October 23, 2017

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…

S&P 500 makes new closing highs

Daily-Wrap

Index & Sector performance 8/20/14 The Market: A respectable session for the Dow (DIA) and S&P 500 (SPY) as the SPY finished at a new closing high and the DIA is not all that far off.  The NASDAQ (QQQ) managed to finish slightly up on the session and while not as strong as the DIA or SPY, the QQQ has been the clear leader on the year.  The Russell 2000 (IWM) continues to lag and was unable to finish the session higher like the other broad indices however the index did manage to rally well off the earlier lows. In…

Early optimism wanes

Daily-Wrap

Index & Sector performance 6/24/14 The Market: After a very tight trading range in the overnight session, the market moved higher after the New Home Sales and Consumer Confidence data was released at 10 am ET.  Both handily beat estimates rising to their best levels in 6 years, however, this optimism proved to be short lived as the S&P 500 topped in midday trading and spent the remainder of the day losing ground finally finishing 12 points lower in the S&P 500 cash index and roughly 20 points off the intraday highs. In individual sectors, Energy (XLE) clearly led all…

Low volume day follows the trend

Daily-Wrap

Index & Sector performance 11/22/13 The Market: The market made solid gains trending higher all day to close over $1800 in the S&P 500.  If there was anything concerning about today’s rally, it was the volume which seemed very light but seeing a market move in the direction of the trend on low volume days is not uncommon. There was not much on the Economic data front today besides some fed speak but Thursday the 21st was big.  Unemployment Claims came in better than expected posting 10K below (323K vs 333K) expectations while the previous week was adjusted slightly higher…

Daily Wrap

Daily-Wrap

DJIA -28.57 (-0.23%)  S&P 500 -2.17 (-0.16%) NASDAQ -9.87 (-0.35%) Sector’s lagging in the S&P today were:  Utilities -0.73%, Basic Materials -0.96%, Telecommunications -1.07% while the leaders were: Consumer Goods +0.20%, Financials +0.20% and Oil & Gas +0.14%. Another morning where the S&P started higher but faced early selling.  If you were to just check in at the end of the day you would think today was a lack luster day in the market but if you were around it felt like a much more volatile than the ending prices reflect.  We posted at StockTwits the 5 minute downtrend line on the…