October 20, 2017

The NightCap

Daily-Wrap

The Market: The market continues to grind higher with the Russell 2000 (IWM) trying to play catch-up of late. Energy (XLE) led all sectors in today’s trading, again, and has been one of the hottest sectors of late although still down nearly -10% YTD. A relatively big data week with ISM Monday, Fed speak & ADP tomorrow, Unemployment Claims Thursday, and official Jobs data on Friday.  Traders concerned about the Fed and if we will see a December rate hike should be paying attention to this week’s data.       Reported EPS 11/3/15 After the Close:   Reporting EPS…

QQQ & IWM reach new highs

Daily-Wrap

Index & Sector performance 2/26/15 The Market: More churn today in the markets but again the NASDAQ (QQQ) and Russell 2000 (IWM) showed more strength than the S&P 500 (SPY) with the QQQ and IWM reaching new 52-week closing highs on the session. Crude oil lost over 5% today which helped send the Energy (XLE) sector 1.88% lower.  We noted in our 2/18/15 nightly recap when the XLE was trading above $81 that we would look for a pullback toward $78 as a buying opportunity.  Closing today at $79.35, we would ideally like to see lower levels before dipping into…

Revisiting December’s lows

Daily-Wrap

Index & Sector performance 1/6/15 The Market: Oil appears to still be affecting the broad market and causing caution in investors as crude, which lost the psychological $50 level yesterday, traded down over $2 in today’s session. Yesterday we remarked that a gap down in the morning could be a short term trading opportunity to the long side but unfortunately we opened flat to slightly up, negative the set-up, and then continue to crawl higher in the first hour of trading before the indices began to sharply lose ground.  Today’s sharp drop eventually found support at the mid-December trading lows…

Tech stocks lead sell-off

Daily-Wrap

Index & Sector performance 5/6/14 The Market: Last night we noted 1872ES as a key level to watch.  If it held as overnight support then the index could look to target Friday’s 1886ES highs but if lost then we could see Monday’s lows of 1860.50ES tested and then 1850ES.   In overnight trading the S&P was only able to reach 1881.50ES falling short of Friday’s highs and by the open the futures were sitting at our key 1872ES level.  After some initial jostling around the 1872ES level, the index started to roll over in midday trading reaching as low as…

Market dips early but fights back

Daily-Wrap

Index & Sector performance 1/21/14 The Market: This is the type of market that frustrates both the Bull & the Bears.  Strong moves in each direction serve to whip weak traders our of their positions.  After a very light futures trading session Monday with the Stock Market closed, the S&P 500 futures pressed higher in late Monday/early Tuesday trading.  Just before the open the futures printed $1844 and then started to sell off right at the open.  The market finally found a bottom near noon EST but only after losing roughly 18 points from the pre-market highs.  The S&P 500…

Week in Review

Week-in-Review

DJIA +48.92 (+0.35%) to 13,992.97; S&P 500 +8.54 (+0.57%) to 1,517.93; NASDAQ +28.74 (+0.91%) to 3,193.87 Today the markets gaped higher and continued higher closing near highs.  We had positive economic data where the U.S. trade deficit shrank to its narrowest level in nearly three years. I felt the story of the day was one that didn’t really seem to be taking over the headlines but I think it might be a decision that eventually we look back at and say this was a big move that many others followed.  That was NJ Governor Chris Christie will allow the state…

Daily Wrap

Daily-Wrap

DJIA -129.71 (-0.93%) to 13,880.08; S&P 500 -17.46 (-1.15%) to 1,495.71; NASDAQ -47.93 (-1.51%) to 3,131.17 Today proved to be a very timely pullback as we noted last last week and then this weekend after Friday’s action that we believed a form of a top was in that would provide a longer pullback/consolidation than we have been seeing of late.  Today essentially wiped out all of last week gains and it is not surprising after such a strong move down to see the markets up slightly after the close.  We will have to see if they can hold or build…