February 20, 2017

The NightCap

Daily-Wrap

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

Daily-Wrap

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

Daily-Wrap

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…

The NightCap

Daily-Wrap

The Market: Overall it was another tight trading range session but the Russell 2000 (IWM) continued its underperformance and finished down over -1%.  It appears that traders may be on hold until the FOMC statement and rate decision tomorrow. Transportation (IYT) sector was the hardest hit on the WSC Scoreboard as the sector ETF finished down -2.65% followed by yesterday’s biggest loser, Energy (XLE), which closed down -1.2%.  The biggest gaining sector on the session was HealthCare (XLV) which finished up 1.84% and was helped by Allergan (AGN), Biogen Inc (BIIB), Vertex Pharmaceuticals Inc (VRTX), and Mylan NV (MYL) which all…

Russell 2000 lags all other Indices

Daily-Wrap

The Market: The Russell 2000 (IWM) was the only index on the WSC Scoreboard to finish lower on the session which was led by the Dow (DIA). Most of the indices on the WSC Scoreboard finished the session higher but HeathCare (XLV) was hit hard finishing -1.33% lower.  XLV remains only one of two sectors still up YTD but was hurt today by comments from Presidential candidate Hillary Clinton who, after a privately held company, Turing Pharmaceuticals, announced a 5,000% price increase in its treatment for toxoplasmosis, called specialty drug prices “outrageous” and vowed to lay out a plan to…

Strong start to the week led by Tech

Daily-Wrap

The Market:     Reporting EPS 7/14/15 Pre-Market:   Reporting EPS 7/14/15 After the Close:   Analyst Comments:

Market finishes near lows

Daily-Wrap

Index & Sector performance 5/26/15 The Market: A strong down day for the market which saw all the major market indices on the WSC Scoreboard finish down over 1% on the session near the lows for the day.  The futures are up in the after hours session but they will have to prove that this is not just a relief bounce. Utilities (XLU), Consumer Discretionary (XLY), and Consumer Staples (XLP) were the relative out-performers finishing down 0.63%, 0.75%, and 0.79% respectively.  After reaching a high of $62.58 on 5/6/15, Crude Oil is back below $60/barrel after losing 3% in today’s…

Shortened week but already big moves

Daily-Wrap

Index & Sector performance 3/30/15 The Market: Very strong rally across the board today with the Dow (DIA) leading the charge followed by the Russell 2000 (IWM) and then the S&P (SPY).  In the very short-term these indices are overbought and likely due for a consolidation.  The nature of the pullback will be telling if more upside is forthcoming or if we are heading back down toward the lows. Energy (XLE) led the Sectors today closing up over 2% followed by Financial (XLF), Materials (XLB), and Industrials (XLI) all finishing up over 1.5%.  It was green across the board. Please…

Stocks recover after early slide

Daily-Wrap

Index & Sector performance 3/26/15 The Market: Today’s session started of much worse than it ended with the futures losing ground in the overnight and early session causing a gap down which continued lower in early trading but manged to recover and stage a midday rally which even saw all 4 broad indices spend time up on the day.  In global news, traders were focused on Saudi Arabia’s bombing of Yemen which helped Crude Oil traded over $51 u more than 3% on the session. We would not be signaling that the coast is clear yet and see risk in…

Flat session with no catalysts

Daily-Wrap

Index & Sector performance 3/23/15 The Market: A flat start to the week as the market appeared happy to meander without a strong catalyst to tip the balance one way or the other.  In an otherwise boring tape, the Transportation Index (IYT) is worth noting as it closed down 1.83%.  Most of the big names in the index were lower but Kansas City Southern (KSU) was the clear leader to the downside finishing 7.96% lower on the session after announcing reduced FY15 revenue guidance. Existing Home Sales came in weaker than expected and we will be watching to see if…