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…
Markets finish up but look vulnerable
The Market: While it was not our expectation, we noted in Tuesday’s NightCap that, if the market extended higher, we would expect the downward sloping 20 day SMA to act as resistance. If you look at the SPY, this is exactly where the market stopped in early trading on Wednesday and then proceeded to pullback sharply. While all the major indices on the WSC Scoreboard finished higher in today’s trading, the market looks vulnerable to more downside in the coming days-weeks. Leading sectors in today’s trading was Transportation (IYT), Technology (XLK), and HealthCare (XLV) while the Utilities (XLU) and Retail…
China & Buffett support stong session
The Market: A strong overnight session in China which was triggered by changes to the latest monetary policy report and also on reports that China will overhaul state-owned enterprises helped get the market started and then Warren Buffett and Berkshire Hathaway (BRK.A, BRK.B) helped fan the fire by first purchasing Precision Cast Part (PCP) for $235/share in cash and then during an interview noted that he likes IBM (IBM) and answered a question about if he is buying that people should check the SEC filings in the coming days. The Dow (DIA) led today’s rally. Energy (XLE) was the biggest…
Russell outperforms in ugly session
Index & Sector performance 10/13/14 The Market: Another 1+% down day across the major indices on the WSC Scoreboard except for the Russell 2000 (IWM) which finished the session down only 0.42%. YTD the IWM is still the clear loser down 9.55% but today’s outperformance is interesting and something to watch. IWM’s underperformance starting earlier in the year was a warning so if it begins to outperform on a consistent basis going forward it should be noted. It does not feel like very long ago when the only down sector on the WSC Scoreboard Was Retail (XRT) but now we…
Financials help S&P to new highs
Index & Sector performance 8/21/14 The Market: The 4 major indices drifted higher in today’s session but not by much and all on lower volume which has been a trend. Mixed bag across the individual sectors but the clear winner was the Financials (XLF) finishing the day up 1.18%. The big standout in the sector was Bank of America (BAC) which finished the day up over 4% and looks poised for a run back to the March 2014 highs of $18. If BAC is indeed in rally mode we would expect today’s lows to not be breached. Also having a…