July 22, 2018

Volatility & Chop continues

The Market: Volatility continues to be the name of the game which is why you can have a 40+ point day like today and still have the S&P 500 within a range/wedge.  While it is possible that we extend today’s rally by gaping higher tomorrow, it is not our expectation and if we do open higher tomorrow we would watch the downward sloping 20 day SMA as resistance. Overall, a light Economic Calendar this week Thursday and Friday having the most significant data points (Unemployment Claims, PPI, and Consumer Sentiment).       Reported EPS 9/8/15 After the Close:  …

China’s action spills into global markets

The Market: Stocks opened lower after China suffered its worst losing day in over 8 years but the S&P managed to find a bottom right at the 200 day SMA and has so far rallied off the lows with upside action continuing into the after market.  It will be interesting to see how China’s market reacts today and if the S&P can keep the momentum going through the overnight trading and into tomorrow’s open. Also don’t forget we have the FOMC Rate decision and Statement on Wednesday the 29th (full Economic Calendar below). Leading to the downside in today’s session…

Sellers appear on slow news day

The Market: An initial gap down in the morning found buyers but only to roughly flat on the session when the seller stepped back in and controlled the remainder of the day with all 4 of the WSC Scoreboard main indices finishing lower led by the Dow (DIA) while closed down nearly 1%. All of the WSC Scoreboard sectors were lower on the session with the largest losses realized in Transportation (IYT), Matierials (XLB) and Heath Care (XLV). Not many comments tonight but we would be cautious here.  The market looks to be oversold in the short term and due…

Market closes highe but no conviction

Index & Sector performance 3/9/15 The Market: Overall it was a quiet session with not much news or Economic data.  The market was able to bounce back today after Friday’s strong sell-off led by the Dow (DIA) but volume was on the light side showing that market participants are not necessarily convinced the decline is over. In individual sectors Industrials (XLI) was the clear leader as names like Boeing (BA), 3M (MMM), and Caterpillar (CAT) put in strong sessions finishing up 1.06%, 1.22% and 0.94% respectively.  Energy (XLE) was the lone loser on the session finishing -0.72%.  One bright spot,…

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…

Energy heads lower in mixed session

Index & Sector performance 9/8/14 The Market: Overall another low volume mixed session which saw the S&P 500 (SPY) and Dow (DIA) close slightly lower while the NASDAQ (QQQ) and Russell 2000 (IWM) finished slightly higher. On the WSC Scoreboard the Energy sector (XLE) sticks out finishing the session down 1.56%.  After strong moves we like to see what stocks bucked the trend in the sector and one notable outperformer today was Valero (VLO) which finished the session up 0.96%. Not much Economic data to start the week but finishes strong with Unemployment Claims Thursday followed by Retail Sales and…

A low volume flat session

Index & Sector performance 11/25/13 The Market: Monday’s trading started with some optimism but that was sold in early trading and the market started climbing back toward the highs of the day after a pullback.  The rally efforts topped around 2:30 pm EST and the market then declined into the close but after the dust settled it was a flat day.  Again volumes were on the light side. Today’s economic calendar was light with only Pending Home Sales on the docket and came in worse than expected posting a -0.6% when 2.2% was expected.  Tomorrow we get more housing data…

Daily Wrap

DJIA -70.73 (-0.47%) to 15,010.74;S&P 500 -9.77 (-0.59%) to 1,646.06;NASDAQ -13.69 (-0.38%) to 3,589.09 The S&P 500 started today with a gap lower but quickly rallied to not only retake the early losses but move into positive territory for the day.  Then around 10:30 am EST the market started to roll and spent the remainder of the day under pressure and ultimately ended up closing below the 50 day SMA. No economic data to report and this is a light econ data week, at least for the US. Apple (AAPL) was able to buck the broad market’s downward trend and close slightly higher…

Daily Wrap

DJIA -26.81 (-0.18%) to 15,091.68; S&P 500 +0.07 (+0.00%) to 1,633.77; NASDAQ +1.07 (+0.04%) to 2,982.09 Today was more active than the change on the day and even the Daily chart might show as early trading started with a small gap down and then a strong move lower until 10am EST when the S&P 500 finally bottomed and then rallied roughly 10 points to noon est where it spend the remainder of the day consolidating closing a few points off the day’s highs. In company news Monsanto (MON) received a positive Supreme Court ruling that essentially stated that Farmers cannot use MON’s seeds to create new…

Week in Review

DJIA +35.87 (+0.24%) to 15,118.49; S&P 500 +7.03 (+0.43%) to 1,633.70; NASDAQ +19.90 (+0.67%) to 2,981.02 Friday was a very choppy trading session which sent the index bouncing around and when it looked like it could possible be setting up for a late day sell-off ended up instead closing near highs for the day.  In economic news the calendar was light but had a great deal of Fed speak throughout the day including Chairman Bernanke right near the open. The Dell (DELL) going private saga continued where two large DELL investors, Carl Icahn and Southeastern Asset Management, advised that they will not be voting for Michael…