March 19, 2024

S&P follows crude lower yet again

Index & Sector performance 12/15/14

The Market:

Crude oil started to rebound in Sunday’s overnight session and helped the major indices start the day with a gap higher but the optimism was short lived.  Oil quickly started to lose ground after the open and reached fresh 52 week lows by noon taking the S&P with it.  Both indices found a midday bottom but only the S&P was able to close above those lows.

We are interested to see if there is follow-through on the downside tomorrow in the S&P and if so we suggest traders remaining open to the possibility of a gap down and reversal as the market is approaching some oversold levels.

In individual indices, Energy (XLE) continued to lose ground but Financials (XLF) were just behind finishing down 0.91%.  Outperforming on the day was Retail (XRT) and Trasportation (IYT) which were the only two sectors on the WSC Scoreboard to close higher.  Helping the Retail space was PetSmart (PETM) being acquired by BC Partners finishing the session up 4.25%.  Also having a strong session was Dick’s Sporting Goods (DKS) which closed up 3.17%

Traders will be watching the FOMC statement this week as there has been a lot of focus on whether or not the Fed will change some of the language.

 

Economic Calendar week of 12/15/14

 

Reporting EPS 12/16/14 Pre-Market:

Companies reporting EPS 12/16/14 pre-market


Analyst Comments:

Upgrades 12/15/14

Downgrades 12/15/14

Initiations 12/15/14

Price Target Changes 12/15/14

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