Global unrest helps fuel market decline
Index & Sector performance 7/17/14 The Market: Broad based sell off today saw all 5 (S&P 500 equal weight index (RSP) added today) major indices from the WSC Scoreboard finish over 1% lower except the Dow (DIA) which managed to only lose 0.85%. No surprise leading the way to the downside was again the Russell 2000 (IWM) which is now solidly down for the year and underperforming the S&P 500 (SPY) by 8.5% and the NASDAQ (QQQ) by 10%. The double top in the IWM which we started discussing over a week ago is now more pronounced and as a…
Early dip finds buyers
Index & Sector performance 6/26/14 The Market: Just before the open the major indices started spiking lower and continued through the bells until roughly 10 am ET before finding a bottom. Then as if nothing happened the market spend the rest of the day climbing back toward even on the day with the S&P 500 (SPY) finishing slightly higher while the other major indices on the WSC Scoreboard finished slightly lower. Just like the broad indices, the individual sectors from the WSC Scoreboard were mixed but all hovering near flat on the day. The Financials (XLF) and Consumer Staples (XLP)…
S&P takes back overnight losses plus
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…
LULU warns and market dives
Index & Sector performance 1/13/14 The Market: The S&P 500 meandered throughout the Sunday evening session, into Monday and even to start the trading day but then around noon EST weakness started to set in and continued to build. Around 2:30 pm EST we had reached R2 support in the future but we posted at StockTwits that this support did not look like it would hold due to the MACD’s formation. That support was indeed lost and the S&P 500 futures (ES) lost another 10 points to the day’s lows and 5 points to the close overall netting a 20+…
The Market’s all a TWTR
Index & Sector performance 11/4/13 The Market: A gap higher in the S&P was quickly sold down to 11:30 am EST where the market found support and then rallied to the close making new highs for the day in the final few minutes. In economic data Factory orders came in lighter than expected and while there was some Fed speak, nothing too groundbreaking. Tomorrow we see ISM and Economic Optimism. Looming Thursday is the Unemployment Claims data which has a very low estimate and looks like a softball for the markets to beat. A big miss with already low expectations…
Fed day snaps S&P 4 day win streak
Index & Sector performance 10/30/13 The Market: A small gap up on the open was quickly sold and the market pulled back but losses were relatively contained until the Fed announcement which sent the S&P spiking lower. Buyers did then step in and used the last hour of trading to help close the index off the lows but not enough to keep from snapping the S&P 500’s 4 day win streak. In economic news, ADP Non-Farm came in lower than expected printing a 130K with 151K the expectation. Core CPI was also light coming in at 0.1% when 0.2% was…
S&P regains the 50
The Market: Today did not have anything to really speak of in terms of Economic data and the remainder of the week is not necessarily uneventful but also not one of the more data laden weeks we see. Tuesday morning brings the NFIB Small Business Index, Thursday the Unemployment Claims as well as Fed Budget Balance and Import prices. and Friday rounds out the week with Consumer Sentiment and Inflation Expectations as well as Retail Sales and PPI. We track the data and the numbers posted in the Events Calendar. Story Stocks: Shareholders of Delta Air Lines (DAL) have had…
Daily Wrap
DJIA –138.85 (-0.94%) to 14,700.95; S&P 500 -14.87 (-0.93%) to 1,582.70; NASDAQ -14.09 (-0.49%) to 2,873.35 Mixed economic data including a bad ADP and construction spending number as well as poor economic data out of China helped send the major indices lower on the open. After midday, the Fed helped spark a small rally after reiterating their stance to be accommodative and even mentioned they will increase or decrease the pace of purchases in the future as necessary but this only provided a brief recovers and the market proceeded to sell off into the close. In economic news today the calendar was pretty full and started…
Week in Review
DJIA +48.92 (+0.35%) to 13,992.97; S&P 500 +8.54 (+0.57%) to 1,517.93; NASDAQ +28.74 (+0.91%) to 3,193.87 Today the markets gaped higher and continued higher closing near highs. We had positive economic data where the U.S. trade deficit shrank to its narrowest level in nearly three years. I felt the story of the day was one that didn’t really seem to be taking over the headlines but I think it might be a decision that eventually we look back at and say this was a big move that many others followed. That was NJ Governor Chris Christie will allow the state…
Daily Wrap
DJIA +99.22 (+0.71%) to 13,979.30; S&P 500 +15.58 (+1.04%) to 1,511.29; NASDAQ +40.41 (+1.29%) to 3,171.58 I did not expect today to be as strong as it ended up being. I thought yesterday’s move might be the start of a more prolonged pullback/consolidation that would then give us a new platform to rally from but today’s rally essentially gained back all of yesterday’s losses. I still do feel this action is part of a topping process but clearly the market’s won’t go without a fight. Also with this week being a low data week, earnings will likely be a driving…