December 12, 2017

Market churns while XLU heads lower

Daily-Wrap

Index & Sector performance 2/25/15 The Market: Another day of churn as the market continues to grind with an upward bias.  As we posted over at StockTwits we are starting to see a lot of negative divergence setting up on the MACD.  Divergence is not a trigger itself but is showing signs that each move higher comes with less momentum and excitement. Utilities (XLU) was the leader to the downside and a name we recently posted about in the Charts section.   After seeing a lot of people bullish on the name, we laid the road map we felt the Bulls…

XLU stands out in today’s action

Daily-Wrap

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…

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…

Watch out for traps

Daily-Wrap

Index & Sector performance 12/9/14 The Market: The S&P 500 found itself down over 20 points within the first hour plus of trading  as traders pointed to concerns over China and Greece.  Throughout the early drop the Russell 2000 (IWM) remained strong down only a fraction of the other indices and then was the first to turn positive on the day.  The IWM’s resilience continued throughout the remainder of the trading session and finished the clear leader. Today’s action certainly feels like another Bear trap where the market looks as though it is about to start a major prolonged slide…

Low volume give back after 3 solid days

Daily-Wrap

Index & Sector performance 10/22/14 The Market: Today marked a give back after 3 solid days of gains.  The leader to the downside was the index that we have been watching closely for the past few weeks, the Russell 2000 (IWM).  The IWM’s underperformance throughout the year was a warning just as its outperformance near the recent bottom.  The IWM has put in work to find a bottom and start to move off the lows of last week but it is not our of the woods yet in our opinion.  First step is remaining above $107 and then the lows…

Utilities shine amidst sea of red

Daily-Wrap

Index & Sector performance 10/1/14 The Market: All four of the main indices on the WSC Scoreboard finished well into negative territory with the NASDAQ (QQQ) leading the charge down 1.60%. In individual sectors it was the Utilities (XLU) that stood out closing 0.57% higher while the rest of the list was well into negative territory.  It was a broad rally across the XLU with many stocks participating but some noteworthy gainers were Exelon (EXC) up 1.41%, Southern (SO) up 1.01%, and NRG Energy (NRG) up 2.33%.  EXC has been a favorite of ours but we would also watch SO…

Down but much better than the start

Daily-Wrap

Index & Sector performance 9/29/14 The Market: All 4 broad market indices closed lower however all also closed well off their lows of the session. The standout sector in today’s trading is clearly the Utilities (XLU) which finished up 0.65% and is currently in 4th place amongst the WSC Scoreboard sectors for largest YTD gain.  The biggest laggard was Consumer Discretionary (XLY) followed by Materials (XLB). In Economic data, Pending Home Sales was a big disappointment coming in at -1% when -0.4% was expected while last months reading was adjusted slightly lower to 3.2% from 3.3%.     Reporting EPS…

China growth concerns weigh on market

Daily-Wrap

Index & Sector performance 9/22/14 The Market: The markets started the week off lower with many pointing to weak economic data out of China as well as comments from the Chinese finance minister stating there will be no major policy adjustments as the cause.  Leading the way lower was the Russell 2000 (IWM) which remains the clear underperfomer for the year with the Dow (DIA) not too far behind but at least positive YTD. Multiple sectors closed the day down over 1% with Retail (XRT) leading the way finishing the session 1.59% lower.  The XRT is now again over 1%…

Tech and HealthCare EPS lead

Daily-Wrap

Index & Sector performance 7/23/14 The Market: Today the stand out index was the NASDAQ (QQQ) which finished 0.64% higher with a lot of help from Apple (AAPL) which finished the day up 2.61% after reporting EPS yesterday after the close.  The S&P 500 (SPY) and Russell 2000 (IWM) were relatively flat, while the Dow (DIA) was the clear laggard and the only index to finish down on the session.  Weighing on the Dow was Boeing (BA) and Caterpillar (CAT) which finished down 2.34% and 1.53% respectively. In individual sectors it was HealthCare (XLV) which shined helped immensely by Intuitive…

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…