QQQs lose 2% – now sit on 50 day SMA

Index & Sector performance 9/25/14

The Market:

Strong down session across the board which saw the NASDAQ (QQQ) lead the way lower finishing down over 2%.  QQQ was hurt by Apple (AAPL) which is reportedly facing consumer issue regarding its new iPhone6 and iOS but some media outlets also pointed to concerns over rates and Russia as causes for trader pessimism.

The Dow (DIA) and QQQ are now sitting on their 50 day SMA’s while the S&P 500 (SPY) lost its 50 as of today.  With one day left in the trading week it will be interesting to see how traders want to position into the weekend and if the indices can find support.

As would be expected, all the WSC Scoreboard sectors were lower today and all except one were down over 1%.  It was Utilities that proved to be the relative outperformer finishing the session down only 0.60%.  Consumer Discretionary (XLY) has trickled into negative territory YTD joining Retail (XRT).

Finishing out the week on the Economic calendar we have GDP numbers as well as University of Michigan Consumer Sentiment as noteworthy data.

Economic Calendar week of 9/22/14

Reporting EPS 9/26/14 Pre-Market:

Companies reporting EPS 9/26/14 pre-market

Analyst Comments:

Upgrades 9/25/14

Downgrades 9/25/14

Initiations 9/25/14

Price Target Changes 9/25/14