September 18, 2019

Weak ADP data helps market gap

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…

Early dip is bought, finishes flat

The Market: Overall a quiet day in the markets following yesterday’s FOMC statement as an early dip in the S&P 500 found buyers and the index finished flat on the session while the NASDAQ (QQQ) led. The S&P 500 looks to need at least a short term pullback to regroup before any longer term move higher but we will be interested to watch that first pullback as we are from from believing the coast is all clear and that the market is off to new highs. In individual sections, Utilities (XLU) led finishing up 0.74% on the session followed by…

Central bank news abroad drives headlines

Index & Sector performance 1/21/15 The Market: It was a relatively choppy session which saw the Dow (DIA), S&P 500 (SPY), and NASDAQ (QQQ) manage to finish higher while the Russell 2000 (IWM) closed lower.  There were reports out of Europe that the ECB Executive Board proposed the purchase of EUR 50B/mo of bonds in a program that should last at least a year.  There was more news from outside the U.S. with a surprise rate cut in Canada to counteract the sharply declining oil prices. Energy (XLE) led the charge today as all sectors on the WSC Scoreboard finished…

ECB helps U.S. Dollar & market higher

Index & Sector performance 11/6/14 The Market: Comments from ECB President Mario Draghi suggesting that the central bank is committed to stimulating the region’s economy helped send the S&P 500 (SPY) and the U.S. Dollar higher on the session.  As would be expected the Euro/Dollar cross was under pressure finishing the U.S. trading session at new 2 year lows. A strong dollar is not a bad thing and increases global purchasing power of U.S. companies and individuals.  However, as we saw recently with the Trade Balance, a strong dollar can hurt exports.  Coupled with concerns over crude oil’s recent decline…

Russell outperforms in ugly session

Index & Sector performance 10/13/14 The Market: Another 1+% down day across the major indices on the WSC Scoreboard except for the Russell 2000 (IWM) which finished the session down only 0.42%.  YTD the IWM is still the clear loser down 9.55% but today’s outperformance is interesting and something to watch.  IWM’s underperformance starting earlier in the year was a warning so if it begins to outperform on a consistent basis going forward it should be noted. It does not feel like very long ago when the only down sector on the WSC Scoreboard Was Retail (XRT) but now we…

Market awaits Jobs number

Index & Sector performance DATE The Market: Today’s action started off higher after the ECB lowered rates and took added measures to try and stimulate the economy but the gains were short lived peaking about an hour after the open and faced selling pressure the remainder of the session.  It was not surprising to see follow-through to the downside after yesterday’s Bearish Engulfing candles but so far the downside has been contained. In individual sectors, the Transports (IYT) led gaining 0.72% while the Retail (XRT) was a close second finishing up 0.59% on the day and after spending a majority…

S&P on 5 day win streak

Index & Sector performance 4/21/14   The Market: The S&P 500 has been on an impressive  5 day winning streak but much like the “V” bottom we say back in February this year, this rally is coming on lower than average volume with today being by far the lowest in the S&P 500 sector ETF “SPY”. We stated in our 4/14 write-up that we would not be surprised to see the market used short term oversold levels and the shortened holiday Op-Ex week to rally.  The question now is as traders get back to the desk in both the U.S….

A day of rest after 4 up

Index & Sector performance 2/12/14 The Market: This morning at StockTwits we noted that after four solid days higher traders should expect a consolidation day which is ultimately what ended up happening but not before the S&P rallied to the pivot at $1823.25ES.  Traders should watch that level now as upside resistance and look to 1805-10 as support.     The following noteworthy companies are scheduled to report earnings before tomorrow’s open: PEP, APA, DISCA, NLSN, HOT, TAP, BKW, AVP, NGLS, CAB, GNC, SON, AFSI, OWW   Analyst Comments:         The Game Plan:

Decline….What Decline?

Index & Sector performance 1/15/14 The Market: The vast majority of today’s action was on the open where the S&P 500 gaped higher and ran until 11am EST which marked the highs of the day.  The remainder of the day stayed in a 5 point range from the 11am highs as the market digested the strong reversal rally which has gained roughly 35 S&P points since Monday’s lows. In Economic Data, Headline PPI slightly missed expectations while Core PPI beat.  The Beige Book reiterated an overall positive outlook on the economy showing moderate growth.  Tomorrow traders will be most focused…