May 29, 2017

The NightCap

Daily-Wrap

The Market: An initial gap higher was immediately sold but an afternoon surge helped the Dow, S&P and NASDAQ finish higher while greatly paring losses in the Russell 2000.  Downside momentum seems to be waning and today’s mixed session is likely pointing to a bottom.  In all likelihood that bottom will only be short-term but we will have to see how the action takes place. Ideally, for the start of a move higher, we would like to see a gap down (or strong move lower in early trading) tomorrow which takes us near or below today’s lows which is again…

Weak ADP data helps market gap

Daily-Wrap

The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon.  After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%.  The only two losing sectors on the day…

Tech closes at new 52 week high

Daily-Wrap

The Market: Stocks continue to rebound strongly after a rough week of trading last week.  The NASDAQ (QQQ) led today’s charge finishing at a new 52 week closing high followed by the S&P 500 (SPY) while the Russell 2000 (IWM) and Dow (DIA) lagged. Many individual sectors outperformed in the session with Utilities (XLU), Reatil (XRT), Technology (XLK), and Consumer Staples (XLP) all finishing up over 1%.       Reporting EPS 7/16/15 After the Close:   Reporting EPS 7/17/15 Pre-Market:   Analyst Comments:

Major Market Indices down near or over 2%!

Daily-Wrap

  The Market: We warned in last week’s update that we viewed the pattern in the market as one that warranted caution.  In the short term we view the market as very oversold and due for a bounce.  Ideally we would like to see a failed rally in the Futures overnight that results in a gap down in the cash index which provides an opportunity to get long in early trading.  It is also worth noting that the SPY closed right at the 200 day SMA & EMA which should act as support — even if only short term. Looking…

The Taper begins…

Daily-Wrap

Index & Sector performance 12/18/13 The Market: A strong day in the market with the gains all coming after the 2 pm EST FOMC report.   The S&P 500 was in a holding pattern until just before the report when it started to drop lower.  After the report there was a quick spike lower (likely on the headline of bond buying decreasing) and the S&P 500 tagged the 50 day SMA where the index then bottomed and ripped higher. From Peak to Trough the S&P 500 gained rouhgly43 points! In economic news today we saw Housing Starts handily beat expectations (1.09M…