December 16, 2017

Weak ADP data helps market gap

Daily-Wrap

The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon.  After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%.  The only two losing sectors on the day…

Market bounces but finishes where it started

Daily-Wrap

The Market: An initial gap higher in the morning was quickly sold as it appeared traders were hesitant before the FOMC Rate decision and statement.  After the announcement, the market pressed to new intraday lows but then quickly turned and rallied to new intraday highs before closing at the opening print. Utilities (XLU) led the WSC Scoreboard sectors finishing up 0.84%.  The XLU reached our target support region and is making a move off that support after a long decline but still has a lot of resistance above and will need to show this is indeed a bottom and not…

Market continues to grind

Daily-Wrap

Index & Sector performance 2/19/15 The Market: The slow grind into options expiration continues with the S&P 500 (SPY) and Dow (DIA) finishing slightly lower while the Russell 2000 (IWM) finished slightly higher and the NASDAQ (QQQ) led.  We would expect to potentially see volatility tomorrow not only due to options expiration but also potential headline risk out of Europe. Overall a mixed session as yesterday’s sector leader to the upside, the Utilities (XLU), was today’s downside leader finishing 1/13% lower while Technology (XLK) followed closely by Consumer Discretionary (XLY) led to the upside. With only Flash Manufacturing PMI tomorrow,…

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…

XLE hit hard on overall mixed session

Daily-Wrap

Index & Sector performance 10/27/14 The Market: A rumor Thursday of a doctor infected with the Ebola virus being rushed to an NYC hospital helped take the market off the highs and then in Thursday’s overnight session it was confirmed that the doctor indeed had Ebola which sent the futures spiking lower but by Friday morning they were off the lows from the overnight session and marched higher closing near Thursday’s intraday highs. Today was much more of a muted consolidation session with the S&P 500 cash index remaining within a roughly 13 point range which while not historically small…