Huge intraday rally as Volatility continues

The Market:

It is not uncommon when the S&P is down 25+ points intraday for their to be a rally but to see the index trade down over 30 points and then finish the session slightly up is surprising.  Even with the recent volatility, we remain within a range from, roughly, 2130 to 2050 in the S&P.  We are interested to see if the Bulls can build on today’s move off the low and gap higher tomorrow.  If not, we would not rule out the S&P revisiting today’s lows in the short-term.  Expect the volatility to continue.

Leading sectors today on the WSC Scoreboard are Energy (XLE) and Utilities (XLU) while the Financials (XLF) lagged.  XLU is often considered a defensive sector  and has recently been trading opposite the S&P so it is interesting to see it hold the day’s gains and close near the highs of the session while the S&P staged such a strong rally.

In Economic data we have (Core) Retail Sales and Unemployment claims out before the market opens.

Index & Sector performance 8/12/15

Economic Calendar week of 8/10/15

Reported EPS 8/12/15 After the Close:

Reporting EPS 8/1215 After the Close

Reporting EPS 8/13/15 Pre-Market:

Reporting EPS 8/13/15 pre-market

Analyst Comments:

Upgrades 8/12/15

Downgrades 8/12/15

Initiations 8/12/15

Price Target Changes 8/12/15