March 24, 2018

China & Buffett support stong session


The Market: A strong overnight session in China which was triggered by changes to the latest monetary policy report and also on reports that China will overhaul state-owned enterprises helped get the market started and then Warren Buffett and Berkshire Hathaway (BRK.A, BRK.B) helped fan the fire by first purchasing Precision Cast Part (PCP) for $235/share in cash and then during an interview noted that he likes IBM (IBM) and answered a question about if he is buying that people should check the SEC filings in the coming days.  The Dow (DIA) led today’s rally. Energy (XLE) was the biggest…

Flat session with no catalysts


Index & Sector performance 3/23/15 The Market: A flat start to the week as the market appeared happy to meander without a strong catalyst to tip the balance one way or the other.  In an otherwise boring tape, the Transportation Index (IYT) is worth noting as it closed down 1.83%.  Most of the big names in the index were lower but Kansas City Southern (KSU) was the clear leader to the downside finishing 7.96% lower on the session after announcing reduced FY15 revenue guidance. Existing Home Sales came in weaker than expected and we will be watching to see if…

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…