December 14, 2017

The NightCap

Daily-Wrap

The Market: Not a great start to 2016 for the Bulls but could have been much worse if not for a late end-of-day rally.   So far in after-hours trading the market has continued higher but we will need to see if these gains hold over-night as well as into early trading tomorrow. No Sector was spared in today’s trading but the XLU was the clear relative outperformer finishing down only 0.21% followed by the worst performer for 2015, XLE, finishing down 0.41%. Tomorrow is a light Economic Data session with only Vehicle Sales being reported but later in the week…

Weak ADP data helps market gap

Daily-Wrap

The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon.  After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%.  The only two losing sectors on the day…

Sellers appear on slow news day

Daily-Wrap

The Market: An initial gap down in the morning found buyers but only to roughly flat on the session when the seller stepped back in and controlled the remainder of the day with all 4 of the WSC Scoreboard main indices finishing lower led by the Dow (DIA) while closed down nearly 1%. All of the WSC Scoreboard sectors were lower on the session with the largest losses realized in Transportation (IYT), Matierials (XLB) and Heath Care (XLV). Not many comments tonight but we would be cautious here.  The market looks to be oversold in the short term and due…

Financial earnings remain focus for week

Daily-Wrap

Index & Sector performance 7/14/14 The Market: All four major indices on the WSC Scoreboard finished equally higher in today’s action.  We continue to be most interested in the Russell 2000 (IWM) and the fact that the Small Caps are not enjoying as solid of a year as the other major indices.  We ultimately believe for further gains the small caps need to be involved. In individual sectors the WSC Scoreboard was led by Energy (XLE) which finished up 0.87%.  Also finishing higher on the WSC Scoreboard was the Financials (XLF) which saw Citigroup (C) beat earnings this morning and…

How will traders position for weekend?

Daily-Wrap

Index & Sector performance 4/10/14 The Market: Today the market not only took back the gains realized yesterday off the FOMC minutes but also the gains from Tuesday’s session leaving fresh closing lows for the week on a roughly 40 point down day in the S&P 500. With only one day remaining in the week, it will be very interesting to see how trader’s position tomorrow ahead of the weekend.  We have a hard time believing that traders will be anxious to position long going into the weekend after today.  We will be increasingly suspect of any early morning to…

Close lower ahead of bank stress test

Daily-Wrap

Index & Sector performance 3/26/14 The Market: Early morning upside action quickly reversed and started a strong sell off which broke the short term uptrend line in the emini, back-tested and then continued lower into late day trading.  Yet again the 1856ES region was a key short term level and now is strong resistance but the emini will have to first get through 1847ES to start and build a bull case, otherwise don’t be surprised to see the S&P test the 50 day moving average which is roughly 15 points lower.   Reporting EPS 3/27/14 Pre-Market: Analyst Comments: Chart of…

Early Gains quickly fade

Daily-Wrap

Index & Sector performance 1/06/14 The Market: Pre-market optimism was met with early selling which took the S&P 500 from $137 on the open own to $1824 by midday.  The market bounced along crafting a bottom until roughly 2pm EST when the S&P managed to rally off the lows.  While it never made it back to the morning high, the S&P managed to rally back toward even on the day but then sold off in the last hour closing near the lows of the day. In economic news we saw Factory Orders and Services PMI come in as expected while…

Daily Wrap

Daily-Wrap

DJIA +130.63 (+0.89%) to 14,831.58; S&P 500 +14.89 (+0.94%) to 1,597.59; NASDAQ +37.79 (+1.32%) to 2,911.14 Today was another one of those small gap and run days where the market drifted higher the entire day.  There is not much else to say except it seems as though the market was happy to rally on today’s better than expected Unemployment Claims but the focus will quickly flip to the Non-Farm Employment Change numbers.  I have estimates at 155K and remember last report came in at 88K. In economic news today, Unemployment Claims came in at their lowest levels in over 5 years and well below analysts expectations. …