December 16, 2017

The NightCap

Daily-Wrap

The Market: A late day rally helped the market close well off the midday lows but all 4 major indices on the WSC Scorobard still finished down near or over 1%.  Based on the recent action, we expect to see lower levels in the short-term. In individual sectors, Retail (XRT) was the hardest hit sector on the WSC Scorboard with Priceline (PCLN) finishing down over 9% on the session after reporting EPS which beat expectations but guidance that fell short.  We will be watching Ctrip.com (CTRP) which is scheduled to report EPS tomorrow, November 10th, after the close — CTRP…

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…

China’s action spills into global markets

Daily-Wrap

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…

Small Caps lag as market rallies

Daily-Wrap

Index & Sector performance 3/16/15 The Market: A strong performance day as the S&P 500 (SPY), Dow (DIA), and NASDAQ (QQQ) finished up over 1% while the Russell 2000 (IWM) was the laggard finishing up 0.60%.  One of the positive noted on this recent decline in the broad markets was the resilience of the IWM which is close to a new all-time high.  Today could just be the other broad indices catching up to the already outperforming IWM but we cannot help but feel as though today was a perfect set-up for the IWM to lead all names higher and…

Another flat session overall

Daily-Wrap

Index & Sector performance 7/24/14 The Market: Another relatively flat session across the broad major indices as earnings continue to drive most individual stock movements. The NASDAQ (QQQ) and S&P 500 (SPY) have both managed to breakout to new 52 week highs this week and hold those breakouts so far but the S&P 500 Equal Weight index (RSP) and Dow (DIA) have yet to follow.  The Russell 2000 (IWM) is up on the week but far from new 52 week highs and also seems vulnerable to fill the downside gap left from Tuesday. Speaking of the IWM, we noted in…

Very quiet start to the week

Daily-Wrap

Index & Sector performance 7/7/14 The Market: Today was a very quiet trading session which saw the market give back some of last week’s holiday gains.  Looking over the Economic Calendar, this is a light data week and while Alcoa (AA) will kick off earnings season tomorrow after the close it will still be a while before we are in the thick of earnings season. We are watching the Russell 2000 (IWM) closely.  In good times you expect to see the Tech Stocks and Small caps lead.  While the NASDAQ (QQQ) has come back to do its part this year,…

Choppy trading leaves the indices flat

Daily-Wrap

Index & Sector performance 2/26/14 The Market: A choppy trading session to saw a sell off toward the open which ultimately was bought until midday when the S&P started to make its way back down toward and below the previous intraday lows.  Again buyers stepped in and were able to close the S&P 500 essentially flat on the day.     Companies scheduled to report earnings pre-market:     Analyst Comments:        

Apple finally lands China

Daily-Wrap

Index & Sector performance 12/23/13 The Market: The market was able to produce a gap higher to start this shortened trading week which will include a half day of trading Christmas eve and the market will be closed Wednesday December 25th in observance of Christmas.  After the gap itself the S&P remained in a roughly 4-5 point trading range the entire day on light volume. There was a fair amount of economic data released today but nothing that really tipped the balances.  Core PCE and Consumer spending came in right at expectations while Personal Income slightly missed (0.2% vs. 0.4%…

ECB moved & so did the markets

Daily-Wrap

Index & Sector performance 11/7/13 The Market: The S&P 500 spiked higher around 8am EST time after the ECB announced a rate cut.  This move was further helped by a strong Q3 GDP number.  While we opened off the pre-market highs, the real selling began after the bells.  After each move lower the market tried to stage a rally but all were sold.  The S&P 500 closed right at the 20 day SMA  From peak to trough using the S&P futures we saw a near 30 point swing to the downside. In economic news, GDP came in much stronger than…

The Market’s all a TWTR

Daily-Wrap

Index & Sector performance 11/4/13 The Market: A gap higher in the S&P was quickly sold down to 11:30 am EST where the market found support and then rallied to the close making new highs for the day in the final few minutes. In economic data Factory orders came in lighter than expected and while there was some Fed speak, nothing too groundbreaking.  Tomorrow we see ISM and Economic Optimism.  Looming Thursday is the Unemployment Claims data which has a very low estimate and looks like a softball for the markets to beat.  A big miss with already low expectations…