March 28, 2024

AAPL helps drive late day sell off

Index & Sector performance 9/9/14 The Market: All major indices on the WSC Scoreboard finished the session lower with the Russell 2000 (IWM) leading the charge down 1.18%.  The S&P 500 (SPY) started the session weak but found a bottom in early trading and then managed to rally until 2pm ET when the index turned and sold off making new lows for the session.   The NASDAQ (QQQ) held in well during early trading as traders were likely waiting for the Apple (AAPL) product announcement.  The initial reaction to AAPL’s news (new/bigger phones, watch, payment system) was positive and the…

Another flat session overall

Index & Sector performance 7/24/14 The Market: Another relatively flat session across the broad major indices as earnings continue to drive most individual stock movements. The NASDAQ (QQQ) and S&P 500 (SPY) have both managed to breakout to new 52 week highs this week and hold those breakouts so far but the S&P 500 Equal Weight index (RSP) and Dow (DIA) have yet to follow.  The Russell 2000 (IWM) is up on the week but far from new 52 week highs and also seems vulnerable to fill the downside gap left from Tuesday. Speaking of the IWM, we noted in…

Energy green in a sea of red

Index & Sector performance 6/11/14 The Market: As we noted late last week and reiterated in Monday’s report, the S&P 500 closed outside of its Weekly (20, 2, -2) Bollinger Bands which has previously lead to counter trend moves for a few weeks to months.  While we respect the strong uptrend in the market, we also believe this is time to exercise caution on the long side, at least for the broad market. One additional note.  While many market pundits in the media have been looking for pull back and becoming cautious recently, they also seem very willing to step…

S&P takes back overnight losses plus

Index & Sector performance 5/5/14 The Market: The S&P futures moved lower in the Sunday overnight session attributed to weak economic data out of China as well continued unrest in Ukraine.  The futures continued lower throughout early trading Monday but found a bottom right at the open on an initial spike lower to 1860.50ES which was quickly bought and the index started a march higher reaching 1880ES by 2:30 pm ET.  The index spent the last hour consolidating the near 20 point intraday rally.  If 1872ES holds in overnight trading it appears the index could look to make a move…

Increased chatter of a 10+% decline

Index & Sector performance 4/3/14 The Market: A pre-market pop in the S&P 500 emini sent the index as high at 1887.50ES but that move was short lived and the index was trading lower by the open and continued lower throughout the early and midday trading sessions.  It wasn’t until the afternoon trading when the S&P bottomed and marched higher into the close.  The emini has continued higher in after hours trading closing in on the pre-market highs essentially negating the entire move lower in today’s session. It is worth noting that the ECB left rates unchanged and noted they…

Off the 150 day and up

Index & Sector performance 2/5/14 The Market:   In the News:     The following noteworthy companies are scheduled to report earnings before tomorrow’s open: PM, AET, EXC, CMI, NBL, K, PPL, PRGO, ADS, SIAL, WEC, TW, AAP, VMC, DO, TDC, KKR, SNA, CSL, NUS, ODFL, AOL, PTEN, USG, NYT, FSC, HCLP, NILE   Analyst Comments:       The Game Plan:

Rampant optimism spikes the market

Index & Sector performance 10/10/13 The Market: In case you were under a rock today.  The market exploded to the upside.  The move seemed help by some uncertainty being out of the way including the past news that Janey Yellen would be the new Fed chair and confirmation from the FOMC minutes that tapering will not likely start until the end of the year (or later).  To add on there was optimism out of Washington about a debt deal. In economic news, Unemployment claims came in far worse than expected posting a 374K when 307K was expected.  The reason the…

No Summers….Yee Haw!

The Market: After Larry Summers took himself off the Fed Chair block, the markets baked in expectations of Janet Yellen who many feel will be more accommodating than Summer may have been.  The possibility of more stimulus from the fed or at least the likelihood that stimulus would persist was enough to send S&P 500 futures gaping higher Sunday evening and showing strength early in the trading session but the open marked the highs and the S&P 500 lost ground the remainder of the day closing 7 points off the highs. Economic data was light today but also ignored due…