November 24, 2017

Market continues to rebound

Daily-Wrap

The Market: Stocks continue to chug along after last week’s impressive reversal on Wednesday.  Today was another turn around session which saw the S&P 500 gap down roughly 12 points before firming up in very early trading and then rallying the rest of the session to finish up over 9 points.  Above 2080 in the S&P 500 and it looks like the good times can continue. HealthCare (XLV) was the leader in individual sectors finishing up 1.01% followed closely by Consumer Discretionary (XLY) which closed up 0.96%.  Today’s underperformer was Consumer Staples (XLP) which finished flat on the session hurt…

China & Buffett support stong session

Daily-Wrap

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…

Market bounces but finishes where it started

Daily-Wrap

The Market: An initial gap higher in the morning was quickly sold as it appeared traders were hesitant before the FOMC Rate decision and statement.  After the announcement, the market pressed to new intraday lows but then quickly turned and rallied to new intraday highs before closing at the opening print. Utilities (XLU) led the WSC Scoreboard sectors finishing up 0.84%.  The XLU reached our target support region and is making a move off that support after a long decline but still has a lot of resistance above and will need to show this is indeed a bottom and not…