March 19, 2024

Low volume give back after 3 solid days

Index & Sector performance 10/22/14

The Market:

Today marked a give back after 3 solid days of gains.  The leader to the downside was the index that we have been watching closely for the past few weeks, the Russell 2000 (IWM).  The IWM’s underperformance throughout the year was a warning just as its outperformance near the recent bottom.  The IWM has put in work to find a bottom and start to move off the lows of last week but it is not our of the woods yet in our opinion.  First step is remaining above $107 and then the lows of last week, otherwise Longs could be facing some frustrating action in the IWM.

The leading sector in today’s action was Utilities (XLU) which finished the session up 0.62%.  The XLU was a sector we highlighted as outperforming during the recent market decline and now the XLU is the leading sector on the WSC Scoreboard in terms of year-to-date gains and is very close to fresh 52 week highs.  Also closing higher was Consumer Staples (XLP) up 0.22%.

Leading the way lower was Transportation (ITY), Energy (XLE), and Industrials (XLI) finishing 1.88%, 1.85%, and 1.31% down respectively.

A reminder to all traders.  The EPS lists keep getting bigger so please make sure you are checking when the stocks you own or trade report and plan accordingly.

 

Economic Calendar week of 10/20/14

 

Reporting EPS 10/23/14 Pre-Market:

Below is a screen shot of most of the list and a full list can be accessed HERE.

Companies reporting EPS 10/23/14


Analyst Comments:

Upgrades 10/22/14

Downgrades 10/22/14

Initiations 10/22/14

Price Target Changes 10/22/14

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