The NightCap
The Market: Stocks had another tough session following a second day where the Chinese market was halted. Chinese officials have removed the circuit breaker restrictions for tomorrow’s session and traders appear to be preparing for a volatile session but it will be interesting to see if allowing the index to freely trade will ultimately help it bottom — even if only for the short-term. Another session where no Sector saw gains but the relative outperformers were Retail (XRT), which was helped by Wal-Mart (WMT) after gaining 2.3% on the session, and Monday’s leader Utilities (XLU). Along with what happens overnight…
Huge intraday swings
The Market: As expected, volatility continues and while we would not expect 100 point S&P days to become a common occurrence we do expect to see sharp swings both up and down. Our current expectation is that the market will ultimately revisit this morning’s lows is not make new lows but in the short-term the market is very oversold and should stage some sort of rally — not just intraday like today but on a closing basis over a few days. That rally will be very telling and if weak we could be setting up for much much lower and…
Tech closes at new 52 week high
The Market: Stocks continue to rebound strongly after a rough week of trading last week. The NASDAQ (QQQ) led today’s charge finishing at a new 52 week closing high followed by the S&P 500 (SPY) while the Russell 2000 (IWM) and Dow (DIA) lagged. Many individual sectors outperformed in the session with Utilities (XLU), Reatil (XRT), Technology (XLK), and Consumer Staples (XLP) all finishing up over 1%. Reporting EPS 7/16/15 After the Close: Reporting EPS 7/17/15 Pre-Market: Analyst Comments:
Major Market Indices down near or over 2%!
The Market: We warned in last week’s update that we viewed the pattern in the market as one that warranted caution. In the short term we view the market as very oversold and due for a bounce. Ideally we would like to see a failed rally in the Futures overnight that results in a gap down in the cash index which provides an opportunity to get long in early trading. It is also worth noting that the SPY closed right at the 200 day SMA & EMA which should act as support — even if only short term. Looking…
Week starts slow – GS grounds BA
Index & Sector performance 2/23/15 The Market: Overall a flat session with the NASDAQ (QQQ) and Russell 2000 (IWM) finishing slightly higher while the Dow (DIA) and S&P 500 (SPY) finished lower. The main drag on the DIA today was Boeing (BA) which finished down 2.26% after Goldman downgraded the name to Sell with a $132 price target. In individual sectors it was a mixed bag with the Industrials (XLI) leading to the downside finishing down 0.43% while the Utilities (XLU) led to the upside finishing up 0.68%. As we posted tonight in the Charts section, the XLU held a…
Greece rules headlines in slow session
Index & Sector performance 2/9/15 The Market: Losses across the WSC Scoreboard with the Russell 2000 (IWM) leading the way followed by the Dow (DIA), which was affected by McDonald’s (MCD) finishing down 1.35% after reporting a drop in January sales of 1.8%. Otherwise traders seem focused on the continued fighting between Greece and the Eurozone. Energy was the only sector on the WSC Scoreboard to finish higher but it wasn’t by much and was helped by Oil continuing its recovery. Today’s biggest laggard was HeathCare (XLV) which finished down 1.18% followed by Transportation (IYT) down 0.99% and Utilities (XLU)…
Market shakes off Greece
Index & Sector performance 2/5/15 The Market: Sorry, no comments at this time but please check back later. Reporting EPS 2/5/15 After the Close: Reporting EPS 2/6/15 Pre-Market: Analyst Comments:
Watch out for traps
Index & Sector performance 12/9/14 The Market: The S&P 500 found itself down over 20 points within the first hour plus of trading as traders pointed to concerns over China and Greece. Throughout the early drop the Russell 2000 (IWM) remained strong down only a fraction of the other indices and then was the first to turn positive on the day. The IWM’s resilience continued throughout the remainder of the trading session and finished the clear leader. Today’s action certainly feels like another Bear trap where the market looks as though it is about to start a major prolonged slide…
Tight trading ends with pop higher
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…