Tech & Small Cap lead, S&P new highs

Index & Sector performance 5/27/14

The Market:

After a lull in Economic releases last week and a Holiday Monday, today started with a slew of Economic data which posted better than expected results for Durable Goods orders, Home Price Index, and Flash Services PMI.  The S&P which was already trading slightly higher preceded to rally into the early morning before seeing a midday dip followed by an end of day rally that took the S&P500 futures back to and slightly above the earlier highs.

Tomorrow we get a break from Economic news but Thursday will be another big day with Preliminary GDP, Unemployment Claims, and Pending Home Sales all out by 10am ET.

Another new high for the S&P 500 today but not for any of the other indices.  The Dow is very close but has not yet confirmed the new highs made by the S&P 500 and Transportation index.  The NASDAQ, helped by Apple (AAPL), has gained back significant ground after underperforming since March and is approaching new high territory while the Russell 2000 lead the way today but overall is still the laggard for the year.

The leading sector on the WSC Scoreboard was the financials and inside the financials the biggest gainers were Moody’s (MCO) closing up 3.95% and at a new all-time closing high followed by Bank of America (BAC) which closed up 3.36% and also worth noting is American Express (AXP) finishing up 2.94%.

BAC may have put in a trade-able bottom against the 5/16/14 lows of $14.37 but we would be looking for a pullback or consolidation for a better entry.

Economic Calendar week of 5/26/14

Reporting EPS 5/28/14 Pre-Market:

Companies reporting EPS 5/28/14 pre-market

Analyst Comments:

Upgrades 5/27/14

Downgrades 5/27/14

Initiations 5/27/14

Price Target Changes 5/27/14