The NightCap
The Market: Stocks had another tough session following a second day where the Chinese market was halted. Chinese officials have removed the circuit breaker restrictions for tomorrow’s session and traders appear to be preparing for a volatile session but it will be interesting to see if allowing the index to freely trade will ultimately help it bottom — even if only for the short-term. Another session where no Sector saw gains but the relative outperformers were Retail (XRT), which was helped by Wal-Mart (WMT) after gaining 2.3% on the session, and Monday’s leader Utilities (XLU). Along with what happens overnight…
The NightCap
The Market: The market continues to grind higher with the Russell 2000 (IWM) trying to play catch-up of late. Energy (XLE) led all sectors in today’s trading, again, and has been one of the hottest sectors of late although still down nearly -10% YTD. A relatively big data week with ISM Monday, Fed speak & ADP tomorrow, Unemployment Claims Thursday, and official Jobs data on Friday. Traders concerned about the Fed and if we will see a December rate hike should be paying attention to this week’s data. Reported EPS 11/3/15 After the Close: Reporting EPS…
Earnings should take center stage
The Market: Not much movement in today’s action as we saw a drop in volume across all the major Indices. The overnight session saw futures move lower which seemed primarily due to some exhaustion in the markets but not helping was China’s GDP numbers which met expectations but slowed compared to the prior quarter. With this being a light Economic Data week, we expect focus to be on individual stocks as they report earnings. Below is a list of names that reported tonight after the close and that will report tomorrow with even more listed in the Events Calendar. In…
China, Icahn, & IBB lead market lower
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…
Holiday Fed combo = low vol
The Market: A combination of the Rosh Hashanah (from sunset Sept 13th to nightfall Sept 15th) and traders waiting to see what the FOMC will say Thursday yielded a low volume choppy session which saw the markets finish slightly lower. There are not many earnings reports scheduled for this week but there are some noteworthy names including Oracle (ORCL), Adobe (ADBE), FedEx (FDX), and Rite Aid (RAD). No Economic data today but the remainder of the week is fairly packed with the aforementioned FOMC Rate decision and Statement scheduled for Thursday. Reported EPS After the Close this…
Oil gets crushes while market dips
The Market: A small down day which could have looked worse if not for a late day rally off the lows. Interesting to see the leaders to the downside were the Dow (DIA) and Russell 2000 (IWM). We were looking for the market to close just off the lows and then gap down tomorrow for a short-term long opportunity but today’s end of day rally has changed that set-up. Overall we remain cautious on the broad market and believe the choppy trading of late will continue. Energy (XLE) led to the downside, again, as crude oil continues to slide reaching…
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…
QQQ & IWM reach new highs
Index & Sector performance 2/26/15 The Market: More churn today in the markets but again the NASDAQ (QQQ) and Russell 2000 (IWM) showed more strength than the S&P 500 (SPY) with the QQQ and IWM reaching new 52-week closing highs on the session. Crude oil lost over 5% today which helped send the Energy (XLE) sector 1.88% lower. We noted in our 2/18/15 nightly recap when the XLE was trading above $81 that we would look for a pullback toward $78 as a buying opportunity. Closing today at $79.35, we would ideally like to see lower levels before dipping into…
Shhh, Jobs data tomorrow
The Market: Not much in the way of action today as early gains met resistance in the previously highlighted areas around 1660-1663 which coincided with the 20 & 50 day SMA’s respectively. Utilities again were the under performer of the tracked sectors and retail sector leading on the upside with Sears (SHLD) and JC Penny (JCP) putting in strong showing with gains of 6.27% and 5.33%. Doesn’t it feel like all JCP needed was some big investor to bail to bottom? Today had a great deal of economic data including ISM Non-Man PMI which came in better than expected (as…