January 22, 2018

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…

The NightCap

Daily-Wrap

The Market: Overall a dull session as the markets remainder in a tight range for the entire day but we expect to see volatility in many individual names as this will be a very active earnings week with many big names reporting.  As always we will highlight the names that reported after the close as well as those scheduled to report pre-market tomorrow but please remember that you can often  look ahead a few days under the Events Calendar section. If an active earnings wasn’t enough, we also have an active Economic Calendar with the FOMC Statement and Rate decision…

Markets finish up but look vulnerable

Daily-Wrap

The Market: While it was not our expectation, we noted in Tuesday’s NightCap that, if the market extended higher, we would expect the downward sloping 20 day SMA to act as resistance.  If you look at the SPY, this is exactly where the market stopped in early trading on Wednesday and then proceeded to pullback sharply.  While all the major indices on the WSC Scoreboard finished higher in today’s trading, the market looks vulnerable to more downside in the coming days-weeks. Leading sectors in today’s trading was Transportation (IYT), Technology (XLK), and HealthCare (XLV) while the Utilities (XLU) and Retail…

China’s action spills into global markets

Daily-Wrap

The Market: Stocks opened lower after China suffered its worst losing day in over 8 years but the S&P managed to find a bottom right at the 200 day SMA and has so far rallied off the lows with upside action continuing into the after market.  It will be interesting to see how China’s market reacts today and if the S&P can keep the momentum going through the overnight trading and into tomorrow’s open. Also don’t forget we have the FOMC Rate decision and Statement on Wednesday the 29th (full Economic Calendar below). Leading to the downside in today’s session…

Low Volume Slow grind Higher

Daily-Wrap

Index & Sector performance 2/17/15 The Market: Monday the markets were closed in observance of President’s Day.  As trading started back Monday evening, the futures traded lower but by the open Tuesday all the loses were recouped and after an early session consolidation the index pressed toward new closing highs.  Volume was light but this could be due to the winter storms around the nation.  All broad indices on the WSC Scoreboard are noticeably higher YTD with the Dow (DIA) lagging and the NASDAQ (QQQ) leading. In individual sectors it a little more mixed.  HealthCare (XLV) was the clear leading…

Weak Data & Earnings help drive stocks lower

Daily-Wrap

Index & Sector performance 1/27/15 The Market: While the Dow (DIA) and S&P 500 (SPY) finished down over 1%, it was the NASDAQ (QQQ) which led the session to the downside finishing 2.59% lower.  Microsoft (MSFT) was the biggest drain on the QQQ as it finished down 9.25% after a disappointing EPS report and even managed to pull down Apple (AAPL) which finished 3.5% lower on the session.  Things may look a little better for the tech sector tomorrow as AAPL is up after hours after reporting EPS. The Russell 2000 (IWM) managed to be the relative winner finishing down…

Early optimism wanes

Daily-Wrap

Index & Sector performance 6/24/14 The Market: After a very tight trading range in the overnight session, the market moved higher after the New Home Sales and Consumer Confidence data was released at 10 am ET.  Both handily beat estimates rising to their best levels in 6 years, however, this optimism proved to be short lived as the S&P 500 topped in midday trading and spent the remainder of the day losing ground finally finishing 12 points lower in the S&P 500 cash index and roughly 20 points off the intraday highs. In individual sectors, Energy (XLE) clearly led all…

Analyst Comments

Upgrades - Downgrades image

Today’s featured analyst comment is by Goldman Sachs who upgraded Gartner, Inc. (IT) to Buy with an $85 price target.  IT has been on a strong run up over 38% the trailing 12 months and Goldman believes there is more in the tank.  Looking at the chart there is some work needed but we think they may be right. If IT can continue to digest under the recent highs while the MACD continues to recycle then this could lay the ground work for another leg higher.  What we are watching specifically on the stock is the MACD and the 50…