October 17, 2017

China, Icahn, & IBB lead market lower

Daily-Wrap

The Market: A gap-and-go day to the downside as the S&P 500 finished nearly 50 points lower on the session as media pointed to renewed concerns over China’s economy and cautious comments from Carl Icahn on high yield bonds and the stock market.  The Dow (DIA) was the relative outperformer today finishing down only -1.9% while the NASDAQ (QQQ) finished down the most at -2.85% on the session but YTD that is reversed with the DIA down slightly over -10% while the QQQ is only down slightly over -3%. Short-term the market appears to be very oversold here and we…

Weak ADP data helps market gap

Daily-Wrap

The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon.  After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%.  The only two losing sectors on the day…

Week starts slow – GS grounds BA

Daily-Wrap

Index & Sector performance 2/23/15 The Market: Overall a flat session with the NASDAQ (QQQ) and Russell 2000 (IWM) finishing slightly higher while the Dow (DIA) and S&P 500 (SPY) finished lower.  The main drag on the DIA today was Boeing (BA) which finished down 2.26% after Goldman downgraded the name to Sell with a $132 price target. In individual sectors it was a mixed bag with the Industrials (XLI) leading to the downside finishing down 0.43% while the Utilities (XLU) led to the upside finishing up 0.68%.  As we posted tonight in the Charts section, the XLU held a…

Market continues to grind

Daily-Wrap

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,…

S&P showing signs of indecision

Daily-Wrap

Index & Sector performance 11/13/14 The Market: The NASDAQ (QQQ) led today’s trading  while the Russell 2000 (IWM) was the clear laggard.  The S&P 500 (SPY) is refusing to break with the exception of very small sharp pullbacks which are short lived.  Volume over the past two days remains light although is an uptick from earlier in the week.  We view the current action as indecision as the SPY wrestles with price discovery and ultimately expect lower levels to be seen. Energy (XLE) led the WSC Scoreboard sectors lower giving back some of the recent hard fought gains but did…

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…

S&P 500 remains above the 50 DSMA

Daily-Wrap

Index & Sector performance 4/7/14   The Market: Friday’s selling action continues on Monday as the S&P 500 index lost roughly 20 points.  Today’s lows in the SPDR S&P 500 ETF (SPY) correlated nicely with previous levers of reaction and the 50 day SMA.  If this short term support is lost we could see the cash index next targeting $1800 and even $1650-1700.  In the meantime, aggressive traders could look to use today’s lows as a level to trade again on the long side for a bounce.   Reporting EPS 4/8/14 Pre-Market: Only one name of note reporting EPS tomorrow…

Market reaches target, now what?

Daily-Wrap

Index & Sector performance 2/10/14 The Market: A light volume start to the week and a very tight trading range with the S&P 500 cash trading in an 8 point range and even including early trading in the futures the entire day stayed within a 9.25 point range.     The following noteworthy companies are scheduled to report earnings before tomorrow’s open: CVS, S, REGN, RAI, MMC, OMC, PCG, HCP, IR, ETR, GWR   Analyst Comments:         The Game Plan: The S&P 500 (SPY) 60 minute chart has a potential inverse Head & Shoulder pattern which counts…

Strong up day ahead of Jobs

Daily-Wrap

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:

Triple witching tomorrrow

Daily-Wrap

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,…