July 20, 2018

The NightCap

The Market: We expected to see a tight trading range until the FOMC statement but instead we saw buyers in advance of the statement as the S&P 500 (SPY) pressed higher.  The the announcement came and there was a sharp sell-off but buyers came right back and all 4 major market indices on the WSC Scoreboard finished above the pre-FOMC announcement highs. As was expected by many, the FOMC left the Fed Fund Rates unchanged but, based on the comments, it appears a rate hike is on the table for December if the data warrants.  We also saw the committee…

Oil gets crushes while market dips

The Market: A small down day which could have looked worse if not for a late day rally off the lows.  Interesting to see the leaders to the downside were the Dow (DIA) and Russell 2000 (IWM).  We were looking for the market to close just off the lows and then gap down tomorrow for a short-term long opportunity but today’s end of day rally has changed that set-up. Overall we remain cautious on the broad market and believe the choppy trading of late will continue. Energy (XLE) led to the downside, again, as crude oil continues to slide reaching…

S&P 500 holds 200 day SMA

The Market: Sorry no comments tonight — traveling the remainder of this week.      Reporting EPS After the Close this week:   Reporting EPS Pre-Market this week:   Analyst Comments:

Heartfelt thank you to our Vets!!!

Index & Sector performance 11/11/14 The Market: A Heartfelt thank you goes out to all of the past, present, and future service men and women who work each day to keep us safe.  Without you, what we have and unfortunately often take for granted each and every day would not exist.  Almost zeros across the board as it was a relatively uneventful trading session.  Maybe the clearest example of how uneventful is that the entire trading day’s range on the S&P 500 was 6 points and volume was again light. As noted last night, we still view the short term…

Farewell QE3

Index & Sector performance 10/29/14 The Market: It was a relatively quiet session the majority of the day as traders were awaiting the 2pm FOMC rate decisions and statement.  As was expected, the Fed ended QE3 but continued to note that rates would remain low for a “considerable period”.  The initial reaction after the release was a move lower but the market had already been trending that way since the open and, after the initial drop, buyers stepped in and ultimately the indices closed only slightly lower. It was a mixed session across the WSC Scoreboard sectors with Materials (XLB)…

S&P rejected @ 50 DSMA

Index & Sector performance 10/6/14 The Market: The markets start the session in positive territory but the S&P 500 (SPY) quickly ran into resistance at the 50 day SMA and spent the remainder of the day pulling back.  The laggard on the session was the Russell 2000 (IWM) which was the first to go negative on the session finishing down 0.86%  Today’s high in the SPY now becomes a key level to watch along with the 50 day SMA and downward sloping 20 day MA.  This could end up being a choppy trading week. In individual sectors, Transportation (IYT) was…

Lots of data yields flat finish

Index & Sector performance 7/30/14 The Market: Lots of Economic Data/announcements in today’s session but when the dust settled it was surprisingly a flat session with the NASDAQ (QQQ) and Russell 2000 (IWM) leading while the Dow (DIA) finished slightly lower and the S&P 500 (SPY) finished slightly higher. The leading sector on the WSC Scoreboard was Retail (XRT) finishing the day up 1% however Retail remains the only individual sector on the WSC Scoreboard that is down for the year.  The laggard was the Utilities (XLU) and decisively so finishing the day down 1.69%.  We remain interested in some…

GDP disappoints but market ignores

Index & Sector performance 4/30/14 The Market: As you can see in the table below, the U.S. Q1 GDP number came in well below expectations.  While Q1 was not expected to be a high growth quarter, clearly analysts did not expect a near negative number.  Certainly the colder than expected weather could have and likely did play a role but on our opinion you cannot completely blame a miss like this on the weather. So why might traders and investors be willing to look past this data besides the weather?  Possibly because a number like this allows the Fed to…

A flat day across all the major indices

Index & Sector performance 10/28/13 The Market: A fairly lack luster day as the broad indexes chopped around with the S&P and Nasdaq closing positive while the Dow and Russell lagged.  Early optimism in the S&P was quickly sold in early trading but the market was able to hold and press to new highs until a late day sell off which sent the S&P back toward unchanged for the day. In economic data we saw Capacity Utilization Rate and Industrial Production month over month beat expectations while pending home sales greatly disappointed posting a -5.6%.  Tomorrow will be a much…

All quiet before jobs data

Index & Sector performance 10/21/13 The Market: Not too much to report as it was a quiet down day in the S&P 500 and Dow with the Nasdaq making small gains much on the back of a strong performance from Apple (AAPL) closing up nearly 2.5% on the day. In economic news we had Existing Home Sales with came in light posting a 5.29M when 5.31M was expected.  Tomorrow will be a much bigger day as we get the jobs report that was delayed due to the government shutdown.  Current forecast is for 182K and Unemployment rate of 7.3% Story…