Low volume rally led by Russell 2K

Index & Sector performance 5/20/14

The Market:

An overall light volume day was led to the upside by the Russell 2000 followed by the NASDAQ 100.  In individual sectors, Utilities (XLU) led to the downside followed by the Consumer Staples (XLP) while the transportation index was the largest gainer with components Matson (MATX) and JetBlue (JBLU) up the most gaining 3.05% and 2.42% respectively.  MATX and JBLU both appear to be viable long trade candidates going forward.

This is an extremely quiet Economic data week with a lot of Fed speak.  Earnings will play a role for individual stocks so make sure you check when your holdings are reporting but earnings will not likely play a role for the overall market as the vast majority of big names have reported.

We will be watching for the rest of the week to see if the Russell 2000 and NASDAQ 100 can lead for more than one day at a time and if they can play catch-up to the S&P 500 and Dow or if this is just a low volume relief rally before more downside.

Economic Data week of 5/19/14

Reporting EPS 5/20/14 Pre-Market:

Companies reporting EPS 5/20/14 pre-market

Analyst Comments:

Upgrades 5/19/14

Downgrades 5/19/14

Initiations 5/19/14

Price Target Changes 5/19/14