China growth concerns weigh on market
Index & Sector performance 9/22/14 The Market: The markets started the week off lower with many pointing to weak economic data out of China as well as comments from the Chinese finance minister stating there will be no major policy adjustments as the cause. Leading the way lower was the Russell 2000 (IWM) which remains the clear underperfomer for the year with the Dow (DIA) not too far behind but at least positive YTD. Multiple sectors closed the day down over 1% with Retail (XRT) leading the way finishing the session 1.59% lower. The XRT is now again over 1%…
EoD gains mask intraday swing
Index & Sector performance 9/17/14 The Market: Early in the session the markets were quiet as traders awaited the FOMC statement and speculated if the wording of the statement would be changed. The answer was that not much changed and specifically the Fed continues to state that they will keep key interest rates near zero for a “considerable time”. The initial reaction to the release was a sharp decline but buyers quickly stepped in and the S&P 500 recovered and then rallied to fresh highs on the day before finishing the session back where it started. The leading sector on…
Energy heads lower in mixed session
Index & Sector performance 9/8/14 The Market: Overall another low volume mixed session which saw the S&P 500 (SPY) and Dow (DIA) close slightly lower while the NASDAQ (QQQ) and Russell 2000 (IWM) finished slightly higher. On the WSC Scoreboard the Energy sector (XLE) sticks out finishing the session down 1.56%. After strong moves we like to see what stocks bucked the trend in the sector and one notable outperformer today was Valero (VLO) which finished the session up 0.96%. Not much Economic data to start the week but finishes strong with Unemployment Claims Thursday followed by Retail Sales and…
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…
4 days down and counting…..
Index & Sector performance 9/24/13 The Market: The S&P 500 came into the day trying to snap a 3 day losing streak with even the smallest of gains but was unable to and after spending some time in positive territory, eventually lost ground and closed down for the 4th day in a row. In economic news the Case Shiller Index showed prices come in at the expected 12.4% increase year over year and slightly above expectations with a 1% month over month reading. Richmond Manufacturing was well below expectations but generally not considered significant to the market and Consumer Confidence…
Charts to Watch
What ended up being a tough week for the market left many names I was following pulling back m0re than I would have desired but still intact. While I believe it is always prudent to be looking at stocks from the short side, the longer term trend is still higher. I think that it is VERY likely that we see the markets continue to consolidate and even lose ground but I think people tend to lose tract of their long ideas during these times and this is when you want to be watching them as if they hold in during…
Charts to Watch
Today was a tough day for the Bulls but there are still some charts on the long side which interest me. They may not all be ready to go here and now but represent a mix of sectors and situations. Expeditors International (EXPD) could be setting up a longer term trade opportunity but first I want to see the 200 day SMA hold as support. Amgen (AMGN) acts well in what looks to be a longer consolidation pattern. Abercrombie & Fitch (ANF) Potential Inverse Head & Shoulders pattern but wants to see 200 Day SMA hold Apache (APA) Still…
Daily Wrap
DJIA +65.36 (+0.44%) to 15,112.19;S&P 500 +8.68 (+0.54%) to 1,628.93;NASDAQ +31.24 (+0.92%) to 2,959.50 Monday’s action start hot with a gap higher and a rally in the markets which lasted until roughly noon when we started to dip lower and then the decline started gaining some steam into late day trading. The highs of the day in the S&P 500 correlated with a first touch of the 50 day SMA which would be expected to be resistance. Today’s high now should become a key level to watch and if taken out the bulls may be back in control. Merger Monday was in affect…
Daily Wrap
DJIA –138.85 (-0.94%) to 14,700.95; S&P 500 -14.87 (-0.93%) to 1,582.70; NASDAQ -14.09 (-0.49%) to 2,873.35 Mixed economic data including a bad ADP and construction spending number as well as poor economic data out of China helped send the major indices lower on the open. After midday, the Fed helped spark a small rally after reiterating their stance to be accommodative and even mentioned they will increase or decrease the pace of purchases in the future as necessary but this only provided a brief recovers and the market proceeded to sell off into the close. In economic news today the calendar was pretty full and started…
Week in Review
DJIA +11.75 (+0.08%) to 14,712.55; S&P 500 -2.92 (-0.18%) to 1,582.24; NASDAQ -8.11 (-0.28%) to 2,840.55 With the exception of the Dow, the markets were on the downside Friday but only slightly so on what was a relatively uneventful options expiration. All in all I would call today another consolidation day. The S&P 500 started relatively flat and then moved lower until noon EST where it set a bottom and rallied the remainder of the day including a quick peak into positive territory just before the close which was eventually sold leave the small loss on the day. In economic news we saw real GDP growth…