November 22, 2018

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…

XLU stands out in today’s action

Index & Sector performance 2/18/15 The Market: A choppy session overall which ended up finishing flat.  Some negative divergence is building on the S&P 500 60 minute chart but, even when it leads to a pullback, the divergence can exist for many day.  We wouldn’t be surprised to see the index continue to meander and drift higher for the remainder of the week into Options expiration. In individual sectors it was the Utilities (XLU) leading the way and by a wide margin finishing up 2.37%.  We would be watching the XLU closely here to see if it can build on…

Strong start with new highs

Index & Sector performance 5/12/14 The Market: A strong start to the week as a broad based rally in the market was led by the Russell 2000 (IWM) up 2.27% and the NASDAQ 100 (QQQ) up 1.65% while the Dow and S&P reached new closing highs.  The two stand out sectors were Retail (XRT) and the Transportation (IYT) while the Utilities (XLU) lagged closing down 0.92% but remain the largest gainer YTD. We have much more economic data this week and tomorrow all eyes will be on Retail Sales which is released before the open.  Headline sales are expected up…

Easy come, easy go…for the Bears

Index & Sector performance 3/4/14 The Market: In overnight trading the S&P 500 broke out over our highlighted resistance just below $1850ES and never looked back ultimately not only regaining all that was lost on Monday but also adding a few points to close at a new all time high. The news attributed the move to an easing in the Russia/Ukraine situation after Putin reportedly stated that Russia would only use force as a last result. Tomorrow will be a very interesting day in the market especially coming off the previous two days of trading.  If we start to see…

Analyst Comments

Today’s featured analyst comment is by Goldman Sachs who upgraded Gartner, Inc. (IT) to Buy with an $85 price target.  IT has been on a strong run up over 38% the trailing 12 months and Goldman believes there is more in the tank.  Looking at the chart there is some work needed but we think they may be right. If IT can continue to digest under the recent highs while the MACD continues to recycle then this could lay the ground work for another leg higher.  What we are watching specifically on the stock is the MACD and the 50…

Small gains break 5 day slide

Index & Sector performance 9/26/13 The Market: An early push higher on the S&P 500 was short lived and topped around 10 am EST falling all the way back to the open and even drifting into negative territory.  The market then bounced, failed and after retesting the days lows used the last hour to rally into the close. In economic news the Unemployment Claims data came in better than expected posting a 305K number when expectations were of 319K.  Unfortunately the remainder of the news was not as good with GDP coming in below expectations printing a 2.5% number when…

Week in Review

DJIA +43.85 (+0.33%) to 13,435.21; S&P 500 +7.10 (+0.49%) to 1,466.47; NASDAQ +1.09 (+0.04%) to 3,101.66 Hopefully slow and steady will win the race when it comes to the Jobs market.  Adding another 155K non-farm jobs  was just a tick above analysts expectations and the revised Unemployment rate for November to 7.8% held into December. The market started the morning somewhat choppy while seemingly digest the morning’s economic data and then started a near uninterrupted climb closing near highs of the day. Supervalu (SVU) gapped higher and closed up over 13.5% on a Wall Street Journal report that private equity firm Cerberus Capital is close…

Daily Wrap

DJIA +308.41 (+2.35%) to 13,412.55; S&P 500 +36.23 (+2.54%) to 1,462.42; NASDAQ +92.75 (+3.07%) to 3,112.26 The majority of today’s gains were made on the open resulting from the market’s elation on a fiscal cliff deal.  I would like to think that this is the last time we focus on Washington but unfortunately I feel it is not.  Otherwise today was a strong rally on better than average volume and the second one in a row at that.  What was even more interesting was the fact that Small caps and Tech lead (including everyone’s favorite AAPL) which lends to the…