December 14, 2017

The NightCap

The Market:

We expected to see a tight trading range until the FOMC statement but instead we saw buyers in advance of the statement as the S&P 500 (SPY) pressed higher.  The the announcement came and there was a sharp sell-off but buyers came right back and all 4 major market indices on the WSC Scoreboard finished above the pre-FOMC announcement highs.

As was expected by many, the FOMC left the Fed Fund Rates unchanged but, based on the comments, it appears a rate hike is on the table for December if the data warrants.  We also saw the committee remove comments regarding global economic conditions putting pressure on inflation — HERE is an article on CNBC highlighting the changes in the statement.

Leading today’s trading was the Russell 2000 (IWM), which had been lagging of late, and we also saw the Guggenheim Equal Weight index (RSP) out gain the SPY showing that the rally was broad based and not focused solely on the larger weight names as was the case recently.

Retail (XRT), Financials (XLF), and Energy (XLE) were the top gainers finishing up over 2% each while Utilities (XLU) and Consumer Staples (XLP) were the laggards.

 

Index & Sector performance 10/28/15

 

Economic Calendar week of 10/26/15

 

Reported EPS 10/28/15 After the Close:

Companies reporting EPS 10/28/15 after the close

 

Reporting EPS 10/29/15 Pre-Market:

Companies reporting EPS 10/29/15 pre-market

 

Analyst Comments:

Upgrades 10/28/15

Downgrades 10/28/15

Initiations 10/28/15

Price Target Changes 10/28/15

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