Russell clear winner in mixed start to week
Index & Sector performance 6/9/14 The Market: All 4 major indices on the WSC Scoreboard started the week moving higher picking up where they left off last week including the small cap Russell 2000 which continued its recent outperformance. The quick start soon came to an end when each index made a top around noon ET which was never again revisited in today’s trading. While the Russell 2000 managed to finish respectfully higher for the day, the rest of the indices were flat to slightly down. We noted in Friday’s report last week that the S&P 500 closed outside of…
Early volatility wanes, dull day
Index & Sector performance 6/2/14 The Market: Overall a quiet day in the market if you look at the overall performance but that does not show the early volatility the market saw when the S&P 500 futures dropped roughly 10 points at the open to only “V” bottom and spike back up near where the drop occurred. After that it was tight trading the rest of the day leaving a small up day in the Dow & S&P with the NASDAQ and Russell 2000 closing on the downside. Today there was some drama around ISM Manufacturing PMI after it was…
Tech & Small Cap lead, S&P new highs
Index & Sector performance 5/27/14 The Market: After a lull in Economic releases last week and a Holiday Monday, today started with a slew of Economic data which posted better than expected results for Durable Goods orders, Home Price Index, and Flash Services PMI. The S&P which was already trading slightly higher preceded to rally into the early morning before seeing a midday dip followed by an end of day rally that took the S&P500 futures back to and slightly above the earlier highs. Tomorrow we get a break from Economic news but Thursday will be another big day with…
S&P takes back overnight losses plus
Index & Sector performance 5/5/14 The Market: The S&P futures moved lower in the Sunday overnight session attributed to weak economic data out of China as well continued unrest in Ukraine. The futures continued lower throughout early trading Monday but found a bottom right at the open on an initial spike lower to 1860.50ES which was quickly bought and the index started a march higher reaching 1880ES by 2:30 pm ET. The index spent the last hour consolidating the near 20 point intraday rally. If 1872ES holds in overnight trading it appears the index could look to make a move…
6 day win streak ends..new starts?
Index & Sector performance 4/23/14 The Market: Today’s session snapped a 6 day winning streak for the S&P 500 but the losses were small and maintained a very orderly structure throughout the day. In after hours trading, the futures traded sharply higher helped by Apple’s (AAPL) earnings which beat EPS and revenue along with announcing a 7 for 1 stock split, increase in the buyback, and an 8% increase in the dividend. With tonight’s overnight action, the S&P 500 is now closing in on the all time highs . Focus will continue to be on earnings especially with a very…
How will traders position for weekend?
Index & Sector performance 4/10/14 The Market: Today the market not only took back the gains realized yesterday off the FOMC minutes but also the gains from Tuesday’s session leaving fresh closing lows for the week on a roughly 40 point down day in the S&P 500. With only one day remaining in the week, it will be very interesting to see how trader’s position tomorrow ahead of the weekend. We have a hard time believing that traders will be anxious to position long going into the weekend after today. We will be increasingly suspect of any early morning to…
Monday’s bounce have legs?
Index & Sector performance 3/17/14 The Market: Today’s rally is not unexpected from Friday’s oversold levels and the early continuation to the downside in overnight trading which took us to the low 1820ES levels we were expecting. Until we see the market get through the 1865-70ES region, this action will be considered only a technical relief rally with more downside/consolidation to come. Economic data to watch for tomorrow is CPI which has core & headline estimates at 0.1% and Building Permits which has an estimate of 0.97M coming off the previous 0.94M. Reporting EPS 3/5/14 Pre-Market: Analyst Comments:
Early pop leads to late day drop
Index & Sector performance 3/11/14 The Market: The market rallied pre-market into the open, pulled back and went again but was unable to break through a pivot confluence resistance area. The pullback into the noon EST period started to consolidate but the MACD was telling that more downside was likely. As we reached the 2-2:30 pm EST time frame the S&P again started to weaken and broke to fresh lows for the day. We will be watching for $1860ES and then further $1850ES for support levels. On the S&P500 cash index the 20 day SMA comes in around $1853. In…
Reason or Excuse?
Index & Sector performance 3/3/14 The Market: Depending on your bias you likely either believe the events transpiring with Russia “scared” the market causing it to drop today or you believe the drop was already in the cards based on the technicals and the Russian incident just gives the news something concrete to point to as the cause. While we tend to be much more in the latter than former camp, we also subscribe to the believe it doesn’t really matter as in either case we are left with what happened and the decision what to do now. The S&P…
Do you buy the dip?
Index & Sector performance 1/28/14 The Market: In the overnight session the futures managed to recover gaining nearly 20 points from Monday’s lows. When the Durables number was announced and came in much worse than expected the market puled back challenging support but that support held and by the open the market was back near the pre-market highs. The remainder of the day the S&P 500 stayed in a relatively tight trading range with all of the major indices closing higher. In Economic news the Durable Goods numbers came in much worse than expected with Core Durable Goods Orders posting…