August 18, 2017

The NightCap

Daily-Wrap

The Market: Global concerns sparked an initial move lower in early trading but the markets found support near the $2070 region in the SPX and then managed to finish the session slightly higher.  Energy (XLE) was the clear leader on the WSC Scoreboard followed by Retail (XRT) and Materials (XLB).  Transportation (IYT) lagged hurt by the State Department’s travel ban issued late Monday in response to the recent geopolitical events. After making a low in late August, the XLE rallied until early November and has since held in well consolidating below the November 6th high.  XLE may be setting up…

Greece today, FOMC tomorrow

Daily-Wrap

Index & Sector performance 6/15/15 The Market: An early gap down was attributed to their being no Greece bail-out deal over the weekend but the market found a bottom in early trading and drifted higher the remainder of the session.  If the market can hold today’s low then it can start to build a base but below and it looks like it could target 2050 quickly. Healthcare (XLV) was the only sector on the WSC Scoreboard to finish higher for the session and is still holding its 50 day SMA.  The biggest laggards were Industrials (XLI), Materials (XLB), and Technology…

Central bank news abroad drives headlines

Daily-Wrap

Index & Sector performance 1/21/15 The Market: It was a relatively choppy session which saw the Dow (DIA), S&P 500 (SPY), and NASDAQ (QQQ) manage to finish higher while the Russell 2000 (IWM) closed lower.  There were reports out of Europe that the ECB Executive Board proposed the purchase of EUR 50B/mo of bonds in a program that should last at least a year.  There was more news from outside the U.S. with a surprise rate cut in Canada to counteract the sharply declining oil prices. Energy (XLE) led the charge today as all sectors on the WSC Scoreboard finished…

Russell leads overall dull session

Daily-Wrap

Index & Sector performance 11/24/14 The Market: An overall dull session with the S&P 500 (SPY) and Dow (DIA) barely moving while the NASDAQ (QQQ) and Russell 2000 (IWM) led.  As is expected for the remainder of this shortened holiday week, volume was very light. In individual sectors it was Retail (XRT) posting another great session up 1.32%.  Today the index was greatly helped by Outerwall (OUTR), operators of Coinstar and Redbox, which finished up 12.32%.  Also chipping in was Best Buy (BBY) up 2.29% and Foot Locker (FL) up 3.45%.  After spending much of the year down, the XRT…

EPS helped shrug off bad overseas data

Daily-Wrap

Index & Sector performance 11/20/14 The Market: It doesn’t look like the S&P 500 (SPY) had a strong session but considering the futures were down roughly 10 points pre-market reportedly due to weak data out of Europe and China, to finish up a few points is a strong showing.  Yesterday’s laggard was today’s leader as the Russell 2000 (IWM ) finished up over 1% clawing back most of yesterday’s losses and the Dow (DIA) was helped by Intel (INTC) which gained 4.66% after announcing a dividend hike and solid 2015 expected revenue growth. In individual sectors, Retail (XRT) led today…

Tight trading ends with pop higher

Daily-Wrap

Index & Sector performance 11/18/14 The Market: After multiple sessions trading in a tight range the broad indices broke-out to new highs.  It is worth noting that volume was again light but that has been the case throughout much of this recent rally after the mid October bottom.  In the after hours session the futures started to give back some of today’s gains so we will be looking to see if today was a false breakout which gives way to a pullback or if the indices can hold. In individual sectors, HealthCare (XLV) led finishing 1.61% higher helped by strong…

Low volume drift higher

Daily-Wrap

Index & Sector performance 11/10/14 The Market: Without any key news or economic data the market was happy to drift with the trend which is higher.  This drift higher in the markets has created some negative divergence on the intraday charts so we would not be surprised to see downside action early in the week.  However, at this time we would expect the losses to be contained and ultimately for that initial dip to be a buying opportunity for short term traders. Stand out sector to the upside was Transportation (IYT) which finished the day 1.34% higher followed by HealthCare…

Overnight loses quicky negated

Daily-Wrap

Index & Sector performance 10/30/14 The Market: In the overnight session the S&P 500 futures lost roughly 20 points and it appeared to be signaling for a rough Thursday but then recouped nearly all the loses by the open and managed to rally for the majority of the day.  All 4 indices from the WSC Scoreboard finished higher with the Dow (DIA) leading the charge helped immensely by Visa (V) which finished the session up 10.24% after reporting better than expected EPS and a new $5B Share Repurchase program yesterday after the close. In Individual sectors the clear standout was…

Financials help S&P to new highs

Daily-Wrap

Index & Sector performance 8/21/14 The Market: The 4 major indices drifted higher in today’s session but not by much and all on lower volume which has been a trend. Mixed bag across the individual sectors but the clear winner was the Financials (XLF) finishing the day up 1.18%.  The big standout in the sector was Bank of America (BAC) which finished the day up over 4% and looks poised for a run back to the March 2014 highs of $18.  If BAC is indeed in rally mode we would expect today’s lows to not be breached.  Also having a…

S&P 500 makes new closing highs

Daily-Wrap

Index & Sector performance 8/20/14 The Market: A respectable session for the Dow (DIA) and S&P 500 (SPY) as the SPY finished at a new closing high and the DIA is not all that far off.  The NASDAQ (QQQ) managed to finish slightly up on the session and while not as strong as the DIA or SPY, the QQQ has been the clear leader on the year.  The Russell 2000 (IWM) continues to lag and was unable to finish the session higher like the other broad indices however the index did manage to rally well off the earlier lows. In…