Oil gets crushes while market dips
Posted by Admin on Monday, August 3, 2015
The Market:
A small down day which could have looked worse if not for a late day rally off the lows. Interesting to see the leaders to the downside were the Dow (DIA) and Russell 2000 (IWM). We were looking for the market to close just off the lows and then gap down tomorrow for a short-term long opportunity but today’s end of day rally has changed that set-up.
Overall we remain cautious on the broad market and believe the choppy trading of late will continue.
Energy (XLE) led to the downside, again, as crude oil continues to slide reaching as low as $45.08 in today’s trading. Retail (XRT) also had a tough session finishing down over 1% with index component Sears Holdings (SHLD) finishing down 9.84% after providing a disappointing Q2 update. As has been the case with other down days, Utilities (XLU) led to the upside followed by Transportation (IYT) and Consumer Staples (XLP).
A much fuller Economic calendar this week with Jobs data out Friday but until then we expect earnings to continue to be the main driver of action. Below are many names that reported tonight and are scheduled to report tomorrow but you can visit the site under the Events Calendar for even more.
Index & Sector performance 8/3/15
Economic Calendar week of 8/3/15
Reported EPS 8/3/15 After the Close:
Reporting EPS 8/3/15 after the close
Reporting EPS 8/4/15 Pre-Market:
Reporting EPS 8/4/15 pre-market
Analyst Comments:
Upgrades 8/3/15
Downgrades 8/3/15
Initiations 8/3/15
Price Target Changes 8/3/15
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