June 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…

Oil gets crushes while market dips

Daily-Wrap

The Market: A small down day which could have looked worse if not for a late day rally off the lows.  Interesting to see the leaders to the downside were the Dow (DIA) and Russell 2000 (IWM).  We were looking for the market to close just off the lows and then gap down tomorrow for a short-term long opportunity but today’s end of day rally has changed that set-up. Overall we remain cautious on the broad market and believe the choppy trading of late will continue. Energy (XLE) led to the downside, again, as crude oil continues to slide reaching…

XLU stands out in today’s action

Daily-Wrap

Index & Sector performance 2/18/15 The Market: A choppy session overall which ended up finishing flat.  Some negative divergence is building on the S&P 500 60 minute chart but, even when it leads to a pullback, the divergence can exist for many day.  We wouldn’t be surprised to see the index continue to meander and drift higher for the remainder of the week into Options expiration. In individual sectors it was the Utilities (XLU) leading the way and by a wide margin finishing up 2.37%.  We would be watching the XLU closely here to see if it can build on…

Quiet start to the month

Daily-Wrap

Index & Sector performance 11/3/14 The Market: The market started the day slightly higher building on last week’s extremely strong session but the market ran out of steam in the short term and the S&P 500 started pulling back in afternoon trading finishing flat on the session.  All in all it was a low volume quiet session but the Bulls can point to the fact that they didn’t give ground after reaching new highs. We do not expect the remainder of the month to be as quiet as today and would plan for swings in both directions much like October…

Market continues higher on low volume

Index & Sector performance 8/13/14 The Market: Monday was a solid up day to follow-up on Friday’s move but one concerning aspect was how the indices finished noticeably off the intraday highs.  That trend continued taking the indices lower in Tuesday’s session but the losses were contained and today it was back up as all 4 indices on the WSC Scoreboard finished higher with the NASDAQ (QQQ) leading the charge. In individual sectors there were three standouts with HealthCare (XLV) the biggest winner finishing the day up 1.21% followed by a tie for second with both the Industrials (XLI) and…

Markets stop slide, fight back

Daily-Wrap

Index & Sector performance 8/4/14 The Market: After two strong down days, all 4 indices on the WSC Scoreboard managed to find bottoms and rally with the Russell 2000 (IWM) leading the charge finishing the day 0.89% higher.  One note of caution, volume was on the light side when compared to the previous two sessions.  Our suggestion would be to watch the first major pullback after today’s move.  If it is orderly then the market likely has unfinished business to the upside, otherwise we will likely see another push lower. In individual sectors it was green across the board except…

S&P takes back overnight losses plus

Daily-Wrap

Index & Sector performance 5/5/14 The Market: The S&P futures moved lower in the Sunday overnight session attributed to weak economic data out of China as well continued unrest in Ukraine.  The futures continued lower throughout early trading Monday but found a bottom right at the open on an initial spike lower to 1860.50ES which was quickly bought and the index started a march higher reaching 1880ES by 2:30 pm ET.  The index spent the last hour consolidating the near 20 point intraday rally.  If 1872ES holds in overnight trading it appears the index could look to make a move…

A day of rest after 4 up

Daily-Wrap

Index & Sector performance 2/12/14 The Market: This morning at StockTwits we noted that after four solid days higher traders should expect a consolidation day which is ultimately what ended up happening but not before the S&P rallied to the pivot at $1823.25ES.  Traders should watch that level now as upside resistance and look to 1805-10 as support.     The following noteworthy companies are scheduled to report earnings before tomorrow’s open: PEP, APA, DISCA, NLSN, HOT, TAP, BKW, AVP, NGLS, CAB, GNC, SON, AFSI, OWW   Analyst Comments:         The Game Plan:

Daily Wrap

Daily-Wrap

DJIA -12.67 (-0.08%) to 15,294.50; S&P 500 -4.84 (-0.29%) to 1,650.51; NASDAQ -7.68 (-0.26%) to 2,991.45 A much more exciting day today than the markets might otherwise look if you simply check the closing prices.  The market traded lower overnight as the Nikkei lost roughly 7%.  Our markets used the first 30 minutes or so of trading to find the bottom and then rallied with all 3 major indices (and even the Russell 2000) spending time up on the day.  The march to even ultimately acted as resistance and the S&P pulled back during the last hour to finish with small losses.  On…