Nasdaq & Russell lead indices lower
Index & Sector performance 4/25/14 The Market: All the major indices were down in Friday’s action with the Nasdaq 100 (QQQ) and Russell 2000 (IWM) leading the way lower. In individual sectors the Transportation index (IYT) and Consumer Discretionary (XLY) were the biggest losers. The transports are an interesting case as they were one of the sectors making new highs recently but after an outside day yesterday the index followed through strongly to the downside today. Leading the index lower was JetBlue (JBLU) closing down 5.38%. After missing EPS yesterday, Reuters announced today that the Flight attendants will be looking…
Stong gains for shortened Op-Ex week
Index & Sector performance 4/16/14 The Market: From our recap Monday we noted that while the market still appeared vulnerable to the downside, we would also not be surprised to see oversold short term levels and the shortened holiday trading week provide a bounce. We did not at that time realize that we would get both the downside and the rally all in one day but that is in fact what happened on Tuesday and today was a follow-through on that action. Tomorrow is the last day of trading for the week since the market is closed Friday in observance…
Market digests yesterday’s move
Index & Sector performance 3/27/14 The Market: In Economic news, Unemployment Claims came in at 311K which is better than the 326K estimate. GDP came in a hair light at 2.6% vs 2.7% est. and Pending Home Sales missed big posting a -0.8% vs a 0.1% est. while the previous number was revised lower. Tomorrow’s data is not as critical as today’s but we do have multiple events including Consumer Confidence. In early trading the emini reached 1835ES and twice found support there before managing to rally roughly 9 points off the lows to the close. All in all it…
Strong up day ahead of Jobs
Index & Sector performance 2/6/14 The Market: In the News: The following noteworthy companies are scheduled to report earnings before tomorrow’s open: CI, MCO, WYN, LH, BPL, APO, CBOE, MSG, FLIR Analyst Comments: The Game Plan:
Thank you to our Vets!
Index & Sector performance DATE The Market: Any given day stocks will make big moves but today with the bond market closed in observance of Veteran’s Day the broad markets seemed happy to consolidate. Do not be surprised if today’s action is the calm before a strong directional move. Being that today was a Bank Holiday, there was no government economic data announced. We did see the NFIB Small Business Index come in slightly below expectations posting a 91.6 when 93.5 was expected. Story Stocks: Merger Monday as ViroPharma (VPHM) agreed to be acquired by UK drugmaker Shire (SHPG). The…
Buy the rumor – Sell the news?
Index & Sector performance 10/16/13 The Market: Another strong day in the market sent the S&P 500 index over 23 points higher after a brief consolidation day yesterday. What started as a small gap quickly ran in the first hour of trading eventually topping at 11:15 am EST. The market then consolidated until 2:30 pm EST when it bottom and started a rally back toward the highs of the day. Amidst a light economic data week, the news of Washington and the pending debt deal have continued to drive attention and trader reaction. Ahead of tomorrow’s Unemployment data (357K Consensus)…
Market follows up gap with more gains
Index & Sector performance 9/17/13 The Market: The majority of today’s action was in the first half hour of trading when the S&P gaped slightly higher and then ran up seeing the majority of the days gains. The remainder of the day the market was able to hold those gains and drift higher on what looked to be an overall light volume day. In economic news, Core CPI came in as expected while headline CPI was actually less than expected with a 0.1% increase when 0.2% was expected. Remember headline reflects food and energy while core strips it out. Tomorrow…
Daily Wrap
DJIA -138.19 (-0.94%) to 14,618.59; S&P 500 -22.56 (-1.43%) to 1,552.01; NASDAQ -56.43 (-1.99%) to 2,781.98 Yesterday’s rally was short lived as the futures were slightly lower last night after the close and the losses picked up overnight and into the morning’s trading which then lasted the majority of the day not bottoming until just before 1pm EST. Today was a light economic data day, although there was some fed speak, and sets up into tomorrow with the week’s Unemployment claims number. I have estimates at 349K going into the number which is roughly where last week’s reading was (346K). The talk of…
Daily Wrap
DJIA -23.66 (-0.17%) to 13,511.23; S&P 500 +0.29 (+0.02%) to 1,472.63; NASDAQ +6.76 (+0.22%) to 3,117.54 Again we have another day where the markets were somewhat mixed but overall were overall boring. Opening roughly 4 points lower the S&P rallied to close slightly positive. Today we had the Fed Beige Book but obviously there was nothing ground breaking to the markets and now focus will switch to tomorrow’s jobs data. Last week saw a slight uptick in claims to 371K and this week’s expectation is roughly the same at 369K. Boeing (BA) closed down over 3% today and the news does not look promising. Following a…