November 24, 2017

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…

Earnings should take center stage

Daily-Wrap

The Market: Not much movement in today’s action as we saw a drop in volume across all the major Indices.  The overnight session saw futures move lower which seemed primarily due to some exhaustion in the markets but not helping was China’s GDP numbers which met expectations but slowed compared to the prior quarter.  With this being a light Economic Data week, we expect focus to be on individual stocks as they report earnings.  Below is a list of names that reported tonight after the close and that will report tomorrow with even more listed in the Events Calendar. In…

Market continues to rebound

Daily-Wrap

The Market: Stocks continue to chug along after last week’s impressive reversal on Wednesday.  Today was another turn around session which saw the S&P 500 gap down roughly 12 points before firming up in very early trading and then rallying the rest of the session to finish up over 9 points.  Above 2080 in the S&P 500 and it looks like the good times can continue. HealthCare (XLV) was the leader in individual sectors finishing up 1.01% followed closely by Consumer Discretionary (XLY) which closed up 0.96%.  Today’s underperformer was Consumer Staples (XLP) which finished flat on the session hurt…

Sellers appear on slow news day

Daily-Wrap

The Market: An initial gap down in the morning found buyers but only to roughly flat on the session when the seller stepped back in and controlled the remainder of the day with all 4 of the WSC Scoreboard main indices finishing lower led by the Dow (DIA) while closed down nearly 1%. All of the WSC Scoreboard sectors were lower on the session with the largest losses realized in Transportation (IYT), Matierials (XLB) and Heath Care (XLV). Not many comments tonight but we would be cautious here.  The market looks to be oversold in the short term and due…

Market continues to grind

Daily-Wrap

Index & Sector performance 2/19/15 The Market: The slow grind into options expiration continues with the S&P 500 (SPY) and Dow (DIA) finishing slightly lower while the Russell 2000 (IWM) finished slightly higher and the NASDAQ (QQQ) led.  We would expect to potentially see volatility tomorrow not only due to options expiration but also potential headline risk out of Europe. Overall a mixed session as yesterday’s sector leader to the upside, the Utilities (XLU), was today’s downside leader finishing 1/13% lower while Technology (XLK) followed closely by Consumer Discretionary (XLY) led to the upside. With only Flash Manufacturing PMI tomorrow,…

Slow grind higher to start Holiday week

Daily-Wrap

Index & Sector performance 12/22/14 The Market We expected even lighter volume today then we saw but it was still much lighter than the previous sessions.  We would not be surprised to see the market continue to drift higher in a choppy manner throughout the holiday trading session and into the New Year. Tomorrow is the heaviest day for Economic data but we are not expecting fireworks.  If we do see a pullback we would expect it to be a buying opportunity for short term traders.       Reporting EPS 12/23/14 Pre-Market: Big name reporting tomorrow before the open…

Merger Monday doesn’t help market

Daily-Wrap

Index & Sector performance 11/17/14 The Market: Despite a very active M&A session, it was yet another very tight trading range in the S&P 500 while the NASDAQ (QQQ) lagged and the Russell 2000 (IWM) led to the downside. In deals we saw Allergan (AGN) agree to be acquired by Actavis (ACT) for a combination of cash and ACT stock which totaled $219 per share.  Valeant Pharmaceuticals (VRX) who had also been trying to buy AGN stepped aside not feeling comfortable they could justify the valuation to shareholders.  Two more big names in M&A news as Halliburton (HAL) announced it…

S&P takes back overnight losses plus

Daily-Wrap

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…

How will traders position for weekend?

Daily-Wrap

Index & Sector performance 4/10/14 The Market: Today the market not only took back the gains realized yesterday off the FOMC minutes but also the gains from Tuesday’s session leaving fresh closing lows for the week on a roughly 40 point down day in the S&P 500. With only one day remaining in the week, it will be very interesting to see how trader’s position tomorrow ahead of the weekend.  We have a hard time believing that traders will be anxious to position long going into the weekend after today.  We will be increasingly suspect of any early morning to…

Increased chatter of a 10+% decline

Daily-Wrap

Index & Sector performance 4/3/14 The Market: A pre-market pop in the S&P 500 emini sent the index as high at 1887.50ES but that move was short lived and the index was trading lower by the open and continued lower throughout the early and midday trading sessions.  It wasn’t until the afternoon trading when the S&P bottomed and marched higher into the close.  The emini has continued higher in after hours trading closing in on the pre-market highs essentially negating the entire move lower in today’s session. It is worth noting that the ECB left rates unchanged and noted they…