsy Bond Rate 2.90 +0.08 / +2.84% US Dollar Index 97.15 -0.41 / -0.42% Gold 1104.20 +10.40 / +0.95% WTI Crude Oil 44.95 +1.08 / +2.46% DJ real estate Index 292.42 -0.31 / -0.11% DJ Homebuilders Index 582.64 +11.01 / + 1.93%