Market Recap For 29th July 2014 – Can the Fed push the S&P above 2,000 tomorrow?

By Markus Heitkoetter

Stocks started the day on a positive note, trading higher on positive earnings. But reports of new sanctions against Russia put a damper on the market, and stocks ended the day near session lows.

The S&P ended the day down 9 points. The DOW finished the day 70 points lower.

Today was the beginning of the 2 day FOMC meeting. The meeting will wrap up tomorrow with the highly anticipated FOMC Statement being released at 2pm ET.

Let’s see if the Fed can push the S&P above 2,000 tomorrow!

Verizon (VZ) traded higher after Windstream Holdings (WIN) announced that it plans to convert part of the business into a real estate investment trust. The move could potentially save on taxes while raising new debt. Speculation that other telecoms might be interested in trying the same strategy sent telecom stocks higher.

We had a Power Crossover Method Buy Signal on 15th July 2014 and traders using ADR exits had an opportunity to take profits at today’s open. With an ADR Profit Target at $52.35, the open at $53.19 was a nice bonus!

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