August 17, 2018

Dollar ralley continues as Market slides

Index & Sector performance 3/10/15 The Market: A strong down session across the board with no index or sector spared.  We noted yesterday that the action to the upside appeared to not have conviction and today the lack of buying turned into selling.  Traders pointed to concerns over the eventual rate hike from the Fed and the strength in the Dollar as reasons for concern. We expect to see some form of a bounce as we have started to see positive divergence set-up on the shorter term intraday charts of the S&P 500 (SPY) and NASDAQ (QQQ) but any moves…

HealthCare gains as market slides

Index & Sector performance 3/4/15 The Market: Ultimately, only a a small sell off in the markets after the S&P 500 rallied off the lows which coincided nicely with the upward sloping 20 day SMA.  Aggressive traders could certainly look to use today’s low to trade against. In Individual sectors, HealthCare (XLV) was the lone gainer finishing up 0.48% while the Industrials (XLI) led to the downside finishing 0.78% lower followed closely by Consumer Staples (XLP) and Financials (XLF) which finished down 0.70% and 0.61% respectively.  The biggest loser so far for 2015 is the Utilities (XLU) which is now…

Ceasefire helps stocks higher

Index & Sector performance 8/18/14 The Market: Strong strong session with the Dow (DIA) and Russell 2000 (IWM) closing up over 1% while the S&P 500 (SPY) and NASDAQ (QQQ) were not too far behind.  It appears the markets were able to build on Friday’s late day move off the lows being helped by optimism of a Ukraine-Russia ceasefire.  The IWM, which has spent the majority of the year in the red, is not only down 0.23% on the year. Multiple sectors posted strong performances including the Transportation (IYT), Retail (XRT), Industrials (XLI), and Financials (XLF) all up over 1%…

Early momentum fades

Index & Sector performance 8/11/14 The Market: Stocks started off the day building on Friday’s gains but near midday the S&P 500 topped out and then spent the rest of the day moving lower.  All 4 indices on the WSC Scoreboard finished the day higher but the NASDAQ (QQQ) and Russell 2000 (IWM) were the clear winners with the IWM gaining nearly 1%. The leading sector on the day was the Consumer Staples (XLP) but the stock in the index that stood out the most was to the downside and that is Dean Foods (DF).  DF finished the day down…

Energy green in a sea of red

Index & Sector performance 6/11/14 The Market: As we noted late last week and reiterated in Monday’s report, the S&P 500 closed outside of its Weekly (20, 2, -2) Bollinger Bands which has previously lead to counter trend moves for a few weeks to months.  While we respect the strong uptrend in the market, we also believe this is time to exercise caution on the long side, at least for the broad market. One additional note.  While many market pundits in the media have been looking for pull back and becoming cautious recently, they also seem very willing to step…

Russell leads Indices lower

Index & Sector performance 3/24/14 The Market: The Bull missed a great opportunity in our opinion when a late day rally stalled and failed to get above the 1856.50ES resistance and they even had the opportunity to close up on the day.  Now the 1852-56.50ES region should act as resistance and leaves the door open for an overnight drop toward 1840ES and then further 1827ES. In Economic Data we had Manufacturing PMI come in lighter than expected but the previous number was revised higher .  Tomorrow the market will be watching Consumer Confidence and New Home Sales.   Reporting EPS…

Waiting on Washington

Index & Sector performance 9/30/13 The Market: The lack of a deal from Washington on the impending government shutdown seemed to eight on trader’s mind.  While the S&P was able to rally after a gap down in early trading, the rally was short lived and around 1:30 pm EST the market again lost ground although was able to remain above the early morning lows In economic data we had Chicago PMI which came in slight better than expected with a 55.7 reading when 54.5 was expected.  Tomorrow we have Final Manufacturing PMI, ISM, Construction spending and Total Vehicle Sales. In…

Daily Wrap

DJIA -50.92 (-0.38%) to 13,384.29; S&P 500 -4.58 (-0.31%) to 1,461.89; NASDAQ -2.85 (-0.09%) to 3,098.81 The small 60 minute divergence we noted last week played out today with a small gap lower which then meandered most of the day before finally rallying after 2pm EST recovering about half of the day’s losses.   The broad trend still seems to be strongly in-tact and right now it looks like that small divergence might just be setting up for a MACD recycle. Stocks in the news today included Epocrates (EPOC), up over 21% after agreeing to be acquired by athenahealth (ATHN) for…