Very quiet start to the week

Index & Sector performance 7/7/14

The Market:

Today was a very quiet trading session which saw the market give back some of last week’s holiday gains.  Looking over the Economic Calendar, this is a light data week and while Alcoa (AA) will kick off earnings season tomorrow after the close it will still be a while before we are in the thick of earnings season.

We are watching the Russell 2000 (IWM) closely.  In good times you expect to see the Tech Stocks and Small caps lead.  While the NASDAQ (QQQ) has come back to do its part this year, the small caps still lag and was the largest loser in today’s session.  We believe it is also worth noting that the IWM has the look of a “double top” which would take a close through $121 to negate.

In individual sectors the WSC Scoreboard was mainly red with the Retail sector (XRT) leading the charge to the downside finishing 1.15% lower followed closely by the Transportation sector (IYT) down 1.05%.  Finishing higher on the day included Consumer Staples (XLP), Technology (XLK), and the leader to the upside Utilities (XLU) finishing up 0.49%.  If you recall, the XLU was a big loser in last week’s session and we believe there is likely further downside to come in the sector.

Economic Calendar week of 7/7/14

Reporting EPS 7/8/14 Pre-Market:

There are no earnings we are tracking for tomorrow pre-market but below is the stocks reporting EPS 7/8/14 after the close which includes Alcoa (AA).

Companies reporting EPS 7/8/14 after the close

Analyst Comments:

Upgrades 7/7/14

Downgrades 7/7/14

Initiations 7/7/14

Price Target Changes 7/7/14