September 25, 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…

Energy leads while healthcare lags

Daily-Wrap

The Market: Overall a consolidation session in the markets as the Dow (DIA) finished higher while the S&P 500 (SPY), NASDAQ (QQQ), and Russell 2000 (IWM) finished lower . Energy stocks continue to remain in vogue as the XLE finished 2.22% higher on the session and marked the 5th straight day of higher closes.  Materials (XLB) was the next closest outperformer finishing up 1.3% and Technology (XLK) was the only other sector to finish up. Lagging in today’s session was HealthCare (XLV) which finished down -2.35% and saw all components finish the day lower except for Mallinckrodt (MNK) and Dentsply…

Volatility & Chop continues

Daily-Wrap

The Market: Volatility continues to be the name of the game which is why you can have a 40+ point day like today and still have the S&P 500 within a range/wedge.  While it is possible that we extend today’s rally by gaping higher tomorrow, it is not our expectation and if we do open higher tomorrow we would watch the downward sloping 20 day SMA as resistance. Overall, a light Economic Calendar this week Thursday and Friday having the most significant data points (Unemployment Claims, PPI, and Consumer Sentiment).       Reported EPS 9/8/15 After the Close:  …

Oil gets crushes while market dips

Daily-Wrap

The Market: A small down day which could have looked worse if not for a late day rally off the lows.  Interesting to see the leaders to the downside were the Dow (DIA) and Russell 2000 (IWM).  We were looking for the market to close just off the lows and then gap down tomorrow for a short-term long opportunity but today’s end of day rally has changed that set-up. Overall we remain cautious on the broad market and believe the choppy trading of late will continue. Energy (XLE) led to the downside, again, as crude oil continues to slide reaching…

Stocks recover after early slide

Daily-Wrap

Index & Sector performance 3/26/15 The Market: Today’s session started of much worse than it ended with the futures losing ground in the overnight and early session causing a gap down which continued lower in early trading but manged to recover and stage a midday rally which even saw all 4 broad indices spend time up on the day.  In global news, traders were focused on Saudi Arabia’s bombing of Yemen which helped Crude Oil traded over $51 u more than 3% on the session. We would not be signaling that the coast is clear yet and see risk in…

XLU stands out in today’s action

Daily-Wrap

Index & Sector performance 2/18/15 The Market: A choppy session overall which ended up finishing flat.  Some negative divergence is building on the S&P 500 60 minute chart but, even when it leads to a pullback, the divergence can exist for many day.  We wouldn’t be surprised to see the index continue to meander and drift higher for the remainder of the week into Options expiration. In individual sectors it was the Utilities (XLU) leading the way and by a wide margin finishing up 2.37%.  We would be watching the XLU closely here to see if it can build on…

Low Volume Slow grind Higher

Daily-Wrap

Index & Sector performance 2/17/15 The Market: Monday the markets were closed in observance of President’s Day.  As trading started back Monday evening, the futures traded lower but by the open Tuesday all the loses were recouped and after an early session consolidation the index pressed toward new closing highs.  Volume was light but this could be due to the winter storms around the nation.  All broad indices on the WSC Scoreboard are noticeably higher YTD with the Dow (DIA) lagging and the NASDAQ (QQQ) leading. In individual sectors it a little more mixed.  HealthCare (XLV) was the clear leading…

Off the 200 Day and up

Daily-Wrap

Index & Sector performance 2/2/15 The Market: The S&P 500 (SPY) started the session lower but found support just slightly above the 200 day SMA which has not been visited since October 2014.  After an initial pop and then pullback the index rallied the remainder of the session to finish over 30 points off the lows.  So far in the after hours the index is holding the gains and consolidating.  Today’s action should be very promising for long traders and you know your stops — below today’s lows. The leading sector on the WSC Scoreboard was Energy (XLE) finishing up…

BIIB helps XLV finish up over 26% YTD

Daily-Wrap

Index & Sector performance 12/2/14 The Market: It was a solid session following Monday’s drop with the Russell 2000 (IWM) clearly leading and with advancers leading decliners by roughly 2:1. In Individual sectors it was Transportation (IYT) leading up 1.18% followed closely by Energy (XLE), which is still trying to recover from Friday’s big gap down, up 1.16%, and lastly HealthCare (XLV) which finished 1.12% higher and is now up over 26% year-to-date.  Helping the XLV today was Biogen Idec (BIIB) which gained 6.43% on positive results from an early-stage Alzheimer’s drug trial.  BIIB is a name to watch.  Above…

ECB helps U.S. Dollar & market higher

Daily-Wrap

Index & Sector performance 11/6/14 The Market: Comments from ECB President Mario Draghi suggesting that the central bank is committed to stimulating the region’s economy helped send the S&P 500 (SPY) and the U.S. Dollar higher on the session.  As would be expected the Euro/Dollar cross was under pressure finishing the U.S. trading session at new 2 year lows. A strong dollar is not a bad thing and increases global purchasing power of U.S. companies and individuals.  However, as we saw recently with the Trade Balance, a strong dollar can hurt exports.  Coupled with concerns over crude oil’s recent decline…