Early pop leads to late day drop
Index & Sector performance 3/11/14 The Market: The market rallied pre-market into the open, pulled back and went again but was unable to break through a pivot confluence resistance area. The pullback into the noon EST period started to consolidate but the MACD was telling that more downside was likely. As we reached the 2-2:30 pm EST time frame the S&P again started to weaken and broke to fresh lows for the day. We will be watching for $1860ES and then further $1850ES for support levels. On the S&P500 cash index the 20 day SMA comes in around $1853. In…
Lots of movement, little results
Index & Sector performance 3/10/14 The Market: Today was a yet another choppy session but for day traders there was a great deal of opportunity. The S&P 500 emini ultimately moved 40 points between support and resistance while the S&P 500 cash index only managed to close down roughly a point for the day. Starting with Sunday evening’s trading the ES contract lost ground over night finding support at the $1868ES pivot and then rallied pre-market to the $1878ES pivot. Playing Pivot Pinball the ES tested the $1868ES support after the open to yet again hold and rally back toward…
Strong sell off starts week
Index & Sector performance 2/3/14 The Market: In the News: The following noteworthy companies are scheduled to report earnings before tomorrow’s open: EMR, ETN, ADM, CME, SE, HCA, SIRI, IP, BDX, MHFI, DLPH, BSX, KORS, FIS, CLX, AMG, SEP Analyst Comments: The Game Plan:
Decline….What Decline?
Index & Sector performance 1/15/14 The Market: The vast majority of today’s action was on the open where the S&P 500 gaped higher and ran until 11am EST which marked the highs of the day. The remainder of the day stayed in a 5 point range from the 11am highs as the market digested the strong reversal rally which has gained roughly 35 S&P points since Monday’s lows. In Economic Data, Headline PPI slightly missed expectations while Core PPI beat. The Beige Book reiterated an overall positive outlook on the economy showing moderate growth. Tomorrow traders will be most focused…
Early Gains quickly fade
Index & Sector performance 1/06/14 The Market: Pre-market optimism was met with early selling which took the S&P 500 from $137 on the open own to $1824 by midday. The market bounced along crafting a bottom until roughly 2pm EST when the S&P managed to rally off the lows. While it never made it back to the morning high, the S&P managed to rally back toward even on the day but then sold off in the last hour closing near the lows of the day. In economic news we saw Factory Orders and Services PMI come in as expected while…
Triple witching tomorrrow
Index & Sector performance 12/19/13 The Market: Today trading range was rather tight after yesterday’s explosion with the entire day’s range in the S&P 500 only about 9 points. Tomorrow will be options expiration and a Triple Witching which can come with some volatility. In economic data today we sub a much worse than expected Unemployment claims number come in at 379K when 366K was expected. Other key data also underperformed expectations with Existing Home Sales missing expectations (4.9M vs. 5.04M) and Philly Fed Manufacturing Index (7 vs. 10.3). Tomorrow we get GDP and Monday 12/23 we have Core PCE,…
Retail sales beat, Unemployment drags
Index & Sector performance 12/12/13 The Market: The market continued picked up where it left losing more ground but not as dramatic as the 1% down yesterday. The majority of the losses where in the beginning part of the day with the market making the lows for the day around 12:30 pm EST and starting to rally. That rally halted around 3pm EST and the market used the last hour to sell off not quite making it back to the midday lows. In economic data, Retail Sales number beat expectations and with Core Sales doubling expectations posting a 0.4% and…
Bulls fight back after a gap down
Index & Sector performance 11/13/13 The Market: Losses after a gap down on the open were completely recouped in the first hour of trading. After a brief consolidation, the S&P 500 moved strongly higher into the close posting a 14 point up day but from trough to peak the moved covered 22 points. In economic data the Federal Budget Balance came in better than expected with a -91.6B vs expectations of -104.3B. Tomorrow there is more economic data including the usual Unemployment Claims which we have an estimate of 331K. Another noteworthy even is that Janet Yellen testifies tomorrow at…
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…
Today the quiet before the storm?
Index & Sector performance 10/31/13 The Market: Second straight down day for the S&P 500. The day was slightly more active than the closing prices might suggest as a very early up open was quickly sold down to the 1756 levels where the market bottomed around 10:30am EST and then rallied to 1768 by 2:30 pm EST. What took almost all day to gain was then lost in that last hour of trading with the S&P closing back near the earlier lows for the day at 1756. What needs to be seen is if this relatively quiet day is the…