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: A late day rally helped the market close well off the midday lows but all 4 major indices on the WSC Scorobard still finished down near or over 1%. Based on the recent action, we expect to see lower levels in the short-term. In individual sectors, Retail (XRT) was the hardest hit sector on the WSC Scorboard with Priceline (PCLN) finishing down over 9% on the session after reporting EPS which beat expectations but guidance that fell short. We will be watching Ctrip.com (CTRP) which is scheduled to report EPS tomorrow, November 10th, after the close — CTRP…
Weak ADP data helps market gap
The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon. After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%. The only two losing sectors on the day…
Pop off support as FOMC looms
The Market: A nice snap back rally today as the S&P 500 continues to hold the 200 day SMA. We would not be surprised to see limited action overnight and in early trading tomorrow as traders wait to see what the Fed says at 2pm ET. Yesterday’s laggard, Energy (XLE), is today’s leader finishing up 2.86% followed closely by Transportation (IYT) which finished up 2.75%. Also posting strong sessions was Materials (XLB), Industrials (XLI), and HeathCare (XLV) finishing up 2.09%, 1.94% and 1.81% respectively. FOMC statement tomorrow and remember we are still in the thick of earnings reports which will…
China’s action spills into global markets
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…
QQQ & IWM reach new highs
Index & Sector performance 2/26/15 The Market: More churn today in the markets but again the NASDAQ (QQQ) and Russell 2000 (IWM) showed more strength than the S&P 500 (SPY) with the QQQ and IWM reaching new 52-week closing highs on the session. Crude oil lost over 5% today which helped send the Energy (XLE) sector 1.88% lower. We noted in our 2/18/15 nightly recap when the XLE was trading above $81 that we would look for a pullback toward $78 as a buying opportunity. Closing today at $79.35, we would ideally like to see lower levels before dipping into…
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…