June 17, 2019

Market Shrugs off initial gap down

Index & Sector performance 5/28/15

The Market:

Today started with a gap down but the major indices on the WSC Scoreboard were able to rally back to near flat on the session with the NASDAQ (QQQ) leading to the downside.  After two very volatile session, it appeared the market used today to take a breather.  FYI, tomorrow is the last trading day of the month.

Transportation (IYT) was the clear loser on the WSC Scoreboard as it finished nearly 1% lower on the session.  We generally do not look to catch falling knifes and YTD the IYT has not been a great place to be from the long side but if you were a more aggressive trader and wanted to search for a bottom in the sector we would watch Union Pacific (UNP) as a long candidate.  It is near a support region with positive divergence on the Daily (closing basis) and a very oversold position but we would prefer to see a better overall set-up or ideally a strong reversal day.

In Economic data today the Unemployment Claims missed expectations posting a 282K number which was about 10K over expectations while Pending Home Sales crushed expectations and slight revised the previous reading higher.


Economic Calendar week of 5/25/15


Reported EPS 5/28/15 After the Close:

Companies reporting EPS 5/28/15 after the close


Reporting EPS 5/29/15 Pre-Market:

Companies reporting EPS 5/28/15 pre-market

Analyst Comments:

Upgrades 5/28/15

Downgrades 5/28/15

Initiations 5/28/15

Price Target Changes 5/28/15

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