July 23, 2018

The NightCap

The Market: We expected to see a tight trading range until the FOMC statement but instead we saw buyers in advance of the statement as the S&P 500 (SPY) pressed higher.  The the announcement came and there was a sharp sell-off but buyers came right back and all 4 major market indices on the WSC Scoreboard finished above the pre-FOMC announcement highs. As was expected by many, the FOMC left the Fed Fund Rates unchanged but, based on the comments, it appears a rate hike is on the table for December if the data warrants.  We also saw the committee…

Huge intraday rally as Volatility continues

The Market: It is not uncommon when the S&P is down 25+ points intraday for their to be a rally but to see the index trade down over 30 points and then finish the session slightly up is surprising.  Even with the recent volatility, we remain within a range from, roughly, 2130 to 2050 in the S&P.  We are interested to see if the Bulls can build on today’s move off the low and gap higher tomorrow.  If not, we would not rule out the S&P revisiting today’s lows in the short-term.  Expect the volatility to continue. Leading sectors today…

Overnight loses quicky negated

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…

Indices take back losses plus

Index & Sector performance 5/22/14 The Market: Overall today was a quiet day in the market which saw green across the entire WSC Scoreboard with the Dow and NASDAQ leading the charge followed closely by the S&P and finally the Russell 2000 which is getting use to lagging.  At 2pm EDT the FOMC minutes were released and discussed risks to the economy including U.S. housing, the Russia-Ukraine situation, and China’s economic slow down but this news did not appear to bother traders. Tomorrow is be the biggest economic data day of the week which includes Unemployment Claims and Existing Home…

Russell leads Indices lower

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…

Strong sell off starts week

Index & Sector performance 2/3/14 The Market:   In the News:     The following noteworthy companies are scheduled to report earnings before tomorrow’s open: EMR, ETN, ADM, CME, SE, HCA, SIRI, IP, BDX, MHFI, DLPH, BSX, KORS, FIS, CLX, AMG, SEP   Analyst Comments:         The Game Plan:

China fears helped send market lower

Index & Sector performance 10/23/13 The Market: Today was a gap own and meander day where the majority f the losses were seen in very early trading and the rest of the day was mostly choppy. News attributed the drop to tightening fears out of China which sent international markets lower but as we have discussed here the market seemed ripe for a pullback.  More lower.. In economic data there was not too much today with import prices coming in roughly as expected while the Home Price Index was well below expectations (0.3% vs 0.8%) .  Yesterday we had the…