March 19, 2024

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’s action spills into global markets

The Market: Stocks opened lower after China suffered its worst losing day in over 8 years but the S&P managed to find a bottom right at the 200 day SMA and has so far rallied off the lows with upside action continuing into the after market.  It will be interesting to see how China’s market reacts today and if the S&P can keep the momentum going through the overnight trading and into tomorrow’s open. Also don’t forget we have the FOMC Rate decision and Statement on Wednesday the 29th (full Economic Calendar below). Leading to the downside in today’s session…

XLU stands out in today’s action

Index & Sector performance 2/18/15 The Market: A choppy session overall which ended up finishing flat.  Some negative divergence is building on the S&P 500 60 minute chart but, even when it leads to a pullback, the divergence can exist for many day.  We wouldn’t be surprised to see the index continue to meander and drift higher for the remainder of the week into Options expiration. In individual sectors it was the Utilities (XLU) leading the way and by a wide margin finishing up 2.37%.  We would be watching the XLU closely here to see if it can build on…

Russell leads overall dull session

Index & Sector performance 11/24/14 The Market: An overall dull session with the S&P 500 (SPY) and Dow (DIA) barely moving while the NASDAQ (QQQ) and Russell 2000 (IWM) led.  As is expected for the remainder of this shortened holiday week, volume was very light. In individual sectors it was Retail (XRT) posting another great session up 1.32%.  Today the index was greatly helped by Outerwall (OUTR), operators of Coinstar and Redbox, which finished up 12.32%.  Also chipping in was Best Buy (BBY) up 2.29% and Foot Locker (FL) up 3.45%.  After spending much of the year down, the XRT…

ECB helps U.S. Dollar & market higher

Index & Sector performance 11/6/14 The Market: Comments from ECB President Mario Draghi suggesting that the central bank is committed to stimulating the region’s economy helped send the S&P 500 (SPY) and the U.S. Dollar higher on the session.  As would be expected the Euro/Dollar cross was under pressure finishing the U.S. trading session at new 2 year lows. A strong dollar is not a bad thing and increases global purchasing power of U.S. companies and individuals.  However, as we saw recently with the Trade Balance, a strong dollar can hurt exports.  Coupled with concerns over crude oil’s recent decline…

S&P 500 makes new closing highs

Index & Sector performance 8/20/14 The Market: A respectable session for the Dow (DIA) and S&P 500 (SPY) as the SPY finished at a new closing high and the DIA is not all that far off.  The NASDAQ (QQQ) managed to finish slightly up on the session and while not as strong as the DIA or SPY, the QQQ has been the clear leader on the year.  The Russell 2000 (IWM) continues to lag and was unable to finish the session higher like the other broad indices however the index did manage to rally well off the earlier lows. In…

Utilities big loser ahead of Jobs data

Index & Sector performance 7/2/14 The Market: The WSC Scoreboard was relatively flat to mixed with the Dow (DIA), S&P 500 (SPY), and NASDAQ (QQQ) closing slightly higher while the Russell 2000 (IWM) finished 0.35% lower. In individual sectors, the Utilities (XLU) stood out as the biggest loser finishing 1.99% lower on the day and appears vulnerable to even more downside action after being the leader so far in 2014.  Every stock in the XLU finished down on the day with some finishing down over 3% including Exelon (EXC), FirstEnergy (FE), and Entergy (ETR) down 3.11%, 3.50%, and 3.25% respectively. …

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…

Daily Wrap

DJIA -80.41 (-0.52%) to 15,307.17; S&P 500 -13.81 (-0.83%) to 1,655.35; NASDAQ -27.32 (-0.90%) to 2,999.13 So the markets can have a substantial day down!  Today’s move lower was tied to Mr. Bernanke’s statement to congress as well as the release of the Fed minute which showed the willingness to decrease bond purchases.  In the grand scheme today was a solid down day but nothing in comparison to the recent rise.  The question is not of today’s move but whether or not it signifies a more significant realization being a top is in.  That is a common phrase but my answer is always “for…

Analyst Comments

Analyst comments for Wednesday (11/21/12)  See the Upgrades/Downgrades section for complete list Upgrades: LUKOY, THOR, GLRE, WBS, SKX, NRGY, PENN, FRC, FMER, Downgrades: KPLUF, STJ, HTWR, EV, AMX, HPQ, CBSH, NRGM, HRL, HTWR,