April 18, 2024

  • 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…

  • 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…

  • 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…

  • 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:

  • 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…

Charts

Charts to Watch

Aug 15, 2013

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Today was a tough day for the Bulls but there are still some charts on the long side which interest me.  They may not all be ready to go here and now but represent a mix of sectors and situations. Expeditors International (EXPD) could be setting up a longer term trade opportunity but first I want to see the 200 day SMA hold as support. Amgen (AMGN) acts well in what looks to be a longer consolidation pattern.   Abercrombie & Fitch (ANF)  Potential Inverse Head & Shoulders pattern but wants to see 200 Day SMA hold Apache (APA) Still…

Charts to Watch

Aug 8, 2013

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Apple (AAPL) found initial resistance at the 200 day SMA which is to be expected on the first touch after so long but I would be watching the consolidation on this one for another trade opportunity.  Also watch the MACD to see if it can recycle. Arch Coal (ACI) pushed nicely into the 50 day SMA today.  This will be key to watch if it can get and stay above.  A move on strong volume might be further evidence that a short term bottom is in and could end up being a much longer term bottom.  I would use the…

Baxter (BAX)

Aug 7, 2013

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Baxter Intl (BAX) has not been on an amazing tear this year and is vastly underperforming the S&P 500 wit a mere 9.5% gain YTD vs the broad market’s 20% but Goldman Sachs thinks that is all about to change. Today Goldman Reinstated BAX with a Conviction Buy rating and an $86 price target which using today’s closing price of $71.64 means that Goldman sees a roughly 20% price increase coming in BAX.  Being that it was added to the Conviction Buy rating, as I have noted before, this makes me believe Goldman thinks the gains should be coming sooner…

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