April 23, 2024

Eurozone helps U.S. go green YTD

Index & Sector performance 1/8/15 The Market: The Dow (DIA), S&P 500 (SPY) and Nasdaq (QQQ) are all green for the year as of today’s close with the Russell 2000 (IWM) lagging down 0.8%.  Considering there have only been about 5 trading days in the new year, this is not saying much but the recent 2 day recovery is impressive and reminiscent of what we saw all 2013 and 2014. Helping the U.S. market today was statements from Mario Draghi that the ECB will discuss adding more or new monetary stimulus at their next rate meeting in two weeks.  This…

Low vol drift higher

Index & Sector performance 12/3/14 The Market: Another low volume drift higher today which saw the Russell 2000 (IWM) lead and the NASDAQ (QQQ) lag even spending some time down on the session. In individual sectors, Consumer Staples (XLP) and Utilities (XLU) were the only two from the WSC Scoreboard to finish lower which Materials (XLB), Industrials (XLI), and Energy (XLE) finished up over 1%.  One name helping materials have such a strong session was LyondellBasell (LYB) which has been down significantly since September but finished today up over 2% and was up more than 3% intraday.  LYB is a…

S&P showing signs of indecision

Index & Sector performance 11/13/14 The Market: The NASDAQ (QQQ) led today’s trading  while the Russell 2000 (IWM) was the clear laggard.  The S&P 500 (SPY) is refusing to break with the exception of very small sharp pullbacks which are short lived.  Volume over the past two days remains light although is an uptick from earlier in the week.  We view the current action as indecision as the SPY wrestles with price discovery and ultimately expect lower levels to be seen. Energy (XLE) led the WSC Scoreboard sectors lower giving back some of the recent hard fought gains but did…

Merger denied, collaboration approved

Index & Sector performance 7/16/14 The Market: A small up session in the market was helped by solid earnings reports in the morning and a potential huge media merger between Time Warner (TWX) and Twenty First Century Fox (FOXA).  FOXA offered $85/share but were turned down by TWZ.  This sent shares of TWX screaming higher finishing the day up 17.07% as traders reevaluated TWX’s worth and also speculated on increased offers.  In other corporate news, Apple (AAPL) announced they will be teaming up with IBM (IBM) to provide business mobile solutions.  BlackBerry (BBRY) was negatively affected by the news finishing…

Retail leads low volume rally

Index & Sector performance 6/4/14 The Market: Another very light volume trading day led by the NASDAQ and Russell 2000 while the S&P 500 climbed to a new closing high. There were mixed results across the sectors but a stand out was the Retail (XRT) sector which closed up 0.76%.  Walgreen (WAG) finished up 4.19% to a new closing high on better than expected Q3 sales along with solid same-store-sales up 5.1%.  A more speculative name in retail also moving higher today was RadioShack (RSH) which closed up 8.63%.  For those looking for a speculative trade, RSH is a prime…

Monday’s bounce have legs?

Index & Sector performance 3/17/14 The Market: Today’s rally is not unexpected from Friday’s oversold levels and the early continuation to the downside in overnight trading which took us to the low 1820ES levels we were expecting.  Until we see the market get through the 1865-70ES region, this action will be considered only a technical relief rally with more downside/consolidation to come. Economic data to watch for tomorrow is CPI which has core & headline estimates at 0.1% and Building Permits which has an estimate of 0.97M coming off the previous 0.94M. Reporting EPS 3/5/14 Pre-Market:   Analyst Comments:

Thank you to our Vets!

Index & Sector performance DATE The Market: Any given day stocks will make big moves but today with the bond market closed in observance of Veteran’s Day the broad markets seemed happy to consolidate.  Do not be surprised if today’s action is the calm before a strong directional move. Being that today was a Bank Holiday, there was no government economic data announced.  We did see the NFIB Small Business Index come in slightly below expectations posting a 91.6 when 93.5 was expected. Story Stocks: Merger Monday as ViroPharma (VPHM) agreed to be acquired by UK drugmaker  Shire (SHPG).  The…