Weak ADP data helps market gap
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…
Flat session with no catalysts
Index & Sector performance 3/23/15 The Market: A flat start to the week as the market appeared happy to meander without a strong catalyst to tip the balance one way or the other. In an otherwise boring tape, the Transportation Index (IYT) is worth noting as it closed down 1.83%. Most of the big names in the index were lower but Kansas City Southern (KSU) was the clear leader to the downside finishing 7.96% lower on the session after announcing reduced FY15 revenue guidance. Existing Home Sales came in weaker than expected and we will be watching to see if…
Daily Wrap
Today was an ugly day for the markets. We had highlighted, for the Bulls, a potential inverse H&S setting up on the 60 minute SPY chart but noted that the lows from 11/13/12 HAD to hold or the market could be looking at a bad situation. The SPY made the highs for the day in the first 5 minutes of trading and then faced selling for the remainder. The first leg down completed around 11am EST and then we meandered until later until around 2:15 pm EST when we broke hard for the rest of the day. The President spoke…