March 19, 2024

Early dip is bought, finishes flat

The Market: Overall a quiet day in the markets following yesterday’s FOMC statement as an early dip in the S&P 500 found buyers and the index finished flat on the session while the NASDAQ (QQQ) led. The S&P 500 looks to need at least a short term pullback to regroup before any longer term move higher but we will be interested to watch that first pullback as we are from from believing the coast is all clear and that the market is off to new highs. In individual sections, Utilities (XLU) led finishing up 0.74% on the session followed by…

S&P on 5 day win streak

Index & Sector performance 4/21/14   The Market: The S&P 500 has been on an impressive  5 day winning streak but much like the “V” bottom we say back in February this year, this rally is coming on lower than average volume with today being by far the lowest in the S&P 500 sector ETF “SPY”. We stated in our 4/14 write-up that we would not be surprised to see the market used short term oversold levels and the shortened holiday Op-Ex week to rally.  The question now is as traders get back to the desk in both the U.S….

A low volume flat session

Index & Sector performance 11/25/13 The Market: Monday’s trading started with some optimism but that was sold in early trading and the market started climbing back toward the highs of the day after a pullback.  The rally efforts topped around 2:30 pm EST and the market then declined into the close but after the dust settled it was a flat day.  Again volumes were on the light side. Today’s economic calendar was light with only Pending Home Sales on the docket and came in worse than expected posting a -0.6% when 2.2% was expected.  Tomorrow we get more housing data…