December 15, 2018

The NightCap

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…

Early dip is bought, finishes flat

The Market: Overall a quiet day in the markets following yesterday’s FOMC statement as an early dip in the S&P 500 found buyers and the index finished flat on the session while the NASDAQ (QQQ) led. The S&P 500 looks to need at least a short term pullback to regroup before any longer term move higher but we will be interested to watch that first pullback as we are from from believing the coast is all clear and that the market is off to new highs. In individual sections, Utilities (XLU) led finishing up 0.74% on the session followed by…

Pop off support as FOMC looms

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…

Tech closes at new 52 week high

The Market: Stocks continue to rebound strongly after a rough week of trading last week.  The NASDAQ (QQQ) led today’s charge finishing at a new 52 week closing high followed by the S&P 500 (SPY) while the Russell 2000 (IWM) and Dow (DIA) lagged. Many individual sectors outperformed in the session with Utilities (XLU), Reatil (XRT), Technology (XLK), and Consumer Staples (XLP) all finishing up over 1%.       Reporting EPS 7/16/15 After the Close:   Reporting EPS 7/17/15 Pre-Market:   Analyst Comments:

Dollar ralley continues as Market slides

Index & Sector performance 3/10/15 The Market: A strong down session across the board with no index or sector spared.  We noted yesterday that the action to the upside appeared to not have conviction and today the lack of buying turned into selling.  Traders pointed to concerns over the eventual rate hike from the Fed and the strength in the Dollar as reasons for concern. We expect to see some form of a bounce as we have started to see positive divergence set-up on the shorter term intraday charts of the S&P 500 (SPY) and NASDAQ (QQQ) but any moves…

Eurozone helps U.S. go green YTD

Index & Sector performance 1/8/15 The Market: The Dow (DIA), S&P 500 (SPY) and Nasdaq (QQQ) are all green for the year as of today’s close with the Russell 2000 (IWM) lagging down 0.8%.  Considering there have only been about 5 trading days in the new year, this is not saying much but the recent 2 day recovery is impressive and reminiscent of what we saw all 2013 and 2014. Helping the U.S. market today was statements from Mario Draghi that the ECB will discuss adding more or new monetary stimulus at their next rate meeting in two weeks.  This…

Overnight loses quicky negated

Index & Sector performance 10/30/14 The Market: In the overnight session the S&P 500 futures lost roughly 20 points and it appeared to be signaling for a rough Thursday but then recouped nearly all the loses by the open and managed to rally for the majority of the day.  All 4 indices from the WSC Scoreboard finished higher with the Dow (DIA) leading the charge helped immensely by Visa (V) which finished the session up 10.24% after reporting better than expected EPS and a new $5B Share Repurchase program yesterday after the close. In Individual sectors the clear standout was…

Retail leads low volume rally

Index & Sector performance 6/4/14 The Market: Another very light volume trading day led by the NASDAQ and Russell 2000 while the S&P 500 climbed to a new closing high. There were mixed results across the sectors but a stand out was the Retail (XRT) sector which closed up 0.76%.  Walgreen (WAG) finished up 4.19% to a new closing high on better than expected Q3 sales along with solid same-store-sales up 5.1%.  A more speculative name in retail also moving higher today was RadioShack (RSH) which closed up 8.63%.  For those looking for a speculative trade, RSH is a prime…

Early volatility wanes, dull day

Index & Sector performance 6/2/14 The Market: Overall a quiet day in the market if you look at the overall performance but that does not show the early volatility the market saw when the S&P 500 futures dropped roughly 10 points at the open to only “V” bottom and spike back up near where the drop occurred.  After that it was tight trading the rest of the day leaving a small up day in the Dow & S&P with the NASDAQ and Russell 2000 closing on the downside. Today there was some drama around ISM Manufacturing PMI after it was…

Daily Wrap

DJIA -26.81 (-0.18%) to 15,091.68; S&P 500 +0.07 (+0.00%) to 1,633.77; NASDAQ +1.07 (+0.04%) to 2,982.09 Today was more active than the change on the day and even the Daily chart might show as early trading started with a small gap down and then a strong move lower until 10am EST when the S&P 500 finally bottomed and then rallied roughly 10 points to noon est where it spend the remainder of the day consolidating closing a few points off the day’s highs. In company news Monsanto (MON) received a positive Supreme Court ruling that essentially stated that Farmers cannot use MON’s seeds to create new…