SPY is sitting on the 50 day SMA
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…
AAPL helps drive late day sell off
Index & Sector performance 9/9/14 The Market: All major indices on the WSC Scoreboard finished the session lower with the Russell 2000 (IWM) leading the charge down 1.18%. The S&P 500 (SPY) started the session weak but found a bottom in early trading and then managed to rally until 2pm ET when the index turned and sold off making new lows for the session. The NASDAQ (QQQ) held in well during early trading as traders were likely waiting for the Apple (AAPL) product announcement. The initial reaction to AAPL’s news (new/bigger phones, watch, payment system) was positive and the…
Markets stop slide, fight back
Index & Sector performance 8/4/14 The Market: After two strong down days, all 4 indices on the WSC Scoreboard managed to find bottoms and rally with the Russell 2000 (IWM) leading the charge finishing the day 0.89% higher. One note of caution, volume was on the light side when compared to the previous two sessions. Our suggestion would be to watch the first major pullback after today’s move. If it is orderly then the market likely has unfinished business to the upside, otherwise we will likely see another push lower. In individual sectors it was green across the board except…
Increased chatter of a 10+% decline
Index & Sector performance 4/3/14 The Market: A pre-market pop in the S&P 500 emini sent the index as high at 1887.50ES but that move was short lived and the index was trading lower by the open and continued lower throughout the early and midday trading sessions. It wasn’t until the afternoon trading when the S&P bottomed and marched higher into the close. The emini has continued higher in after hours trading closing in on the pre-market highs essentially negating the entire move lower in today’s session. It is worth noting that the ECB left rates unchanged and noted they…
Today the quiet before the storm?
Index & Sector performance 10/31/13 The Market: Second straight down day for the S&P 500. The day was slightly more active than the closing prices might suggest as a very early up open was quickly sold down to the 1756 levels where the market bottomed around 10:30am EST and then rallied to 1768 by 2:30 pm EST. What took almost all day to gain was then lost in that last hour of trading with the S&P closing back near the earlier lows for the day at 1756. What needs to be seen is if this relatively quiet day is the…
Daily Wrap
DJIA +24.50 (+0.17%) to 14,700.80; S&P 500 +6.37 (+0.40%) to 1,585.16; NASDAQ +14.54 (+0.51%) to 2,848.66 The S&P 500 started with a small gap higher after a better than expected Unemployment claims number (339K vs 352K) which then waffled for the initial trading and then started to press higher. After an intraday consolidation, the S&P 500 again until around 2:30 pm EST when the index started to fade and continued lower until roughly the end of the day. While still closing higher, the S&P was roughly 7 points off the high. As we are in the thick of the earnings reports, each day…
Week in Review
DJIA +149.21 (+1.08%) to 14,009.79; S&P 500 +15.06 (+1.01%) to 1,513.17; NASDAQ +36.97 (+1.18%) to 3,179.10 I have been looking and highlighting a pattern that seemed to be begging for higher prices in the short term and why the stance has been that while ultimately I would like to see a broader pullback/correction to provide the markets a better base to then press higher from again, in the short term it felt that every dip was an opportunity for a long trade. Friday’s action now for me has brought the S&P 500 into the levels I was looking for and…