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The NightCap
The Market: An initial gap higher was immediately sold but an afternoon surge helped the Dow, S&P and NASDAQ finish higher while greatly paring losses in the Russell 2000. Downside momentum seems to be waning and today’s mixed session is likely pointing to a bottom. In all likelihood that bottom will only be short-term but we will have to see how the action takes place. Ideally, for the start of a move higher, we would like to see a gap down (or strong move lower in early trading) tomorrow which takes us near or below today’s lows which is again…
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The NightCap
The Market: Stocks had another tough session following a second day where the Chinese market was halted. Chinese officials have removed the circuit breaker restrictions for tomorrow’s session and traders appear to be preparing for a volatile session but it will be interesting to see if allowing the index to freely trade will ultimately help it bottom — even if only for the short-term. Another session where no Sector saw gains but the relative outperformers were Retail (XRT), which was helped by Wal-Mart (WMT) after gaining 2.3% on the session, and Monday’s leader Utilities (XLU). Along with what happens overnight…
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The NightCap
The Market: Not a great start to 2016 for the Bulls but could have been much worse if not for a late end-of-day rally. So far in after-hours trading the market has continued higher but we will need to see if these gains hold over-night as well as into early trading tomorrow. No Sector was spared in today’s trading but the XLU was the clear relative outperformer finishing down only 0.21% followed by the worst performer for 2015, XLE, finishing down 0.41%. Tomorrow is a light Economic Data session with only Vehicle Sales being reported but later in the week…
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The NightCap
The Market: No Comments with tonight’s write-up. Have a great evening! Reported EPS 12/21/15 After the Close: Cintas Corp (CTAS) est $1; Steelcase Inc (SCS) est $0.32 Reporting EPS 12/22/15 Pre-Market: ConAgra Foods Inc (CAG) est $0.60; Paychex Inc (PAYX) est $0.51 Analyst Comments:
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The NightCap
The Market: Global concerns sparked an initial move lower in early trading but the markets found support near the $2070 region in the SPX and then managed to finish the session slightly higher. Energy (XLE) was the clear leader on the WSC Scoreboard followed by Retail (XRT) and Materials (XLB). Transportation (IYT) lagged hurt by the State Department’s travel ban issued late Monday in response to the recent geopolitical events. After making a low in late August, the XLE rallied until early November and has since held in well consolidating below the November 6th high. XLE may be setting up…
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The NightCap
Jan 11, 2016
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The NightCap
Jan 7, 2016
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The NightCap
Jan 4, 2016
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The NightCap
Dec 21, 2015
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The NightCap
Nov 24, 2015
Charts
Charts to Watch
Apache (APA): The rally has continued to the 200 day SMA which would be expected first resistance. Now watch for a pullback and how it acts to see if the bottom is in of if the stock has more work to do. The MACD might be hinting to more work. Arch Coal (ACI): Consolidating well and holding the recent gains well. More action like this and it looks like there will be a strong base for a move toward the 200 day SMA. Apple (AAPL): Continues to consolidate but without much downside action. Watch above $514 with volume. Devon Energy (DVN):…
Charts to Watch
Let’s start tonight with the McClellan Oscillator and a look at the reading from yesterday’s close. We see that a -100 reading is very uncommon but can lead to snap back rallies. What has to be seen is whether that extreme level leads to a more sustained bottom or like we saw in June will there be multiple extreme readings before a more sustained bottom occurs. Arch Coal (ACI): After a strong rally this stock has held initial support on the pullback. I will be watching to see if the stock can continue to consolidate on low volume to set-up…
Charts to Watch
What ended up being a tough week for the market left many names I was following pulling back m0re than I would have desired but still intact. While I believe it is always prudent to be looking at stocks from the short side, the longer term trend is still higher. I think that it is VERY likely that we see the markets continue to consolidate and even lose ground but I think people tend to lose tract of their long ideas during these times and this is when you want to be watching them as if they hold in during…