August 23, 2017

The NightCap

Daily-Wrap

The Market: The market continues to grind higher with the Russell 2000 (IWM) trying to play catch-up of late. Energy (XLE) led all sectors in today’s trading, again, and has been one of the hottest sectors of late although still down nearly -10% YTD. A relatively big data week with ISM Monday, Fed speak & ADP tomorrow, Unemployment Claims Thursday, and official Jobs data on Friday.  Traders concerned about the Fed and if we will see a December rate hike should be paying attention to this week’s data.       Reported EPS 11/3/15 After the Close:   Reporting EPS…

Russell 2000 lags all other Indices

Daily-Wrap

The Market: The Russell 2000 (IWM) was the only index on the WSC Scoreboard to finish lower on the session which was led by the Dow (DIA). Most of the indices on the WSC Scoreboard finished the session higher but HeathCare (XLV) was hit hard finishing -1.33% lower.  XLV remains only one of two sectors still up YTD but was hurt today by comments from Presidential candidate Hillary Clinton who, after a privately held company, Turing Pharmaceuticals, announced a 5,000% price increase in its treatment for toxoplasmosis, called specialty drug prices “outrageous” and vowed to lay out a plan to…

Volatility & Chop continues

Daily-Wrap

The Market: Volatility continues to be the name of the game which is why you can have a 40+ point day like today and still have the S&P 500 within a range/wedge.  While it is possible that we extend today’s rally by gaping higher tomorrow, it is not our expectation and if we do open higher tomorrow we would watch the downward sloping 20 day SMA as resistance. Overall, a light Economic Calendar this week Thursday and Friday having the most significant data points (Unemployment Claims, PPI, and Consumer Sentiment).       Reported EPS 9/8/15 After the Close:  …

S&P snaps 2 day losing streak

Daily-Wrap

Index & Sector performance 2/10/15 The Market: The S&P 500 snapped a 2 day losing streak with a solid rally closing up over 1% on the session while the NASDAQ led the charge finishing up over 1.50% helped by Apple (AAPL) which closed at a fresh all time highs.  The Russell 2000 (IWM) was the laggard but still managed to finish up 0.67%. All the sectors on the WSC Scoreboard were higher with the exception of Energy (XLE) which was taking its cue from Crude’s slide today after running into the 50 day SMA.  Utilities (XLU) was the biggest gainer…

Analyst Comments

Upgrades - Downgrades image

Today’s featured analyst comment is by Goldman Sachs who upgraded Gartner, Inc. (IT) to Buy with an $85 price target.  IT has been on a strong run up over 38% the trailing 12 months and Goldman believes there is more in the tank.  Looking at the chart there is some work needed but we think they may be right. If IT can continue to digest under the recent highs while the MACD continues to recycle then this could lay the ground work for another leg higher.  What we are watching specifically on the stock is the MACD and the 50…