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…

The NightCap

Daily-Wrap

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…

S&P 500 holds 200 day SMA

Daily-Wrap

The Market: Sorry no comments tonight — traveling the remainder of this week.      Reporting EPS After the Close this week:   Reporting EPS Pre-Market this week:   Analyst Comments:

Market shakes off Greece

Daily-Wrap

Index & Sector performance 2/5/15 The Market: Sorry, no comments at this time but please check back later.     Reporting EPS 2/5/15 After the Close:   Reporting EPS 2/6/15 Pre-Market: Analyst Comments:

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…

Analyst Comments

Upgrades - Downgrades image

Today’s featured analyst comment is by Goldman Sachs who upgraded Gartner, Inc. (IT) to Buy with an $85 price target.  IT has been on a strong run up over 38% the trailing 12 months and Goldman believes there is more in the tank.  Looking at the chart there is some work needed but we think they may be right. If IT can continue to digest under the recent highs while the MACD continues to recycle then this could lay the ground work for another leg higher.  What we are watching specifically on the stock is the MACD and the 50…

Fed open to scale back causes pullback

Daily-Wrap

Index & Sector performance 11/20/13 The Market: Initial optimism on better than expected economic data pre-market saw early selling as the S&P pulled off the highs of the day in the first hour of trading and then the market meandered waiting for the Fed minutes to be released.  After the 2pm EST announcement the market began selling off as the Fed showed they are prepared to scale back on the rate of asset purchases.  The S&P 500 was able to use late trading to close a few points off the lows of the day. In economic data, Core CPI came…