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Equity Market Insight from Nasdaq MID - May 19, 2017 .

Nasdaq’s Market Intelligence Desk (MID) is designed to provide critical touch-points for timely trading analysis and market information.

Equity Market Insight from Nasdaq MID - May 19, 2017

Friday, May 19, 2017, 12:31 PM, EST
  • NASDAQ Composite +0.71% Dow +0.67% S&P 500 +0.81% Russell 2000 +0.63%
  • NASDAQ Advancers: 1408/ Decliners: 795
  • Today’s Volume (100day avg): +16.12%

U.S. stocks have bounced back, advancing for a second straight session after Wednesday’s selloff, which was the largest dip since last September. Despite the rebound, stocks are still on track to mark weekly losses. It is a relatively calm day in the markets today with almost nothing on the economic calendar to move the volatility needle.

  • More than 80% of the S&P 500 constituents are in the green today, helped by optimistic earnings and a bounce-like affect from Wednesday’s bloodbath. Autodesk is the best performer on the SPX, up ~17% after the company reported strong revenues that were supported by a surge in subscription growth. Also, John Deere (+7.5%) is mowing its way to an all-time this morning, as investors applaud the company’s 18th consecutive earnings beat. In small-cap news, LogMeIn is a top contributor for the Russell 2000, gaining 5% over the past 2 days after Elliot Management announced a new position in the software solution company.
  • Gold will post its first weekly gain in over month, higher by more than 2% since last Friday. Investors piled into the flight-to-safe trade on Wednesday when equities and global currencies were in flux. Call option buying in the GLD ETF has spiked this week, suggesting bullish sentiment. Along with the gains in Gold prices, the Bloomberg Commodity Index has benefitted from Crude Oil advances, as the price per barrel is on pace for its best week in 2017.

Technical Take:

Emerging Markets which have one of this year’s top performing groups were raddled yesterday after a political corruption scandal in Brazil saw its stock exchange decline as much as (10.7%) at its session lows. With the help of circuit breakers the Brazilian Index stabilized to finish the session down “just” (8.8%) and today it has recovered another 2.5%. Brazil is a top five contributor to the emerging markets ETF (EEM) with a 7.6% weighting. The EEM declined (1.6%) yesterday after a (1.7%) in the prior session, however today it has recovered 2% and for the week is off a modest (0.3%). Emerging economies are still recovering from a deep recession which concluded with the EEM declining nearly 40% over sixteen months ending January 2016. After three years in the red from 2013 – 2015, the EEM gained 8.8% in 2016 and YTD it is up a robust 17.3% which is equal to the red hot technology sector in the United States. This week’s pullback lows bottomed at the rising 50-day sma, now $39.84, which has been tested and proven to be reliable support on two other occasions in 2017.

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Nasdaq's Market Intelligence Desk (MID) Team includes:

Michael Sokoll, CFA is a Senior Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over 25 years of equity market experience. In this role, he manages a team of professionals responsible for providing NASDAQ-listed companies with real-time trading analysis and objective market information. 

Jeffrey LaRocque is a Director on the Market Intelligence Desk (MID) at Nasdaq, covering U.S. equities with over 10 years of experience having learned market structure while working on institutional trading desks and as a stock surveillance analyst. Jeff's diverse professional knowledge includes IPOs, Technical Analysis and Options Trading. 

Steven Brown is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over twenty years of experience in equities. With a focus on client retention he currently covers the Financial, Energy and Media sectors. 

Christopher Dearborn is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq. Chris has over two decades of equity market experience including floor and screen based trading, corporate access, IPOs and asset allocation. Chris is responsible for providing timely, accurate and objective market and trading-related information to Nasdaq-listed companies.

Annie O'Callaghan is Director on the Market Intelligence Desk (MID) at Nasdaq. Annie has worked for NASDAQ in a variety of roles including support of Nasdaq C-level management in client retention and customer service. Annie also served as a Sales Director in Nasdaq’s Transactions Services business. Prior to joining Nasdaq, Annie worked at AX Trading, managing accounts for its Alternative Trading System and served on Credit Suisse's trading desk as an Electronic & Algorithmic Sales Trading Analyst.

Brian Joyce, CMT has 16 years of trading desk experience. Prior to joining Nasdaq Brian executed equity orders and provided trading ideas to institutional clients. He also contributed technical analysis to a fundamental research offering. Brian focuses on helping Nasdaq’s Financial, Healthcare and Airline companies among others understand the trading in their stock. Brian is a Chartered Market Technician.

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MID Chart for May 19, 2017
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