March 19, 2024

Huge intraday swings

The Market: As expected, volatility continues and while we would not expect 100 point S&P days to become a common occurrence we do expect to see sharp swings both up and down. Our current expectation is that the market will ultimately revisit this morning’s lows is not make new lows but in the short-term the market is very oversold and should stage some sort of rally — not just intraday like today but on a closing basis over a few days.  That rally will be very telling and if weak we could be setting up for much much lower and…

Market continues to grind

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,…