New week, same old problems

Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 16th of July.

As we start this new trading week, we still have a myriad of problems that haven’t gone away. This morning, Citi Bank announced their earnings for the second quarter. Earnings exceeded expectations, but fell short on revenue.

Technically, the banks are locked in a broad trading range and we are at the upper levels of that range at the moment.

Disappointing retail sales this morning underscore the still fragile psyche of the American consumer. Consumers continue to struggle with the uncertainty of the upcoming elections. At the same time, the world economy continues to muddle through fiscal austerity that is going to infect Europe and the markets for sometime to come.

TODAY’S MARKET MOVING SECTORS and STOCKS:
Percentage changes in stocks are relative to the S&P 500
CONSUMER GOODS: -0.59% Biggest Loser MJN -3.34%
SERVICES: -0.28% Biggest Loser LOW -2.80%
HEALTHCARE: -0.21% Biggest Loser ALGN -4.13%
ENERGY: -0.32% Biggest Loser LUFK -1.98%
TECHNOLOGY: -0.53% Biggest Loser SWKS -3.60%
FINANCIAL: -0.15% Biggest Loser JPM -2.02%
INDUSTRIAL GOODS: -1.07% Biggest Loser GDI -9.46%
BASIC MATERIALS: -0.85% Biggest Loser ANR -10.08%
UTILITIES: -0.32% Biggest Loser HTM -10.02%

Now, let’s analyze the major markets and stocks on the move using MarketClub’s Trade Triangle Technology.