December 12, 2017

Holiday Fed combo = low vol

Daily-Wrap

The Market: A combination of the Rosh Hashanah (from sunset Sept 13th to nightfall Sept 15th) and traders waiting to see what the FOMC will say Thursday yielded a low volume choppy session which saw the markets finish slightly lower. There are not many earnings reports scheduled for this week but there are some noteworthy names including Oracle (ORCL), Adobe (ADBE), FedEx (FDX), and Rite Aid (RAD). No Economic data today but the remainder of the week is fairly packed with the aforementioned FOMC Rate decision and Statement scheduled for Thursday.       Reported EPS After the Close this…

Market rollercoaster continues

Daily-Wrap

Index & Sector performance 4/1/15 The Market: For those who do not track the futures you would think that today started off with a small gap that then snowballed into something much larger but the first shot lower was actually yesterday evening when the S&P futures dropped nearly 30 points in roughly an hour.  Amazingly the index recouped nearly all the losses by the open but then started to make its way back toward those overnight lows which is the action we saw today. Monday’s Wrap noted that we were looking for a pullback in the markets and that the…

XLU stands out in today’s action

Daily-Wrap

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…

Quiet start to the month

Daily-Wrap

Index & Sector performance 11/3/14 The Market: The market started the day slightly higher building on last week’s extremely strong session but the market ran out of steam in the short term and the S&P 500 started pulling back in afternoon trading finishing flat on the session.  All in all it was a low volume quiet session but the Bulls can point to the fact that they didn’t give ground after reaching new highs. We do not expect the remainder of the month to be as quiet as today and would plan for swings in both directions much like October…

Energy heads lower in mixed session

Daily-Wrap

Index & Sector performance 9/8/14 The Market: Overall another low volume mixed session which saw the S&P 500 (SPY) and Dow (DIA) close slightly lower while the NASDAQ (QQQ) and Russell 2000 (IWM) finished slightly higher. On the WSC Scoreboard the Energy sector (XLE) sticks out finishing the session down 1.56%.  After strong moves we like to see what stocks bucked the trend in the sector and one notable outperformer today was Valero (VLO) which finished the session up 0.96%. Not much Economic data to start the week but finishes strong with Unemployment Claims Thursday followed by Retail Sales and…

GDP disappoints but market ignores

Daily-Wrap

Index & Sector performance 4/30/14 The Market: As you can see in the table below, the U.S. Q1 GDP number came in well below expectations.  While Q1 was not expected to be a high growth quarter, clearly analysts did not expect a near negative number.  Certainly the colder than expected weather could have and likely did play a role but on our opinion you cannot completely blame a miss like this on the weather. So why might traders and investors be willing to look past this data besides the weather?  Possibly because a number like this allows the Fed to…

Russell leads Indices lower

Daily-Wrap

Index & Sector performance 3/24/14 The Market: The Bull missed a great opportunity in our opinion when a late day rally stalled and failed to get above the 1856.50ES resistance and they even had the opportunity to close up on the day.  Now the 1852-56.50ES region should act as resistance and leaves the door open for an overnight drop toward 1840ES and then further 1827ES. In Economic Data we had Manufacturing PMI come in lighter than expected but the previous number was revised higher .  Tomorrow the market will be watching Consumer Confidence and New Home Sales.   Reporting EPS…

Choppy trading leaves the indices flat

Daily-Wrap

Index & Sector performance 2/26/14 The Market: A choppy trading session to saw a sell off toward the open which ultimately was bought until midday when the S&P started to make its way back down toward and below the previous intraday lows.  Again buyers stepped in and were able to close the S&P 500 essentially flat on the day.     Companies scheduled to report earnings pre-market:     Analyst Comments:        

Daily Wrap

Daily-Wrap

DJIA -5.07 (-0.03%) to 14,968.89; S&P 500 +3.09 (+0.19%) to 1,617.51; NASDAQ +10.77 (+0.37%) to 2,955.36 Yawn, for the most part a boring day as the market essentially consolidated after Friday’s gap higher with the Dow closing slightly negative while the S&P 500 and Nasdaq slightly positive..  There was no major economic news for the day and frankly the week in general is relatively light.  Some fed speak and Unemployment Claims Thursday but relatively light.  To try and put into perspective the day, the entire range of the S&P 500 Index was roughly 5.5 points. Merger Monday was again back and in affect with BMC Software…