Market recovers after weak GDP

Index & Sector performance 6/25/14

The Market:

After a quiet overnight session, the S&P 500 futures spiked lower after the Government announced worse than expected GDP estimates for the first quarter of the year but, after the open, buyers stepped in and all four main indices from the WSC Scoreboard closed higher.

In individual sectors HeathCare (XLV) and Transportation (IYT) outperformed closing up 1.06% and 0.99% respectively.  The only sector closing lower on the WSC Scoreboard was Consumer Staples (XLP) finishing down 0.16%.  The leader in the XLV was Bristol-Myers Squibb (BMY) finishing up 2.96% after announcing positive Phase III trial results of its melanoma treatment.  BMY is an interesting set-up and it appears that traders can use the 6/5/14 lows of $46.30 to trade against but ideally would look for a pullback in BMY for a better entry.

The key economic data point we will be watching for tomorrow is the Unemployment Claims which is scheduled for release at 8:30 am ET.

Economic Calendar week of 6/23/14

Reporting EPS 6/26/14 Pre-Market:

Companies Reporting EPS 6/26/14 pre-market

Analyst Comments:

Upgrades 6/25/14

Downgrades 6/25/14

Initiations 6/25/14

Price Target Changes 6/25/14