November 17, 2018

Off the 200 Day and up

Index & Sector performance 2/2/15 The Market: The S&P 500 (SPY) started the session lower but found support just slightly above the 200 day SMA which has not been visited since October 2014.  After an initial pop and then pullback the index rallied the remainder of the session to finish over 30 points off the lows.  So far in the after hours the index is holding the gains and consolidating.  Today’s action should be very promising for long traders and you know your stops — below today’s lows. The leading sector on the WSC Scoreboard was Energy (XLE) finishing up…

The 20’s support today’s drop

Index & Sector performance 12/8/14 The Market: The S&P opened lower but like every other recent micro pullback it found a bottom and started to rally higher.  The market again looked like it wouldn’t be denied a higher close but then after the initial morning pop the indices started to roll and continued lower until roughly 2pm ET when they found a bottom for the session and moved off the lows into the close. The lows on the S&P 500 (SPY) and NASDAQ (QQQ) correspond with the 20 day SMA and we will be looking to see if those lows…

Fed helps S&P to new highs

Index & Sector performance 6/18/14 The Market: After what amounted to a roughly 1.5% correction from the 6/9/14 highs to the 6/12/14 lows, the S&P 500 has since rallied and as of today’s close made a new intraday and closing all time high.  The majority of the gains were realized after the FOMC statement and rate decision where the Fed left the rate unchanged and lowered monthly bond purchases by $10B. We have taken a cautious stance on the broad market since 6/6/14 due to multiple overbought conditions across multiple time frames.  While the pullback from 6/9 – 6/12/14 helped…

Small gains break 5 day slide

Index & Sector performance 9/26/13 The Market: An early push higher on the S&P 500 was short lived and topped around 10 am EST falling all the way back to the open and even drifting into negative territory.  The market then bounced, failed and after retesting the days lows used the last hour to rally into the close. In economic news the Unemployment Claims data came in better than expected posting a 305K number when expectations were of 319K.  Unfortunately the remainder of the news was not as good with GDP coming in below expectations printing a 2.5% number when…

Daily Wrap

DJIA+100.38 (+0.76%) to 13,235.39; S&P 500+16.78 (+1.19%) to 1,430.36; NASDAQ+39.27 (+1.32%) to 3,010.60; Today was never in doubt and the highs that were made around noon in all three major averages held until just after 2pm when the indexes globally bottomed and we pressed higher closing at fresh highs by the end of the day.  What was even more impressive was the rally was stronger across tech and small caps showing a “risk on” type of attitude. Stock of the day today included Clearwire (CLWR) which agreed to be purchased by Sprint (S).  This was in focus last week as…

Analyst Comments

Analyst comments for Monday (11/19/12)  See the Upgrades/Downgrades section for complete & cleaner list Upgrades Company    Symbol    Brokerage Firm    Upgraded to:    Price Target ($) CSC    CSC    Deutsche Bank    Buy    46 Randgold Resources    GOLD    RBC Capital     Outperform    N/A Enerplus Resources    ERF    RBC Capital     Outperform    18 Agnico-Eagle    AEM    RBC Capital    Outperform    69 PetSmart    PETM    Barclays    Overweight    75 Dean Foods    DF    Goldman Sachs    Buy    22 Agilent    A    Goldman Sachs    Buy    59 Bruker     BRKR    Goldman Sachs    Buy    19 Barclays    BCS    Goldman Sachs    Buy    N/A Flowers Foods    FLO    KeyBanc    Buy    25 Actuant    ATU    KeyBanc    Buy    N/A Provident    PFS    Sterne Agee    Buy    15…