Another flat session overall

Index & Sector performance 7/24/14

The Market:

Another relatively flat session across the broad major indices as earnings continue to drive most individual stock movements. The NASDAQ (QQQ) and S&P 500 (SPY) have both managed to breakout to new 52 week highs this week and hold those breakouts so far but the S&P 500 Equal Weight index (RSP) and Dow (DIA) have yet to follow.  The Russell 2000 (IWM) is up on the week but far from new 52 week highs and also seems vulnerable to fill the downside gap left from Tuesday.

Speaking of the IWM, we noted in the 7/17/14 Nightcap that the IWM was reaching very oversold short term conditions and traders should look for long opportunities.  As a further thought for anyone who decided to go long, we would be actively managing longs in the IWM and would use below $114.30 as an aggressive stop and below $113.50 as a less aggressive short term trading stop.

In Economic data, Unemployment Claims came in better than expected posting a 284K when 310K was expected but New Home Sales greatly disappointed not only missing this month’s number but last month’s was revised lower.  Not much on schedule for tomorrow but Core Durables is worth noting.

Economic Calendar week of 7/21/14

Reporting EPS 7/25/14 Pre-Market:

Companies reporting EPS 7/25/14 pre-market

Analyst Comments:

Upgrades 7/24/14

Downgrades 7/24/14

Initiations 7/24/14

Price Target Changes 7/24/14