April 20, 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…

Few market participants on Yom Kippur

Daily-Wrap

The Market: Overall it was a low volume range bound trading session as volume was light and many market participants were out in observance of Yom Kippur. Crude oil traded sharply lower today which hurt the XLE but the biggest loser on the WSC Scoreboard was Materials (XLB) which finished down -2.13%.  The biggest losers in the XLB included CF Industries (CF), Mosaic (MOS), and Freeport-McMoRan (FCX) closing down -6.58%, -5.67%, and -5.64% respectively but it is also worth noting that 4 of the top 5 weighted stocks in the XLB were down over 2% on the session.  You can…

Oil gets crushes while market dips

Daily-Wrap

The Market: A small down day which could have looked worse if not for a late day rally off the lows.  Interesting to see the leaders to the downside were the Dow (DIA) and Russell 2000 (IWM).  We were looking for the market to close just off the lows and then gap down tomorrow for a short-term long opportunity but today’s end of day rally has changed that set-up. Overall we remain cautious on the broad market and believe the choppy trading of late will continue. Energy (XLE) led to the downside, again, as crude oil continues to slide reaching…

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…

Farewell QE3

Daily-Wrap

Index & Sector performance 10/29/14 The Market: It was a relatively quiet session the majority of the day as traders were awaiting the 2pm FOMC rate decisions and statement.  As was expected, the Fed ended QE3 but continued to note that rates would remain low for a “considerable period”.  The initial reaction after the release was a move lower but the market had already been trending that way since the open and, after the initial drop, buyers stepped in and ultimately the indices closed only slightly lower. It was a mixed session across the WSC Scoreboard sectors with Materials (XLB)…

Fed helps S&P to new highs

Daily-Wrap

Index & Sector performance 6/18/14 The Market: After what amounted to a roughly 1.5% correction from the 6/9/14 highs to the 6/12/14 lows, the S&P 500 has since rallied and as of today’s close made a new intraday and closing all time high.  The majority of the gains were realized after the FOMC statement and rate decision where the Fed left the rate unchanged and lowered monthly bond purchases by $10B. We have taken a cautious stance on the broad market since 6/6/14 due to multiple overbought conditions across multiple time frames.  While the pullback from 6/9 – 6/12/14 helped…

S&P 500 holds 1800

Daily-Wrap

Index & Sector performance 12/10/13 The Market: On what amounted to only a small down day with the S&P 500 losing roughly 5 points, the index was able to hold the $1800 level as well as the 20 day SMA which it recently regained after a one day close below on 12/5/13. It was a light economic data day with the NFIB Small Business index coming in as expected posting a 92.5 with expectations at 92.7 and the previous reading 91.6.  Wholesale inventories were higher than expected with a 1.4% reading when consensus was 0.3%.  The previous month’s reading was…

A low volume flat session

Daily-Wrap

Index & Sector performance 11/25/13 The Market: Monday’s trading started with some optimism but that was sold in early trading and the market started climbing back toward the highs of the day after a pullback.  The rally efforts topped around 2:30 pm EST and the market then declined into the close but after the dust settled it was a flat day.  Again volumes were on the light side. Today’s economic calendar was light with only Pending Home Sales on the docket and came in worse than expected posting a -0.6% when 2.2% was expected.  Tomorrow we get more housing data…