June 22, 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…

China, Icahn, & IBB lead market lower

Daily-Wrap

The Market: A gap-and-go day to the downside as the S&P 500 finished nearly 50 points lower on the session as media pointed to renewed concerns over China’s economy and cautious comments from Carl Icahn on high yield bonds and the stock market.  The Dow (DIA) was the relative outperformer today finishing down only -1.9% while the NASDAQ (QQQ) finished down the most at -2.85% on the session but YTD that is reversed with the DIA down slightly over -10% while the QQQ is only down slightly over -3%. Short-term the market appears to be very oversold here and we…

Back-to-Back big declines

Daily-Wrap

The Market: WOW!  As we noted in Wednesday’s Nightcap, we expected volatility to continue and that there “seems to be a great deal of risk in the market”.  That is why we noted a move below Wednesday’s low of 2070 in the S&P 500 could trigger a sharp decline targeting 2000 in the S&P to start.  That is certainly NOT to say we expected the S&P to get there by Friday! The S&P did not make the close easy going out right at the lows evoking the fear of a strong gap lower Monday.  While a gap down Monday could…

Will the recent Volatility continue?

Daily-Wrap

The Market: No comments tonight except to say that, after a volatile beginning, the market quieted down and consolidated to finish the week but we do not think the violent swings are over and expect more volatility next week. Hope you all have a wonderful weekend!       Reporting EPS 8/17/15 After the Close:   Reporting EPS 8/17/15 Pre-Market: The only name we are currently tracking is The Estee Lauder Companies (EL) with an estimate of $0.34.   Analyst Comments:

Eurozone fears trigger late day sell-off

Daily-Wrap

Index & Sector performance 2/4/15 The Market: Monday’s reversal in the S&P 500 (SPY) of the 200 day SMA continued Tuesday and was extending in today’s session, even with Oil trading lower, until later in the trading day when the index dropped sharply.  Traders pointed to news our of Europe that the ECB will not allow Banks to use Greek government debt as collateral for loans as the catalyst.  The Dow (DIA) was the only index on the WSC Scoreboard which managed to finish higher but that was greatly due to Disney (DIS) beating EPS and finishing up 7.63% on…

S&P showing signs of indecision

Daily-Wrap

Index & Sector performance 11/13/14 The Market: The NASDAQ (QQQ) led today’s trading  while the Russell 2000 (IWM) was the clear laggard.  The S&P 500 (SPY) is refusing to break with the exception of very small sharp pullbacks which are short lived.  Volume over the past two days remains light although is an uptick from earlier in the week.  We view the current action as indecision as the SPY wrestles with price discovery and ultimately expect lower levels to be seen. Energy (XLE) led the WSC Scoreboard sectors lower giving back some of the recent hard fought gains but did…

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…

Ceasefire helps stocks higher

Daily-Wrap

Index & Sector performance 8/18/14 The Market: Strong strong session with the Dow (DIA) and Russell 2000 (IWM) closing up over 1% while the S&P 500 (SPY) and NASDAQ (QQQ) were not too far behind.  It appears the markets were able to build on Friday’s late day move off the lows being helped by optimism of a Ukraine-Russia ceasefire.  The IWM, which has spent the majority of the year in the red, is not only down 0.23% on the year. Multiple sectors posted strong performances including the Transportation (IYT), Retail (XRT), Industrials (XLI), and Financials (XLF) all up over 1%…

Indices build on week’s gains

Daily-Wrap

Index & Sector performance 8/14/14 The Market: A good up day as all 4 broad indices on the WSC Scoreboard finished the day higher and the Russell 2000 (IWM) is now only X% down on the year.  The concern with this week’s bounce has been and remains to be the declining volume as we continue higher.  However, until the market turns lower and begins taking out support, traders must respect the price action. In individual sectors, leading was HealthCare (XLV) which finished the day up 1.18% continuing to build on the strong week followed closely by yesterday’s laggard, Retail (XRT) which…

Early dip finds interested buyers

Daily-Wrap

Index & Sector performance 7/28/14 The Market: Early moves lower in the broad market indices soon found buyers and managed to finish the day near flat on the session with the Russell 2000 (IWM) continuing to lag.  The DOW (DIA) played MA pinball with the lows in the early session touching the 50 day EMA while the highs of the session back tested the 20 day EMA. The stand out sector from the WSC Scoreboard was the Utilities (XLU) finishing up X% higher on the session.  Every name in the sector ETF was higher and that vast majority were up…