April 19, 2018

The NightCap

Daily-Wrap

The Market: We expected to see a tight trading range until the FOMC statement but instead we saw buyers in advance of the statement as the S&P 500 (SPY) pressed higher.  The the announcement came and there was a sharp sell-off but buyers came right back and all 4 major market indices on the WSC Scoreboard finished above the pre-FOMC announcement highs. As was expected by many, the FOMC left the Fed Fund Rates unchanged but, based on the comments, it appears a rate hike is on the table for December if the data warrants.  We also saw the committee…

The NightCap

Daily-Wrap

The Market: Overall it was another tight trading range session but the Russell 2000 (IWM) continued its underperformance and finished down over -1%.  It appears that traders may be on hold until the FOMC statement and rate decision tomorrow. Transportation (IYT) sector was the hardest hit on the WSC Scoreboard as the sector ETF finished down -2.65% followed by yesterday’s biggest loser, Energy (XLE), which closed down -1.2%.  The biggest gaining sector on the session was HealthCare (XLV) which finished up 1.84% and was helped by Allergan (AGN), Biogen Inc (BIIB), Vertex Pharmaceuticals Inc (VRTX), and Mylan NV (MYL) which all…

Weak ADP data helps market gap

Daily-Wrap

The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon.  After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%.  The only two losing sectors on the day…

Tech & Small cap trend change?

Daily-Wrap

Index & Sector performance 9/3/14 The Market: While the Dow (DIA) and S&P 500 (SPY) closed essentially flat, the Nasdaq (QQQ) and Russell 2000 (IWM) both finished decisively lower.  In addition the technical action in both the QQQ and IWM is concerning as both started the day gaping above the previous day’s highs to only then sell off the remainder of the day finishing below the previous day’s lows.  Those into candlestick charting will recognize this as an Engulfing pattern and can signal a change in trend. In individual sectors it the Utilities (XLU) leading the charge finishing the day…

Nasdaq & Russell lead indices lower

Daily-Wrap

Index & Sector performance 4/25/14 The Market: All the major indices were down in Friday’s action with the Nasdaq 100 (QQQ) and Russell 2000 (IWM) leading the way lower.  In individual sectors the Transportation index (IYT) and Consumer Discretionary (XLY) were  the biggest losers. The transports are an interesting case as they were one of the sectors making new highs recently but after an outside day yesterday the index followed through strongly to the downside today.  Leading the index lower was JetBlue (JBLU) closing down 5.38%.  After missing EPS yesterday, Reuters announced today that the Flight attendants will be looking…

Window dressing or more to come?

Daily-Wrap

Index & Sector performance 3/31/14 The Market: The Quarter ends with a nice up session which has some throwing around the term “window dressing”.  While we do not necessarily disagree with the sentiment, we also believe price is the ultimate indicator and therefore today’s action has to be respected.  Otherwise it is ultimately a continuation of the short term consolidation between the highs on the S&P 500 cash at $1883.97 and the 3/14/14 lows of $1839.57. In the very short term the futures appear to be flagging overnight and could look to next target the 1875ES region.  Support is 1862ES…