April 20, 2018

The Nightcap


The Market: A very strong session which was led by the NASDAQ (QQQ) and Dow (DIA) which the S&P 500 (SPY) not far behind.  It was interesting to see the Guggenheim S&P 500 Equal Weight index lag the S&P pointing to the gains being in the higher weighted stocks in the S&P 500 index.  Additionally the Russell 2000 (IWM) underperformed posting half the gains of the SPY. In individual sectors the day session was led by the Industrials (XLI) followed closely by the Materials (XLB).  Also closing up over 2% on the session was Technology (XLK) and that move looks…

Pop off support as FOMC looms


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…

New Ebola scare helps market off highs


Index & Sector performance 10/23/14 The Market: The market was cruising along today until roughly 2pm ET when the market turned and then started quickly losing ground.  Traders pointed to news that a doctor who had treated Ebola patients was rushed to the hospital in New York City.  The sell off was not enough to give back all the days gains but we closed well off the intraday highs. Many sectors from the WSC Scoreboard participated in the rally with the biggest gainer the Industrials (XLI) finishing up over 2% helped greatly by Union Pacific Corporation (UNP) and 3M (MMM)…

S&P nearing last week’s low


Index & Sector performance 10/7/14 The Market: After being rejected by the 50 day SMA yesterday, the S&P 500 (SPY), along with the other major indices on the WSC Scoreboard, followed up today with a strong down session.  So far the SPY has managed to stay above the 10/2/14 spike low but we are very close. Utilities (XLU) continue to outperform on this recent down turn and after spending some of today in positive territory managed to only finish 0.14% lower.  Next best was the Consumer Staples down 0.59%.  Leading to the downside today was yesterday’s top loser, Transportation (IYT), …

Tech leads quiet up session


Index & Sector performance 9/10/14 The Market: Administrative note: we will be traveling the remainder of the week so there will be no updates after tonight. A nice bounce back in the markets after yesterday’s late day sell off.  The leader in the broad indices was the NASDAQ (QQQ) keying, again, off Apple (AAPL) which finished the session up 3.07%. After being a relative outperformer yesterday in a bad tape, HeathCare (XLV) was the leader on the WSC Scoreboard today finishing the session up 0.70%.  Utilities (XLU), yesterday’s biggest loser, saw more downside follow-through finishing the session 0.44% lower.  Also…

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…

Intraday swing leave only small gains


Index & Sector performance 4/28/14 The Market: After moving slightly higher in the overnight and early trading, the S&P 500 quickly dropped in the midday session before finding a bottom around 1:30 pm ET.  While the S&P fell a few points short of making it back to the earlier intraday highs, it did manage to post a small gain on the day.   The Dow led the major indices helped by a 4.2% gain from Pfizer (PFE) while the Russell 2000 closed slightly down on the day. Many big name stocks in the news including the aforementioned Pfizer (PFE) who…

Rampant optimism spikes the market


Index & Sector performance 10/10/13 The Market: In case you were under a rock today.  The market exploded to the upside.  The move seemed help by some uncertainty being out of the way including the past news that Janey Yellen would be the new Fed chair and confirmation from the FOMC minutes that tapering will not likely start until the end of the year (or later).  To add on there was optimism out of Washington about a debt deal. In economic news, Unemployment claims came in far worse than expected posting a 374K when 307K was expected.  The reason the…

AA kicks off a new earnings season…tomorrow


Index & Sector performance 10/07/13 The Market: The markets started down strong but found early support and rallied into midday but couldn’t hold and press toward Friday’s close and instead sold off during the last hour of trading closing near the early morning slows but just slightly above. Hard to believe we are kicking off another earnings season but Alcoa (AA) will start tings off again Wednesday 10/8/13 after the close.  While AA no longer has the significance it once did, it still is known for ushering in the season and many larger more impactful names will then be reporting….

Charts to Watch


Let’s start tonight with the McClellan Oscillator and a look at the reading from yesterday’s close.  We see that a -100 reading is very uncommon but can lead to snap back rallies.  What has to be seen is whether that extreme level leads to a more sustained bottom or like we saw in June will there be multiple extreme readings before a more sustained bottom occurs. Arch Coal (ACI): After a strong rally this stock has held initial support  on the pullback.  I will be watching to see if the stock can continue to consolidate on low volume to set-up…