Courtesy of Doug Short. Some earnings optimism triggered a modest market surge at the open, with Citigroup’s beat grabbing the headlines (C would go on to close with a 3% gain for the day). The S&P 500 rose half a percent at the opening bell and then spent the rest of the day in a tiny trading range, closing with a 0.48% advance.

There was no economic news today, so earnings took the spotlight. But the situation changes tomorrow, with June Retail Sales as a potential market mover. Economists are expecting a month-over-month increase around 0.6%, up from 0.3% in May.

The yield on the 10-year note ended the day at 2.55%, 2 bps above the previous close. It is now 11 bps above its interim closing low of May 28th.

Here is a chart of the last five sessions. The index is up 6.97% year-to-date and 0.42% below its record close on July 3rd.

Based on trading volume, market participation was extremely light. The SPY ETF’s volume was 36% below its 50-day moving average.

For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.

- Phil

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Philip R. Davis is a founder of Phil's Stock World (www.philstockworld.com), a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders. Mr. Davis is a serial entrepreneur, having founded software company Accu-Title, a real estate title insurance software solution, and is also the President of the Delphi Consulting Corp., an M&A consulting firm that helps large and small companies obtain funding and close deals. He was also the founder of Accu-Search, a property data corporation that was sold to DataTrace in 2004 and Personality Plus, a precursor to eHarmony.com. Phil was a former editor of a UMass/Amherst humor magazine and it shows in his writing -- which is filled with colorful commentary along with very specific ideas on stock option purchases (Phil rarely holds actual stocks). Visit: Phil's Stock World (www.philstockworld.com)

© 2014 Copyright PhilStockWorld - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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