December 15, 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…

The NightCap

Daily-Wrap

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…

Will the recent Volatility continue?

Daily-Wrap

The Market: No comments tonight except to say that, after a volatile beginning, the market quieted down and consolidated to finish the week but we do not think the violent swings are over and expect more volatility next week. Hope you all have a wonderful weekend!       Reporting EPS 8/17/15 After the Close:   Reporting EPS 8/17/15 Pre-Market: The only name we are currently tracking is The Estee Lauder Companies (EL) with an estimate of $0.34.   Analyst Comments:

Huge intraday rally as Volatility continues

Daily-Wrap

The Market: It is not uncommon when the S&P is down 25+ points intraday for their to be a rally but to see the index trade down over 30 points and then finish the session slightly up is surprising.  Even with the recent volatility, we remain within a range from, roughly, 2130 to 2050 in the S&P.  We are interested to see if the Bulls can build on today’s move off the low and gap higher tomorrow.  If not, we would not rule out the S&P revisiting today’s lows in the short-term.  Expect the volatility to continue. Leading sectors today…

Pop off support as FOMC looms

Daily-Wrap

The Market: A nice snap back rally today as the S&P 500 continues to hold the 200 day SMA.  We would not be surprised to see limited action overnight and in early trading tomorrow as traders wait to see what the Fed says at 2pm ET. Yesterday’s laggard, Energy (XLE), is today’s leader finishing up 2.86% followed closely by Transportation (IYT) which finished up 2.75%.  Also posting strong sessions was Materials (XLB), Industrials (XLI), and HeathCare (XLV) finishing up 2.09%, 1.94% and 1.81% respectively. FOMC statement tomorrow and remember we are still in the thick of earnings reports which will…

Hospitals rocket as Supreme Court rules

Daily-Wrap

  The Market: After an early morning small pop, which helped work off some of the very short-term oversold levels, the market declined the rest of the day finishing near the session’s lows. Energy (XLE) was the largest losing sector on the WSC Scoreboard followed closely by Transportation (IYT) which was the biggest loser yesterday.  However, we would be watching the IYT as it appears to be coming into a support region and could soon provide a trade set-up to the long side. Health Care (XLV) was the lone green sector on the Scoreboard as the Supreme Court ruled that…

S&P follows crude lower yet again

Daily-Wrap

Index & Sector performance 12/15/14 The Market: Crude oil started to rebound in Sunday’s overnight session and helped the major indices start the day with a gap higher but the optimism was short lived.  Oil quickly started to lose ground after the open and reached fresh 52 week lows by noon taking the S&P with it.  Both indices found a midday bottom but only the S&P was able to close above those lows. We are interested to see if there is follow-through on the downside tomorrow in the S&P and if so we suggest traders remaining open to the possibility…

XLE hit hard on overall mixed session

Daily-Wrap

Index & Sector performance 10/27/14 The Market: A rumor Thursday of a doctor infected with the Ebola virus being rushed to an NYC hospital helped take the market off the highs and then in Thursday’s overnight session it was confirmed that the doctor indeed had Ebola which sent the futures spiking lower but by Friday morning they were off the lows from the overnight session and marched higher closing near Thursday’s intraday highs. Today was much more of a muted consolidation session with the S&P 500 cash index remaining within a roughly 13 point range which while not historically small…

Short week, low vol, mixed results

Daily-Wrap

Index & Sector performance 6/30/14 The Market: An overall mixed session saw the Russell 2000 and NASDAQ finish higher while the Dow and S&P 500 finished slightly lower.  Volume was down which will likely be a trend this shortened holiday trading week. In Individual sectors, the Utilities (XLU) led and earlier in the session the Transportation sector (IYT) was a relatively close second but a late day sell off put it just behind the Materials (XLB) and in-line with Retail (XRT).  The largest gainer in the Utilities was Pinnacle West Capital Corporation (PNW) which finished up 2.41% and looks like…

Early dip finds buyers

Daily-Wrap

Index & Sector performance 6/26/14 The Market: Just before the open the major indices started spiking lower and continued through the bells until roughly 10 am ET before finding a bottom.  Then as if nothing happened the market spend the rest of the day climbing back toward even on the day with the S&P 500 (SPY) finishing slightly higher while the other major indices on the WSC Scoreboard finished slightly lower. Just like the broad indices, the individual sectors from the WSC Scoreboard were mixed but all hovering near flat on the day.  The Financials (XLF) and Consumer Staples (XLP)…