TODAY’S MARKET: Fearful of Fed Despite Economic Windfall

Stocks were higher Thursday, but curiously, not by much considering the astounding economic calendar. The day was full of economic news, and each and every tidbit of it was tasty. However, there’s one thing holding back the rally that should have ensued; it’s the fact that Janet Yellen is speaking tomorrow at the Kansas City Fed’s Jackson Hole Symposium. The market is concerned that she could discuss the recently strong economic data flow, and spur concern about a faster Fed rate of action against potential inflation. Though, she will almost certainly also note geopolitical concerns, which would serve stocks.

For more discussion on the day’s action, please see The Mighty Economy Feeds the Ghost Traders Fear Most.

U.S. Markets

Market ETF	08-21-14 Intra
SPDR S&P 500 (NYSE: SPY)	+0.3%
SPDR Dow Jones (NYSE: DIA)	+0.4%
PowerShares (Nasdaq: QQQ)	+0.1%
SPDR Gold Shares (NYSE: GLD)	-1.3%
iShares US Real Estate (NYSE: IYR)	+0.1%
United States Oil (NYSE: USO)	+1.0%
PowerShares DB US$  Bullish (NYSE: UUP)	-0.1%
PIMCO Total Return ETF (NYSE: BOND)	+0.1%

Make no mistake about it; despite the caution I see in stocks today, the S&P 500 has marked a new historical high. It is meaningful, therefore, nonetheless.

International Markets

EUROPE	%	ASIA/PACIFIC	%
Vanguard FTSE Europe (NYSE: VGK)	+0.6%	Precidian MAXIS Nikkei (NYSE: NKY)	+0.6%
iShares MSCI UK (NYSE: EWU)	+0.0%	SPDR S&P China (NYSE: GXC)	-1.2%
iShares MSCI France (NYSE: EWQ)	+1.3%	iShares Asia 50 (NYSE: AIA)	-1.1%
iShares MSCI Germany (NYSE: EWG)	+0.8%	iShares MSCI S. Korea (NYSE: EWY)	-1.3%
Global X FTSE Greece (NYSE: GREK)	+1.4%	iPath MSCI India (NYSE: INP)	+0.1%

No Russian tanks rolling and another day to forget about the ever present risk, so stocks rose in Europe. Plus, ECB Chief Draghi speaks at Jackson Hole tomorrow along with Yellen, and he is more likely to show dovishness.

Economic Data

THURSDAY’S ECONOMIC REPORTS
Economic Data Point	Prior	Exp.	Actual
Leading Economic Indicators	+0.6% (R)	+0.6%	+0.9%
PMI Manufacturing Index (Flash)	56.3		58.0
Weekly Jobless Claims	312K (R)	300K	298K
EIA Natural Gas Report	+78 bcf		+88 bcf
Existing Home Sales	5.03 M (R)	5.00 M	5.15 M
Philly Fed Index	23.9	20.0	28.0
NABE Studies Crisis in Ukraine Impact

 -‘R’ signifies revision

From the critical Leading Economic Indicators (LEI) result through the rest of the economic data slate today, the news was really good. All of the latest results beat expectations and showed improvement versus the prior year, and the gain in the LEI was astounding considering it matched against a revised higher prior figure. Plus, the latest housing news simply built upon the slew of good news on the sector this week. But Real Estate Investors have a Brief Window of Opportunity now.

Commodity Markets

United States Oil (NYSE: USO)	+1.0%
iPath SP Crude Oil (NYSE: OIL)	+1.0%
U.S. Natural Gas (NYSE: UNG)	+1.0%
U.S. Gasoline (NYSE: UGA)	+0.6%
SPDR Gold Trust (NYSE: GLD)	-1.3%
Market Vectors Gold Miners (NYSE: GDX)	-2.6%
iShares Silver Trust (NYSE: SLV)	-0.3%
iPath DJ UBS Industrial Metals (NYSE: JJM)	-0.1%
Teucrium Corn ETF (NYSE: CORN)	+0.2%
Teucrium Wheat Fund (NYSE: WEAT)	+0.1%
Teucrium Soybean Fund (NYSE: SOYB)	+0.2%
iPath DJ-UBS Cocoa (NYSE: NIB)	-0.7%
iPath DJ-UBS Sugar (NYSE: SGG)	+1.8%
ICE Orange Juice Conc.	+0.1%
CME Lumber	-0.0%
CME Live Cattle	+0.2%

With the dollar weakening today, economy booming, and ISIS killing Americans, the energy sector rebounded significantly. Gold is down because Vladimir Putin is nowhere to be found, but don’t count him out just yet. Let’s just shuffle Russia risk to the side for now, as Putin is weighing his options, if not planning the demise of global civility.

EPS REPORTS
Company	Ticker
THURSDAY
58.com	Nasdaq: WUBA
Accuray	Nasdaq: ARAY
Aeropostale	NYSE: ARO
Aviat Networks	Nasdaq: AVNW
Bon-Ton Stores	Nasdaq: BONT
Brocade Communications	Nasdaq: BRCD
Buckle	NYSE: BKE
Cato Corp.	Nasdaq: CATO
Children’s Place	Nasdaq: PLCE
Cyberonics	Nasdaq: CYBX
Dollar Tree	Nasdaq: DLTR
Doral Financial	NYSE: DRL
Eros International	Nasdaq: EROS
Fresh Market	NYSE: TFM
GameStop	NYSE: GME
Gap	NYSE: GPS
Hormel Foods	NYSE: HRL
Intuit	Nasdaq: INTU
Kirkland’s	Nasdaq: KIRK
Lancaster Colony	Nasdaq: LANC
Lantronix	Nasdaq: LTRX
LSI Industries	Nasdaq: LYTS
Marvell Technology	Nasdaq: MRVL
Mentor Graphics	Nasdaq: MENT
Navios Maritime	NYSE: NM
New York & Co.	NYSE: NWY
Nordson	Nasdaq: NDSN
Patterson Cos.	Nasdaq: PDCO
Perry Ellis	Nasdaq: PERY
Ross Stores	Nasdaq: ROSS
Salesforce.com	NYSE: CRM
ScanSource	Nasdaq: SCSC
Sears	Nasdaq: SHLD
Stage Stores	NYSE: SSI
Stein Mart	Nasdaq: SMRT
Toro	NYSE: TTC
Trans World Entertainment	Nasdaq: TWMC
Tuesday Morning	Nasdaq: TUES

The corporate wire had a big enough group of names reporting, with a highlight on another quarter of cash burning at Sears (Nasdaq: SHLD). I’m currently working on an important stock report covering a company that reported this week, so you’ll want to join my email list at the blog to hear about it when it’s published.

TODAY’S MOST ACTIVE STOCKS
BIGGEST GAINERS	% Gain
Heart Biologics (Nasdaq: HTBX)	+39%
Digital Ally (Nasdaq: DGLY)	+33%
China Finance Online (Nasdaq: JRJC)	+27%
EveryWare (Nasdaq: EVRY)	+22%
Andatee China Marine Fuel Svcs. (Nasdaq: AMCF)	+16%
America’s Car-Mart (Nasdaq: CRMT)	+16%
GeoMet (Nasdaq: GMETP)	+16%
CBD Energy (Nasdaq: CBDE)	+14%
Advaxis (Nasdaq: ADXS)	+15%
e-Future Information Technologies	+14%
BIGGEST LOSERS	% Drop
Kindred Biosciences (NYSE: KIN)	-27%
Ampio Pharmaceuticals (Nasdaq: AMPE)	-23%
Boston Private Financial (Nasdaq: BPFHW)	-17%
Tofutti Brands (NYSE: TOF)	-14%
Cytori Therapeutics (Nasdaq: CYTX)	-10%
T2 Biosystems (Nasdaq: TTOO)	-11%
Autohome (Nasdaq: ATHM)	-8%
Pointer Telocation (Nasdaq: PNTR)	-10%
58.com (Nasdaq: WUBA)	-9%
IFM Investments (NYSE: CTC)	-8%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.