The NightCap
The Market: The market continues to grind higher with the Russell 2000 (IWM) trying to play catch-up of late. Energy (XLE) led all sectors in today’s trading, again, and has been one of the hottest sectors of late although still down nearly -10% YTD. A relatively big data week with ISM Monday, Fed speak & ADP tomorrow, Unemployment Claims Thursday, and official Jobs data on Friday. Traders concerned about the Fed and if we will see a December rate hike should be paying attention to this week’s data. Reported EPS 11/3/15 After the Close: Reporting EPS…
FOMC rate decision highlights big data week
Index & Sector performance 9/15/14 The Market: The Dow (DIA) was the only index on the WSC Scoreboard to finish higher on the session while the NASDAQ (QQQ) and Russell 2000 (IWM) took a hit losing 0.97% and 1.15% respectively. Baring any unforeseen news, we would not be surprised to see the markets get quiet until the FOMC rate decision and Statement later in the trading day Wednesday. In individual sectors, Retail (XRT) was the biggest loser on the session finishing down nearly 1% and remains the laggard on the year. On the upside, Energy (XLE) started off strong after…
Tech & Small cap trend change?
Index & Sector performance 9/3/14 The Market: While the Dow (DIA) and S&P 500 (SPY) closed essentially flat, the Nasdaq (QQQ) and Russell 2000 (IWM) both finished decisively lower. In addition the technical action in both the QQQ and IWM is concerning as both started the day gaping above the previous day’s highs to only then sell off the remainder of the day finishing below the previous day’s lows. Those into candlestick charting will recognize this as an Engulfing pattern and can signal a change in trend. In individual sectors it the Utilities (XLU) leading the charge finishing the day…
FOMC minutes ease market concerns
Index & Sector performance 4/9/14 The Market: After bottoming and bouncing in yesterday’s session, the S&P 500 futures spend the majority of the overnight session consolidating in a tight range. This lead to an early breakout, retest, and continuation higher but it was after the FOMC minutes were released at 2pm ET when the strongest gains were realized. Concern the Fed would be aggressive with rate hikes subsided and traders rewarded the market with 1+% gains across the board with the Nasdaq leading the charge up 1.7%. Next on the economic data schedule is Unemployment Claims which are released at…