EoD gains mask intraday swing

Index & Sector performance 9/17/14

The Market:

Early in the session the markets were quiet as traders awaited the FOMC statement and speculated if the wording of the statement would be changed.  The answer was that not much changed and specifically the Fed continues to state that they will keep key interest rates near zero for a “considerable time”.  The initial reaction to the release was a sharp decline but buyers quickly stepped in and the S&P 500 recovered and then rallied to fresh highs on the day before finishing the session back where it started.

The leading sector on the WSC Scoreboard was the Transportation (IYT) which finished the session 0.87% higher and at a new 52 week closing high.  Helping the IYT was FedEx (FDX) which gained over 3% after beating both earnings and revenue expectations.  The laggard on the session we mentioned Monday as a name to watch for potential trades, Energy (XLE).  Tuesday the XLE performed well along with the broad market however there still could be additional upside in the XLE and we would be watching to see how the move from Monday’s lows to Tuesday’s highs consolidates.  In addition to the XLE, we would also watch the United States Oil ETF (USO) for potential long trades.

More Economic data on tap tomorrow with Building Permits, Unemployment Claims, Fed Chair Janet Yellen speaking, and Philly Fed Manufacturing Index numbers.  Oh, and Scotland is voting on its Independence if you were not aware.

Economic Calendar week of 9/15/14

Reporting EPS 9/18/14 Pre-Market:

Companies reporting EPS 9/18/14 pre-market

Analyst Comments:

Upgrades 9/17/14

Downgrades 9/17/14

Initiations 9/17/14

Price Target Changes 9/17/14