Low vol narrow holiday trading range
Index & Sector performance 11/25/14 The Market: Another uneventful holiday trading session across all 4 major indices on the WSC Scoreboard. Action was also muted across the individual sectors with the exception of Energy (XLE) which lost 1.63%. For XLE traders our take is that the lows may hold but we would either be looking for an opportunity to buy lower or on a break above $89.25. In Economic data, estimated 3rd quarter GDP growth came in better than previously reported while Consumer Confidence and the Richmond Manufacturing Index both missed expectations. Tomorrow there is a slew of data including…
Quiet start to the month
Index & Sector performance 11/3/14 The Market: The market started the day slightly higher building on last week’s extremely strong session but the market ran out of steam in the short term and the S&P 500 started pulling back in afternoon trading finishing flat on the session. All in all it was a low volume quiet session but the Bulls can point to the fact that they didn’t give ground after reaching new highs. We do not expect the remainder of the month to be as quiet as today and would plan for swings in both directions much like October…
Higher inflation ahead of Fed
Index & Sector performance 6/17/14 The Market: In today’s Economic news, CPI came in higher than expected while the Building Permits and Housing Starts were below estimates. The initial reaction off this data sent the S&P 500 futures trading lower but ultimately the index bottomed before the open and continued higher the remainder of the day. Checking the WSC scoreboard the Russell 2000 led the charge while the other indices closed flat or slightly higher. In individual sectors, the Financials (XLF) posting a 1.02% gain and the Retailers (XRT) finishing up 0.87% were the strongest groups. In the Financials, MetLife…
S&P 500 closes at new highs
Index & Sector performance 10/17/13 The Market: The government put the debt ceiling behind the nation….until the beginning of next year. The temporary resolution should take the issue off the front pages, for now. The markets started with a gap lower which was quickly bought up and a strong rally continued to build off the 10/09 lows with the S&P 500 posting all time closing highs. In economic news Unemployment Claims came in at 358K vs consensus expectations of 357K so inline and then the Philly Fed Manufacturing index saw a small drop but was better than expected. CNBC reported…