October 17, 2017

The NightCap

Daily-Wrap

The Market: A lower close for all 4 main indices on the WSC Scoreboard as the Russell 2000 (IWM) led to the downside while the NASDAQ (QQQ) was the relative outperformer. The Retail (XRT) sector was the biggest loser on the WSC Scoreboard followed closely by Energy (XLE).  Unlike some other sectors, the XRT is not heavily weighted in a few stocks and, as of 11/10/15, has no stock weighted more than 1.27% so when you see strong moves up or down, like today, it is due to a majority of the names trading in that direction.  Bucking the trend…

Pop off support as FOMC looms

Daily-Wrap

The Market: A nice snap back rally today as the S&P 500 continues to hold the 200 day SMA.  We would not be surprised to see limited action overnight and in early trading tomorrow as traders wait to see what the Fed says at 2pm ET. Yesterday’s laggard, Energy (XLE), is today’s leader finishing up 2.86% followed closely by Transportation (IYT) which finished up 2.75%.  Also posting strong sessions was Materials (XLB), Industrials (XLI), and HeathCare (XLV) finishing up 2.09%, 1.94% and 1.81% respectively. FOMC statement tomorrow and remember we are still in the thick of earnings reports which will…

Greece today, FOMC tomorrow

Daily-Wrap

Index & Sector performance 6/15/15 The Market: An early gap down was attributed to their being no Greece bail-out deal over the weekend but the market found a bottom in early trading and drifted higher the remainder of the session.  If the market can hold today’s low then it can start to build a base but below and it looks like it could target 2050 quickly. Healthcare (XLV) was the only sector on the WSC Scoreboard to finish higher for the session and is still holding its 50 day SMA.  The biggest laggards were Industrials (XLI), Materials (XLB), and Technology…

Global economic growth concerns weigh on market

Daily-Wrap

Index & Sector performance 11/4/14 The Market: Today’s session ultimately finished narrowly lower with the Dow (DIA) managing to close ever so slightly higher.  Midday the damage was worse as traders pointed to the European Commissions cutting growth and inflation forecasts but after the European exchanges closed the U.S. found a bottom and drifted higher into the close. In individual sectors it was again Energy (XLE) which led the way lower finishing down 2.06% as crude oil traded as low as $75.84/ barrel after Saudi Arabia announced it was cutting prices on oil exports to the U.S.  Traders are cautious…

New Ebola scare helps market off highs

Daily-Wrap

Index & Sector performance 10/23/14 The Market: The market was cruising along today until roughly 2pm ET when the market turned and then started quickly losing ground.  Traders pointed to news that a doctor who had treated Ebola patients was rushed to the hospital in New York City.  The sell off was not enough to give back all the days gains but we closed well off the intraday highs. Many sectors from the WSC Scoreboard participated in the rally with the biggest gainer the Industrials (XLI) finishing up over 2% helped greatly by Union Pacific Corporation (UNP) and 3M (MMM)…

Lots of data yields flat finish

Daily-Wrap

Index & Sector performance 7/30/14 The Market: Lots of Economic Data/announcements in today’s session but when the dust settled it was surprisingly a flat session with the NASDAQ (QQQ) and Russell 2000 (IWM) leading while the Dow (DIA) finished slightly lower and the S&P 500 (SPY) finished slightly higher. The leading sector on the WSC Scoreboard was Retail (XRT) finishing the day up 1% however Retail remains the only individual sector on the WSC Scoreboard that is down for the year.  The laggard was the Utilities (XLU) and decisively so finishing the day down 1.69%.  We remain interested in some…

GDP disappoints but market ignores

Daily-Wrap

Index & Sector performance 4/30/14 The Market: As you can see in the table below, the U.S. Q1 GDP number came in well below expectations.  While Q1 was not expected to be a high growth quarter, clearly analysts did not expect a near negative number.  Certainly the colder than expected weather could have and likely did play a role but on our opinion you cannot completely blame a miss like this on the weather. So why might traders and investors be willing to look past this data besides the weather?  Possibly because a number like this allows the Fed to…

Stong gains for shortened Op-Ex week

Daily-Wrap

Index & Sector performance 4/16/14 The Market: From our recap Monday we noted that while the market still appeared vulnerable to the downside, we would also not be surprised to see oversold short term levels and the shortened holiday trading week provide a bounce.  We did not at that time realize that we would get both the downside and the rally all in one day but that is in fact what happened on Tuesday and today was a follow-through on that action. Tomorrow is the last day of trading for the week since the market is closed Friday in observance…

Close lower ahead of bank stress test

Daily-Wrap

Index & Sector performance 3/26/14 The Market: Early morning upside action quickly reversed and started a strong sell off which broke the short term uptrend line in the emini, back-tested and then continued lower into late day trading.  Yet again the 1856ES region was a key short term level and now is strong resistance but the emini will have to first get through 1847ES to start and build a bull case, otherwise don’t be surprised to see the S&P test the 50 day moving average which is roughly 15 points lower.   Reporting EPS 3/27/14 Pre-Market: Analyst Comments: Chart of…

Easy come, easy go…for the Bears

Daily-Wrap

Index & Sector performance 3/4/14 The Market: In overnight trading the S&P 500 broke out over our highlighted resistance just below $1850ES and never looked back ultimately not only regaining all that was lost on Monday but also adding a few points to close at a new all time high. The news attributed the move to an easing in the Russia/Ukraine situation after Putin reportedly stated that Russia would only use force as a last result. Tomorrow will be a very interesting day in the market especially coming off the previous two days of trading.  If we start to see…