March 19, 2024

Financials lead strong session

Index & Sector performance 9/18/14

The Market:

Fairly broad rally across all the WSC Scoreboard indices.  Interesting that the Guggenheim equal weight S&P 500 index (RSP) noticeably underperformed the S&P 500 (SPY) showing that the rally was not as much broad based and instead focused in the higher weighted industries & stocks.

In individual sectors it was the Financials (XLF) that led all sectors on the WSC Scoreboard finishing the session up 0.98%.  As would be expected the rally was broad throughout the components but highlighted by Citigroup (C) and Prudential (PRU) which finished the session up 2.42% and 2.35% respectively. On 8/21/14 in the nightly wrap we noted that both Bank of America (BAC) and C looked poised for higher levels and that the 8/21 lows should not be breached if they are indeed heading higher.  If traders took a position using the 8/21 lows as a stop then we would strongly consider taking profits on some shares and moving stops up on the remainder to the 9/5/14 lows ($15.90) for BAC and and the 9/9/14 lows ($51.12)  for C.

The notable laggards were the Utilities (XLU) and Energy (XLE) which closed down 0.72% and 0.52% respectively.

Today was another big Economic data day with Building permits, Housing Starts, and Philly Fed Manufacturing coming in lower than expected while Unemployment Claims solidly beat posting a 280K number when we had estimates around 312K.

 

Economic Calendar week of 9/15/14


Analyst Comments:

Upgrades 9/18/14

Downgrades 9/18/14

Initiations 9/18/14

Price Target Changes 9/18/14

Comments are closed.