March 19, 2024

Financial earnings remain focus for week

Index & Sector performance 7/14/14

The Market:

All four major indices on the WSC Scoreboard finished equally higher in today’s action.  We continue to be most interested in the Russell 2000 (IWM) and the fact that the Small Caps are not enjoying as solid of a year as the other major indices.  We ultimately believe for further gains the small caps need to be involved.

In individual sectors the WSC Scoreboard was led by Energy (XLE) which finished up 0.87%.  Also finishing higher on the WSC Scoreboard was the Financials (XLF) which saw Citigroup (C) beat earnings this morning and close 3.11% higher.  With multiple financial companies reporting earnings this week, including JP Morgan (JPM) and Goldman Sachs (GS) tomorrow, the XLF will remain a sector to watch.  Leading to the downside today was the Utilities (XLU) which finished 1.14% lower.  We noted being cautious on this sector and continue to feel more downside may be coming.  Remember the names we are watching on this decline for trading opportunities are Exelon (EXC) and Entergy (ETR) with EXC starting to reach support at oversold levels.

No Economic data reported today that we follow but this is a more full calendar than last week and includes testimony from Fed chair Janey Yellen.  Besides Mrs. Yellen’s testimony, PPI is a key data point to watch.

 

Economic Calendar week of 7/14/14

 

Reporting EPS 7/15/14 Pre-Market:

Companies reporting EPS 7/15/14 pre-market


Analyst Comments:

Upgrades 7/14/14

Downgrades 7/14/14

Initiations 7/14/14

Price Target Changes 7/14/14

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