The NightCap
The Market: A late day rally helped the market close well off the midday lows but all 4 major indices on the WSC Scorobard still finished down near or over 1%. Based on the recent action, we expect to see lower levels in the short-term. In individual sectors, Retail (XRT) was the hardest hit sector on the WSC Scorboard with Priceline (PCLN) finishing down over 9% on the session after reporting EPS which beat expectations but guidance that fell short. We will be watching Ctrip.com (CTRP) which is scheduled to report EPS tomorrow, November 10th, after the close — CTRP…
Russell 2000 lags all other Indices
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…
China’s action spills into global markets
The Market: Stocks opened lower after China suffered its worst losing day in over 8 years but the S&P managed to find a bottom right at the 200 day SMA and has so far rallied off the lows with upside action continuing into the after market. It will be interesting to see how China’s market reacts today and if the S&P can keep the momentum going through the overnight trading and into tomorrow’s open. Also don’t forget we have the FOMC Rate decision and Statement on Wednesday the 29th (full Economic Calendar below). Leading to the downside in today’s session…
Market closes highe but no conviction
Index & Sector performance 3/9/15 The Market: Overall it was a quiet session with not much news or Economic data. The market was able to bounce back today after Friday’s strong sell-off led by the Dow (DIA) but volume was on the light side showing that market participants are not necessarily convinced the decline is over. In individual sectors Industrials (XLI) was the clear leader as names like Boeing (BA), 3M (MMM), and Caterpillar (CAT) put in strong sessions finishing up 1.06%, 1.22% and 0.94% respectively. Energy (XLE) was the lone loser on the session finishing -0.72%. One bright spot,…
QQQ & IWM reach new highs
Index & Sector performance 2/26/15 The Market: More churn today in the markets but again the NASDAQ (QQQ) and Russell 2000 (IWM) showed more strength than the S&P 500 (SPY) with the QQQ and IWM reaching new 52-week closing highs on the session. Crude oil lost over 5% today which helped send the Energy (XLE) sector 1.88% lower. We noted in our 2/18/15 nightly recap when the XLE was trading above $81 that we would look for a pullback toward $78 as a buying opportunity. Closing today at $79.35, we would ideally like to see lower levels before dipping into…
Weak Data & Earnings help drive stocks lower
Index & Sector performance 1/27/15 The Market: While the Dow (DIA) and S&P 500 (SPY) finished down over 1%, it was the NASDAQ (QQQ) which led the session to the downside finishing 2.59% lower. Microsoft (MSFT) was the biggest drain on the QQQ as it finished down 9.25% after a disappointing EPS report and even managed to pull down Apple (AAPL) which finished 3.5% lower on the session. Things may look a little better for the tech sector tomorrow as AAPL is up after hours after reporting EPS. The Russell 2000 (IWM) managed to be the relative winner finishing down…
Can EPS decouple market from Oil?
Index & Sector performance 1/12/15 The Market: We noted in the Thursday end-of-day write-up that the strong gains had to do with positive comments from Mario Draghi as well as Oil prices managing to stabilize for the second straight session. Unfortunately after managing to hold in Friday, Oil prices resumed their recent slide today finishing below $46/per barrel. As we have noted in other write-ups and you can see elsewhere, Oil’s sharp decline brings in concern over global growth and particularly U.S. earnings. Speaking of earnings, Aloca (AA) is scheduled to kick off the earnings season tonight and below you…
Low volume drift higher
Index & Sector performance 11/10/14 The Market: Without any key news or economic data the market was happy to drift with the trend which is higher. This drift higher in the markets has created some negative divergence on the intraday charts so we would not be surprised to see downside action early in the week. However, at this time we would expect the losses to be contained and ultimately for that initial dip to be a buying opportunity for short term traders. Stand out sector to the upside was Transportation (IYT) which finished the day 1.34% higher followed by HealthCare…