November 14, 2018

The NightCap

The Market: Overall it was another tight trading range session but the Russell 2000 (IWM) continued its underperformance and finished down over –1%.  It appears that traders may be on hold until the FOMC statement and rate decision tomorrow. Transportation (IYT) sector was the hardest hit on the WSC Scoreboard as the sector ETF finished down -2.65% followed by yesterday’s biggest loser, Energy (XLE), which closed down -1.2%.  The biggest gaining sector on the session was HealthCare (XLV) which finished up 1.84% and was helped by Allergan (AGN), Biogen Inc (BIIB), Vertex Pharmaceuticals Inc (VRTX), and Mylan NV (MYL) which all…

Hospitals rocket as Supreme Court rules

  The Market: After an early morning small pop, which helped work off some of the very short-term oversold levels, the market declined the rest of the day finishing near the session’s lows. Energy (XLE) was the largest losing sector on the WSC Scoreboard followed closely by Transportation (IYT) which was the biggest loser yesterday.  However, we would be watching the IYT as it appears to be coming into a support region and could soon provide a trade set-up to the long side. Health Care (XLV) was the lone green sector on the Scoreboard as the Supreme Court ruled that…

Low volume give back after 3 solid days

Index & Sector performance 10/22/14 The Market: Today marked a give back after 3 solid days of gains.  The leader to the downside was the index that we have been watching closely for the past few weeks, the Russell 2000 (IWM).  The IWM’s underperformance throughout the year was a warning just as its outperformance near the recent bottom.  The IWM has put in work to find a bottom and start to move off the lows of last week but it is not our of the woods yet in our opinion.  First step is remaining above $107 and then the lows…

Indices build on week’s gains

Index & Sector performance 8/14/14 The Market: A good up day as all 4 broad indices on the WSC Scoreboard finished the day higher and the Russell 2000 (IWM) is now only X% down on the year.  The concern with this week’s bounce has been and remains to be the declining volume as we continue higher.  However, until the market turns lower and begins taking out support, traders must respect the price action. In individual sectors, leading was HealthCare (XLV) which finished the day up 1.18% continuing to build on the strong week followed closely by yesterday’s laggard, Retail (XRT) which…

S&P 500 pullback coming soon?

Index & Sector performance 6/6/14 The Market: Yet again the Russell 2000 led in today’s trading as all 4 broad indices from the WSC Scoreboard closed higher.  Also after spending much of 2014 in the red, the Russell 2000 (IWM) is now ever so slightly higher on the year. Healthcare (XLV) and Utilities (XLU) were the lone laggards in the individual sectors while Energy (XLE), Industrials (XLI), and Transportation (IYT) were the notable leaders.  Taking a peak further at the Industrials, which were the overall leader, we see Fluor (FLR) posted a 2.77% gain today following up on a strong…

S&P on 5 day win streak

Index & Sector performance 4/21/14   The Market: The S&P 500 has been on an impressive  5 day winning streak but much like the “V” bottom we say back in February this year, this rally is coming on lower than average volume with today being by far the lowest in the S&P 500 sector ETF “SPY”. We stated in our 4/14 write-up that we would not be surprised to see the market used short term oversold levels and the shortened holiday Op-Ex week to rally.  The question now is as traders get back to the desk in both the U.S….