China, Icahn, & IBB lead market lower

The Market:

A gap-and-go day to the downside as the S&P 500 finished nearly 50 points lower on the session as media pointed to renewed concerns over China’s economy and cautious comments from Carl Icahn on high yield bonds and the stock market.  The Dow (DIA) was the relative outperformer today finishing down only -1.9% while the NASDAQ (QQQ) finished down the most at -2.85% on the session but YTD that is reversed with the DIA down slightly over –10% while the QQQ is only down slightly over -3%.

Short-term the market appears to be very oversold here and we would expect a trade-able bounce very soon.  Ideally would like to see a gap down tomorrow that marks a bottom in early trading and then snap back rally from there but, at this time, we expect that bounce will ultimately give way to lower prices.

All Sectors on the WSC Scorboard were lower in today’s session but the relative outperformer was the Utilities (XLU) finishing down only -0.49% and the only sector currently up YTD is HeathCare (XLY) but is holding onto a slim 0.55% gain.  A Sector we do not currently list on the Scoreboard but was a major gainer for 2013, ’14, and early ’15, Biotech (IBB), is worth noting because it finished down over -6% today and is 25% off the 2015 highs.

Lots of Economic data this week including the Non-Farm Employment Change and Unemployment Rate on Friday.

Index & Sector performance 9/28/15

Economic Calendar week of 9/28/15

Reported EPS9/28/15 After the Close & for rest of week:

Reporting EPS after the close week of 9/28/15

Reported EPS 9/28/15 Pre-Market & for rest of week:

Reporting EPS pre-market week of 9/28/15

Analyst Comments:

Upgrades 9/28/15

Downgrades 9/28/15

Initiations 9/28/15

Price Target Changes 9/28/15