Merger denied, collaboration approved
Index & Sector performance 7/16/14 The Market: A small up session in the market was helped by solid earnings reports in the morning and a potential huge media merger between Time Warner (TWX) and Twenty First Century Fox (FOXA). FOXA offered $85/share but were turned down by TWZ. This sent shares of TWX screaming higher finishing the day up 17.07% as traders reevaluated TWX’s worth and also speculated on increased offers. In other corporate news, Apple (AAPL) announced they will be teaming up with IBM (IBM) to provide business mobile solutions. BlackBerry (BBRY) was negatively affected by the news finishing…
Financial earnings remain focus for week
Index & Sector performance 7/14/14 The Market: All four major indices on the WSC Scoreboard finished equally higher in today’s action. We continue to be most interested in the Russell 2000 (IWM) and the fact that the Small Caps are not enjoying as solid of a year as the other major indices. We ultimately believe for further gains the small caps need to be involved. In individual sectors the WSC Scoreboard was led by Energy (XLE) which finished up 0.87%. Also finishing higher on the WSC Scoreboard was the Financials (XLF) which saw Citigroup (C) beat earnings this morning and…
S&P 500 remains above the 50 DSMA
Index & Sector performance 4/7/14 The Market: Friday’s selling action continues on Monday as the S&P 500 index lost roughly 20 points. Today’s lows in the SPDR S&P 500 ETF (SPY) correlated nicely with previous levers of reaction and the 50 day SMA. If this short term support is lost we could see the cash index next targeting $1800 and even $1650-1700. In the meantime, aggressive traders could look to use today’s lows as a level to trade again on the long side for a bounce. Reporting EPS 4/8/14 Pre-Market: Only one name of note reporting EPS tomorrow…
Market dips early but fights back
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…
Triple witching tomorrrow
Index & Sector performance 12/19/13 The Market: Today trading range was rather tight after yesterday’s explosion with the entire day’s range in the S&P 500 only about 9 points. Tomorrow will be options expiration and a Triple Witching which can come with some volatility. In economic data today we sub a much worse than expected Unemployment claims number come in at 379K when 366K was expected. Other key data also underperformed expectations with Existing Home Sales missing expectations (4.9M vs. 5.04M) and Philly Fed Manufacturing Index (7 vs. 10.3). Tomorrow we get GDP and Monday 12/23 we have Core PCE,…
Market follows up gap with more gains
Index & Sector performance 9/17/13 The Market: The majority of today’s action was in the first half hour of trading when the S&P gaped slightly higher and then ran up seeing the majority of the days gains. The remainder of the day the market was able to hold those gains and drift higher on what looked to be an overall light volume day. In economic news, Core CPI came in as expected while headline CPI was actually less than expected with a 0.1% increase when 0.2% was expected. Remember headline reflects food and energy while core strips it out. Tomorrow…
Daily Wrap
DJIA -265.86 (-1.79%) to 14,599.20; S&P 500 -36.49 (-2.30%) to 1,552.36; NASDAQ -59.01 (-2.07%) to 2,797.47 Today was a very active day in the markets but it is appropriate to take the time to stop and send well wishes and prayers to those involved in the Boston Marathon incident which as I write is still unfolding with not many details but clearly today people were hurt and my prayers go to them and their family. The market began with a small gap lower on weak Chinese data and overall global outlook concerns which continued to snowball into larger losses which were not just…
Daily Wrap
DJIA +27.57 (+0.20%) to 13,534.89; S&P 500 +1.66 (+0.11%) to 1,472.34; NASDAQ -6.72 (-0.22%) to 3,110.78 A gap down in the morning set the lows on the S&P 500 for the day as we then steadily rose the rest of the day making highs near the close. Overall the data released today was mixed with Retail Sales beating very low expectations, PPI slightly lower than expected and January Empire State Manufacturing better than the previous month but well below expectations. The Nasdaq was the only major down and with AAPL losing another 2.3% along with the $500’s it is not surprising. Moving higher today to the…