February 21, 2017

The NightCap

Daily-Wrap

The Market: An initial gap higher was immediately sold but an afternoon surge helped the Dow, S&P and NASDAQ finish higher while greatly paring losses in the Russell 2000.  Downside momentum seems to be waning and today’s mixed session is likely pointing to a bottom.  In all likelihood that bottom will only be short-term but we will have to see how the action takes place. Ideally, for the start of a move higher, we would like to see a gap down (or strong move lower in early trading) tomorrow which takes us near or below today’s lows which is again…

The NightCap

Daily-Wrap

The Market: We expected to see a tight trading range until the FOMC statement but instead we saw buyers in advance of the statement as the S&P 500 (SPY) pressed higher.  The the announcement came and there was a sharp sell-off but buyers came right back and all 4 major market indices on the WSC Scoreboard finished above the pre-FOMC announcement highs. As was expected by many, the FOMC left the Fed Fund Rates unchanged but, based on the comments, it appears a rate hike is on the table for December if the data warrants.  We also saw the committee…

The NightCap

Daily-Wrap

The Market: Overall a dull session as the markets remainder in a tight range for the entire day but we expect to see volatility in many individual names as this will be a very active earnings week with many big names reporting.  As always we will highlight the names that reported after the close as well as those scheduled to report pre-market tomorrow but please remember that you can often  look ahead a few days under the Events Calendar section. If an active earnings wasn’t enough, we also have an active Economic Calendar with the FOMC Statement and Rate decision…

Early dip is bought, finishes flat

Daily-Wrap

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…

Small Caps lag as market rallies

Daily-Wrap

Index & Sector performance 3/16/15 The Market: A strong performance day as the S&P 500 (SPY), Dow (DIA), and NASDAQ (QQQ) finished up over 1% while the Russell 2000 (IWM) was the laggard finishing up 0.60%.  One of the positive noted on this recent decline in the broad markets was the resilience of the IWM which is close to a new all-time high.  Today could just be the other broad indices catching up to the already outperforming IWM but we cannot help but feel as though today was a perfect set-up for the IWM to lead all names higher and…

Weak Data & Earnings help drive stocks lower

Daily-Wrap

Index & Sector performance 1/27/15 The Market: While the Dow (DIA) and S&P 500 (SPY) finished down over 1%, it was the NASDAQ (QQQ) which led the session to the downside finishing 2.59% lower.  Microsoft (MSFT) was the biggest drain on the QQQ as it finished down 9.25% after a disappointing EPS report and even managed to pull down Apple (AAPL) which finished 3.5% lower on the session.  Things may look a little better for the tech sector tomorrow as AAPL is up after hours after reporting EPS. The Russell 2000 (IWM) managed to be the relative winner finishing down…

Merger Monday doesn’t help market

Daily-Wrap

Index & Sector performance 11/17/14 The Market: Despite a very active M&A session, it was yet another very tight trading range in the S&P 500 while the NASDAQ (QQQ) lagged and the Russell 2000 (IWM) led to the downside. In deals we saw Allergan (AGN) agree to be acquired by Actavis (ACT) for a combination of cash and ACT stock which totaled $219 per share.  Valeant Pharmaceuticals (VRX) who had also been trying to buy AGN stepped aside not feeling comfortable they could justify the valuation to shareholders.  Two more big names in M&A news as Halliburton (HAL) announced it…

QQQs lose 2% – now sit on 50 day SMA

Daily-Wrap

Index & Sector performance 9/25/14 The Market: Strong down session across the board which saw the NASDAQ (QQQ) lead the way lower finishing down over 2%.  QQQ was hurt by Apple (AAPL) which is reportedly facing consumer issue regarding its new iPhone6 and iOS but some media outlets also pointed to concerns over rates and Russia as causes for trader pessimism. The Dow (DIA) and QQQ are now sitting on their 50 day SMA’s while the S&P 500 (SPY) lost its 50 as of today.  With one day left in the trading week it will be interesting to see how…

Another flat session overall

Daily-Wrap

Index & Sector performance 7/24/14 The Market: Another relatively flat session across the broad major indices as earnings continue to drive most individual stock movements. The NASDAQ (QQQ) and S&P 500 (SPY) have both managed to breakout to new 52 week highs this week and hold those breakouts so far but the S&P 500 Equal Weight index (RSP) and Dow (DIA) have yet to follow.  The Russell 2000 (IWM) is up on the week but far from new 52 week highs and also seems vulnerable to fill the downside gap left from Tuesday. Speaking of the IWM, we noted in…

Market recovers after weak GDP

Daily-Wrap

Index & Sector performance 6/25/14 The Market: After a quiet overnight session, the S&P 500 futures spiked lower after the Government announced worse than expected GDP estimates for the first quarter of the year but, after the open, buyers stepped in and all four main indices from the WSC Scoreboard closed higher. In individual sectors HeathCare (XLV) and Transportation (IYT) outperformed closing up 1.06% and 0.99% respectively.  The only sector closing lower on the WSC Scoreboard was Consumer Staples (XLP) finishing down 0.16%.  The leader in the XLV was Bristol-Myers Squibb (BMY) finishing up 2.96% after announcing positive Phase III…