AAPL helps drive late day sell off
Index & Sector performance 9/9/14 The Market: All major indices on the WSC Scoreboard finished the session lower with the Russell 2000 (IWM) leading the charge down 1.18%. The S&P 500 (SPY) started the session weak but found a bottom in early trading and then managed to rally until 2pm ET when the index turned and sold off making new lows for the session. The NASDAQ (QQQ) held in well during early trading as traders were likely waiting for the Apple (AAPL) product announcement. The initial reaction to AAPL’s news (new/bigger phones, watch, payment system) was positive and the…
Another flat session overall
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
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…
Fed helps S&P to new highs
Index & Sector performance 6/18/14 The Market: After what amounted to a roughly 1.5% correction from the 6/9/14 highs to the 6/12/14 lows, the S&P 500 has since rallied and as of today’s close made a new intraday and closing all time high. The majority of the gains were realized after the FOMC statement and rate decision where the Fed left the rate unchanged and lowered monthly bond purchases by $10B. We have taken a cautious stance on the broad market since 6/6/14 due to multiple overbought conditions across multiple time frames. While the pullback from 6/9 – 6/12/14 helped…
Analyst Comments
Today’s featured analyst comment is by Goldman Sachs who upgraded Gartner, Inc. (IT) to Buy with an $85 price target. IT has been on a strong run up over 38% the trailing 12 months and Goldman believes there is more in the tank. Looking at the chart there is some work needed but we think they may be right. If IT can continue to digest under the recent highs while the MACD continues to recycle then this could lay the ground work for another leg higher. What we are watching specifically on the stock is the MACD and the 50…
Beige Book helps market off lows
Index & Sector performance 12/4/13 The Market: The S&P 500 started with a gap down which was quickly bought and rallied to slightly positive on the day but that rally topped at 11am EST and made its way back down to and through the earlier lows. The market found a bottom prior to the Beige Book coming out but the release did not hurt the rally and the S&P 500 finished near flat on the day and above the 20 day SMA. In economic news we saw ADP Non-Farm Employment Change come in much better than expected posting a 215K…
Buy the rumor – Sell the news?
Index & Sector performance 10/16/13 The Market: Another strong day in the market sent the S&P 500 index over 23 points higher after a brief consolidation day yesterday. What started as a small gap quickly ran in the first hour of trading eventually topping at 11:15 am EST. The market then consolidated until 2:30 pm EST when it bottom and started a rally back toward the highs of the day. Amidst a light economic data week, the news of Washington and the pending debt deal have continued to drive attention and trader reaction. Ahead of tomorrow’s Unemployment data (357K Consensus)…
Daily Wrap
DJIA +75.65 (+0.50%) to 15,300.34;S&P 500 +11.86 (+0.72%) to 1,652.32;NASDAQ +19.43 (+0.56%) to 3,504.26 Some don’t think it is the right way to start the season but Alcoa ( AA ) still is known for kicking off earnings and this much maligned stock and company. AA reported EPS that beat analysts expectations (7c vs 6c) on just slightly lower than expected revenue ($5.8B vs $5.83B). After reporting last night, AA closed almost exactly flat today but considering AA recently bounced I would say it held the recent move. Is the bottom in AA in? It could be. Everyone that has thought that…
Daily Wrap
DJIA -206.04 (-1.35%) to 15,112.19;S&P 500 -22.88 (-1.39%) to 1,628.93;NASDAQ -36.59 (-1.22%) to 2,959.50 You are likely living under a rock if you were not aware that today was rate decision and FOMC minute day. It was not about the rate decision itself as no one I heard was anticipating a move but it was all about the minutes and specifically the discussion of when the stimulus would end or the key word of recent times “tapered”. The decision and comments sent the markets tumbling and closed down over 22 points in the S&P and 200 on the Dow. In the grand scheme…
Daily Wrap
DJIA +106.98 (+0.83%) to 12,985.11; S&P 500 +10.99 (+0.79%) to 1,409.93; NASDAQ +23.99 (+0.81%) to 2,991.78; Today’s action began with a drop in the market which rallied back to even by noon time and then pressed higher for the remainder of the day. The lows of the day correlated nicely with the 38% fib from the lows of 11/16 to the highs on 11/23 as well as the 200 Day SMA all coming in around 1384. In economic news today the main headline was New Home Sales which came in lighter than expected. While the news was negative and many stocks…