Russell clear winner in mixed start to week

Index & Sector performance 6/9/14

The Market:

All 4 major indices on the WSC Scoreboard started the week moving higher picking up where they left off last week including the small cap Russell 2000 which continued its recent outperformance.  The quick start soon came to an end when each index made a top around noon ET which was never again revisited in today’s trading.  While the Russell 2000 managed to finish respectfully higher for the day, the rest of the indices were flat to slightly down.

We noted in Friday’s  report last week that the S&P 500 closed outside of its Weekly (20, 2, -2) Bollinger Bands which has previously lead to counter trend moves for a few weeks to months.  While not a short signal itself and while the S&P 500 remains in a strong upward trend, it is certainly worth noting especially given some of the other overbought readings on the S&P 500 like the Daily RSI.

In individual sectors the Industrials (XLI) led overall followed by the Financials (XLF).  The biggest loser of the session was the Utilities (XLU) which is still the biggest gainer YTD up 12.69% but the Transportation index is not far behind up 11.78% YTD.

There were no scheduled economic data points today that we track and overall this is scheduled to be a light data week.

Economic Calendar week of 6/9/14

Reporting EPS 6/10/14 Pre-Market:

Companies reporting EPS 6/10/14 pre-market

Analyst Comments:

Upgrades 6/9/14

Downgrades 6/9/14

Initiations 6/9/14

Price Target Changes 6/9/14