March 19, 2024

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…

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…

Daily Wrap

DJIA -32.41 (-0.21%) to 15,451.85;S&P 500 -6.24 (-0.37%) to 1,676.26;NASDAQ -8.99 (0.25%) to 3,598.50 A relatively boring down day as the highs for the day were marked in the opening minuted and then the S&P 500 to lose ground until it bottomed around 1:30 with some small positive divergences on the 5 minute MACD and then rallied until 2:30 pm EST where it again lost ground but held above those earlier lows.  The market spent the last 30-40 minutes rallying but never regaining the 2:30 pm highs. In economic news we had CPI data with the core meeting expectations of up 0.2%…