This down day came with volume

Index & Sector performance 7/8/14

The Market:

*** Administrative Note: Due to traveling, this will be the last update for the week. ***

A second straight day lower for all 4 broad market indices on the WSC Scoreboard but setting today apart from other recent down days was a noticeable pick-up in volume.  Leading the charge to the downside was the NASDAQ (QQQ) and Russell 2000 (IWM) both finishing 1.2% lower.

We remain cautious on the overall broad market and as noted in last night’s report are watching the IWM closely.  Its failure to lead and make new highs with the other indices is a concern for a prolonged bull move.

In individual sectors, the Utilities (XLU) finished up 0.70% but as we noted last night after finishing the day higher, we currently view the XLU as suspect and believe the pattern calls for more downside.  In the meantime we will be using the decline to watch Exelon (EXC) and Entergy (ETR) for trading opportunities as was highlighted in a previous report.  Again very similar to yesterday, the largest loser in the individual sectors was the Retailers (XRT) which finished down 1.08%.

The main piece of Economic data tomorrow is the release of the FOMC minutes at 2pm ET.

Economic Calendar week of 7/7/14

Reporting EPS 7/9/14 Pre-Market:

Companies reporting EPS 7/9/14 pre-market

Analyst Comments:

Upgrades 7/8/14

Downgrades 7/8/14

Initiations 7/8/14

Price Target Changes 7/8/14