March 19, 2024

Down but much better than the start

Index & Sector performance 9/29/14 The Market: All 4 broad market indices closed lower however all also closed well off their lows of the session. The standout sector in today’s trading is clearly the Utilities (XLU) which finished up 0.65% and is currently in 4th place amongst the WSC Scoreboard sectors for largest YTD gain.  The biggest laggard was Consumer Discretionary (XLY) followed by Materials (XLB). In Economic data, Pending Home Sales was a big disappointment coming in at -1% when -0.4% was expected while last months reading was adjusted slightly lower to 3.2% from 3.3%.     Reporting EPS…

EoD gains mask intraday swing

Index & Sector performance 9/17/14 The Market: Early in the session the markets were quiet as traders awaited the FOMC statement and speculated if the wording of the statement would be changed.  The answer was that not much changed and specifically the Fed continues to state that they will keep key interest rates near zero for a “considerable time”.  The initial reaction to the release was a sharp decline but buyers quickly stepped in and the S&P 500 recovered and then rallied to fresh highs on the day before finishing the session back where it started. The leading sector on…

Early momentum fades

Index & Sector performance 8/11/14 The Market: Stocks started off the day building on Friday’s gains but near midday the S&P 500 topped out and then spent the rest of the day moving lower.  All 4 indices on the WSC Scoreboard finished the day higher but the NASDAQ (QQQ) and Russell 2000 (IWM) were the clear winners with the IWM gaining nearly 1%. The leading sector on the day was the Consumer Staples (XLP) but the stock in the index that stood out the most was to the downside and that is Dean Foods (DF).  DF finished the day down…

S&P 500 remains above the 50 DSMA

Index & Sector performance 4/7/14   The Market: Friday’s selling action continues on Monday as the S&P 500 index lost roughly 20 points.  Today’s lows in the SPDR S&P 500 ETF (SPY) correlated nicely with previous levers of reaction and the 50 day SMA.  If this short term support is lost we could see the cash index next targeting $1800 and even $1650-1700.  In the meantime, aggressive traders could look to use today’s lows as a level to trade again on the long side for a bounce.   Reporting EPS 4/8/14 Pre-Market: Only one name of note reporting EPS tomorrow…

Decline….What Decline?

Index & Sector performance 1/15/14 The Market: The vast majority of today’s action was on the open where the S&P 500 gaped higher and ran until 11am EST which marked the highs of the day.  The remainder of the day stayed in a 5 point range from the 11am highs as the market digested the strong reversal rally which has gained roughly 35 S&P points since Monday’s lows. In Economic Data, Headline PPI slightly missed expectations while Core PPI beat.  The Beige Book reiterated an overall positive outlook on the economy showing moderate growth.  Tomorrow traders will be most focused…