October 23, 2017

Market push and pull continues

Daily-Wrap

The Market: With concerns over volatility in China, weak Economic data, and the FOMC statement, the market gapped down and continued lower throughout the early trading session before marking another big intraday reversal.  After dipping below the 200 day SMA, the S&P managed to rally from over 25 points down to slightly up on the session in intraday trading but then couldn’t hold the gains and sold off into the close. Today’s action is actually a good micro representation of the push and pull in the market this year. As we noted last week, we expect volatility to continue and…

Ceasefire helps stocks higher

Daily-Wrap

Index & Sector performance 8/18/14 The Market: Strong strong session with the Dow (DIA) and Russell 2000 (IWM) closing up over 1% while the S&P 500 (SPY) and NASDAQ (QQQ) were not too far behind.  It appears the markets were able to build on Friday’s late day move off the lows being helped by optimism of a Ukraine-Russia ceasefire.  The IWM, which has spent the majority of the year in the red, is not only down 0.23% on the year. Multiple sectors posted strong performances including the Transportation (IYT), Retail (XRT), Industrials (XLI), and Financials (XLF) all up over 1%…

Early volatility wanes, dull day

Daily-Wrap

Index & Sector performance 6/2/14 The Market: Overall a quiet day in the market if you look at the overall performance but that does not show the early volatility the market saw when the S&P 500 futures dropped roughly 10 points at the open to only “V” bottom and spike back up near where the drop occurred.  After that it was tight trading the rest of the day leaving a small up day in the Dow & S&P with the NASDAQ and Russell 2000 closing on the downside. Today there was some drama around ISM Manufacturing PMI after it was…

Daily Wrap

Daily-Wrap

DJIA +138.46 (+0.92%) to 15,254.03;S&P 500 +9.68 (+0.59%) to 1,640.42;NASDAQ +9.03 (+0.30%) to 2,990.79 The S&P 500 started the morning higher but spent the majority of the midday in negative territory before turning positive around 2pm EST and rallying into the close.  The Nasdaq had roughly the same pattern but the Dow was able to remain positive the entire day due to the strong moves by Merck (MRK) and also Intel (INTC).  In economic news, ISM came in light with a 49 reading which was below estimates and also the lowest reading in roughly 4 years. The aforementioned MRK was up today on positive news regarding…