October 23, 2017

Back-to-Back big declines

Daily-Wrap

The Market: WOW!  As we noted in Wednesday’s Nightcap, we expected volatility to continue and that there “seems to be a great deal of risk in the market”.  That is why we noted a move below Wednesday’s low of 2070 in the S&P 500 could trigger a sharp decline targeting 2000 in the S&P to start.  That is certainly NOT to say we expected the S&P to get there by Friday! The S&P did not make the close easy going out right at the lows evoking the fear of a strong gap lower Monday.  While a gap down Monday could…

Market push and pull continues

Daily-Wrap

The Market: With concerns over volatility in China, weak Economic data, and the FOMC statement, the market gapped down and continued lower throughout the early trading session before marking another big intraday reversal.  After dipping below the 200 day SMA, the S&P managed to rally from over 25 points down to slightly up on the session in intraday trading but then couldn’t hold the gains and sold off into the close. Today’s action is actually a good micro representation of the push and pull in the market this year. As we noted last week, we expect volatility to continue and…

Market continues to rebound

Daily-Wrap

The Market: Stocks continue to chug along after last week’s impressive reversal on Wednesday.  Today was another turn around session which saw the S&P 500 gap down roughly 12 points before firming up in very early trading and then rallying the rest of the session to finish up over 9 points.  Above 2080 in the S&P 500 and it looks like the good times can continue. HealthCare (XLV) was the leader in individual sectors finishing up 1.01% followed closely by Consumer Discretionary (XLY) which closed up 0.96%.  Today’s underperformer was Consumer Staples (XLP) which finished flat on the session hurt…

HealthCare gains as market slides

Daily-Wrap

Index & Sector performance 3/4/15 The Market: Ultimately, only a a small sell off in the markets after the S&P 500 rallied off the lows which coincided nicely with the upward sloping 20 day SMA.  Aggressive traders could certainly look to use today’s low to trade against. In Individual sectors, HealthCare (XLV) was the lone gainer finishing up 0.48% while the Industrials (XLI) led to the downside finishing 0.78% lower followed closely by Consumer Staples (XLP) and Financials (XLF) which finished down 0.70% and 0.61% respectively.  The biggest loser so far for 2015 is the Utilities (XLU) which is now…

Tight trading ends with pop higher

Daily-Wrap

Index & Sector performance 11/18/14 The Market: After multiple sessions trading in a tight range the broad indices broke-out to new highs.  It is worth noting that volume was again light but that has been the case throughout much of this recent rally after the mid October bottom.  In the after hours session the futures started to give back some of today’s gains so we will be looking to see if today was a false breakout which gives way to a pullback or if the indices can hold. In individual sectors, HealthCare (XLV) led finishing 1.61% higher helped by strong…

S&P showing signs of indecision

Daily-Wrap

Index & Sector performance 11/13/14 The Market: The NASDAQ (QQQ) led today’s trading  while the Russell 2000 (IWM) was the clear laggard.  The S&P 500 (SPY) is refusing to break with the exception of very small sharp pullbacks which are short lived.  Volume over the past two days remains light although is an uptick from earlier in the week.  We view the current action as indecision as the SPY wrestles with price discovery and ultimately expect lower levels to be seen. Energy (XLE) led the WSC Scoreboard sectors lower giving back some of the recent hard fought gains but did…

Heartfelt thank you to our Vets!!!

Daily-Wrap

Index & Sector performance 11/11/14 The Market: A Heartfelt thank you goes out to all of the past, present, and future service men and women who work each day to keep us safe.  Without you, what we have and unfortunately often take for granted each and every day would not exist.  Almost zeros across the board as it was a relatively uneventful trading session.  Maybe the clearest example of how uneventful is that the entire trading day’s range on the S&P 500 was 6 points and volume was again light. As noted last night, we still view the short term…

SPY is sitting on the 50 day SMA

Daily-Wrap

Index & Sector performance 9/23/14 The Market: U.S. led airstrikes in Syria and weaker than expected European manufacturing data helped continued weakness in the broad markets with the Russell 2000 (IWM) again leading the way to the downside.  After peaking back positive YTD in late August and into early this month, the IWM is now down 3.46%.  The NASDAQ (QQQ) was the clear winner, on a relative basis, and was helped by a strong showing in Apple (AAPL) which closed up 1.56%.  The S&P 500 (SPY) is now near, essentially at, its 50 day SMA and we are very interested…

EoD gains mask intraday swing

Daily-Wrap

Index & Sector performance 9/17/14 The Market: Early in the session the markets were quiet as traders awaited the FOMC statement and speculated if the wording of the statement would be changed.  The answer was that not much changed and specifically the Fed continues to state that they will keep key interest rates near zero for a “considerable time”.  The initial reaction to the release was a sharp decline but buyers quickly stepped in and the S&P 500 recovered and then rallied to fresh highs on the day before finishing the session back where it started. The leading sector on…

Indices build on week’s gains

Daily-Wrap

Index & Sector performance 8/14/14 The Market: A good up day as all 4 broad indices on the WSC Scoreboard finished the day higher and the Russell 2000 (IWM) is now only X% down on the year.  The concern with this week’s bounce has been and remains to be the declining volume as we continue higher.  However, until the market turns lower and begins taking out support, traders must respect the price action. In individual sectors, leading was HealthCare (XLV) which finished the day up 1.18% continuing to build on the strong week followed closely by yesterday’s laggard, Retail (XRT) which…