Markets stop slide, fight back
Index & Sector performance 8/4/14 The Market: After two strong down days, all 4 indices on the WSC Scoreboard managed to find bottoms and rally with the Russell 2000 (IWM) leading the charge finishing the day 0.89% higher. One note of caution, volume was on the light side when compared to the previous two sessions. Our suggestion would be to watch the first major pullback after today’s move. If it is orderly then the market likely has unfinished business to the upside, otherwise we will likely see another push lower. In individual sectors it was green across the board except…
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…
The Calm before Jobs data storm?
Index & Sector performance 1/9/14 The Market: A mixed consolidation day in S&P 500 saw the futures up in the pre-market only to sell off at the open. That sell off persisted until 11am EST losing roughly 15 S&P points from the pre-market highs and then the S&P bottomed and staged a rally which didn’t make it back to the pre-market highs but did take back more than half of what was lost. In Economic data today, Unemployment claims came in better than expected posting a 330K number when 337K was expected but the previous week was revised about 6K…
S&P 500 narrowly escapes with a gain
Index & Sector performance 10/9/13 The Market: Rumors out of Washington have helped drive the indices of late as investors are looking for more information regarding the government shutdown as well as who may be replacing Ben Bernanke. News today broke that Janet Yellen will be the next Federal Reserve chairperson taking the place of Ben Bernanke at the end of January 2014. Initial opinions seemed to be that Yellen will continue on with a more dovish stance for the Fed. Today looked as though the market could not gain traction but at 11:30 am EST the market bottomed and…
Daily Wrap
DJIA -111.66 (-0.76%) to 14,550.35; S&P 500 -16.56 (-1.05%) to 1,553.69; NASDAQ -36.26 (-1.11%) to 3,218.60 Today in the pre-market we were essentially flat/slight higher and even after a poor ADP number the S&P 500 was able to open slightly higher but that was short lived and the rest of the day we saw market declines which at the lows approached down 20 points in the S&P 500 or over 1%. Along with the weak ADP and general concerns on slower global growth we also had two other event weighing on the markets. First the U.S. Defense Secretary, Chuck Hagel, stated that the…