March 19, 2024

Fed gains quickly given back

Index & Sector performance 10/9/14

The Market:

All the gains saw from yesterday’s Fed driven rally were taken back in today’s trading with the Dow (DIA) and S&P 500 (SPY) closing down nearly 2% while the Russell 2000 (IWM) lost 2.7%.  The NASDAQ (QQQ) was helped by Apple (APPL) which managed to post a small gain of 0.22% on the session but the QQQ’s still finsihed 1.62% lower.

Some big numbers put up across the sectors led by Energy (XLE) which finished down 3.67% and is now over 4% lower on the year.  The XLE underperforming is not new but the slope of this decline is surprising.  We think that shorter term traders should watch the XLE for a trade-able bounce but only for a trade and longer term investors will likely see lower levels before the downside completes.  Today’s best performer was the Consumer Staples (XLP) which managed to only lose 1% followed by the Utilities (XLU) down 1.63% and Technology (again helped by AAPL) down 1.66%.

 

 

Economic Calendar week of 10/6/14

 

Reporting EPS 10/10/14 Pre-Market:

Companies reporting EPS10/10/14 pre-market


Analyst Comments:

Upgrades 10/9/14

Downgrades 10/9/14

Initiations 10/9/14

Price Target Changes 10/9/14

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