Financials lead strong session
Index & Sector performance 9/18/14 The Market: Fairly broad rally across all the WSC Scoreboard indices. Interesting that the Guggenheim equal weight S&P 500 index (RSP) noticeably underperformed the S&P 500 (SPY) showing that the rally was not as much broad based and instead focused in the higher weighted industries & stocks. In individual sectors it was the Financials (XLF) that led all sectors on the WSC Scoreboard finishing the session up 0.98%. As would be expected the rally was broad throughout the components but highlighted by Citigroup (C) and Prudential (PRU) which finished the session up 2.42% and 2.35%…
Merger denied, collaboration approved
Index & Sector performance 7/16/14 The Market: A small up session in the market was helped by solid earnings reports in the morning and a potential huge media merger between Time Warner (TWX) and Twenty First Century Fox (FOXA). FOXA offered $85/share but were turned down by TWZ. This sent shares of TWX screaming higher finishing the day up 17.07% as traders reevaluated TWX’s worth and also speculated on increased offers. In other corporate news, Apple (AAPL) announced they will be teaming up with IBM (IBM) to provide business mobile solutions. BlackBerry (BBRY) was negatively affected by the news finishing…
Early dip finds buyers
Index & Sector performance 6/26/14 The Market: Just before the open the major indices started spiking lower and continued through the bells until roughly 10 am ET before finding a bottom. Then as if nothing happened the market spend the rest of the day climbing back toward even on the day with the S&P 500 (SPY) finishing slightly higher while the other major indices on the WSC Scoreboard finished slightly lower. Just like the broad indices, the individual sectors from the WSC Scoreboard were mixed but all hovering near flat on the day. The Financials (XLF) and Consumer Staples (XLP)…
Low volume rally led by Russell 2K
Index & Sector performance 5/20/14 The Market: An overall light volume day was led to the upside by the Russell 2000 followed by the NASDAQ 100. In individual sectors, Utilities (XLU) led to the downside followed by the Consumer Staples (XLP) while the transportation index was the largest gainer with components Matson (MATX) and JetBlue (JBLU) up the most gaining 3.05% and 2.42% respectively. MATX and JBLU both appear to be viable long trade candidates going forward. This is an extremely quiet Economic data week with a lot of Fed speak. Earnings will play a role for individual stocks so…
Increased chatter of a 10+% decline
Index & Sector performance 4/3/14 The Market: A pre-market pop in the S&P 500 emini sent the index as high at 1887.50ES but that move was short lived and the index was trading lower by the open and continued lower throughout the early and midday trading sessions. It wasn’t until the afternoon trading when the S&P bottomed and marched higher into the close. The emini has continued higher in after hours trading closing in on the pre-market highs essentially negating the entire move lower in today’s session. It is worth noting that the ECB left rates unchanged and noted they…
3 strong days higher
Index & Sector performance 4/1/14 The Market: Today’s early action targeted our highlighted region from last night’s update of $1875ES and then pulled back to support near $1870ES. Later in the day the market made another rally toward and pressed through $1875ES and now resides above in the after hours session. While we are starting to see some intraday negative divergences develop on the market which provide some caution to the recent strong 3 day rally, we fully expect the S&P 500 emini to challenge the highlighted resistance region of $1884-90ES in overnight or early morning trading. From there we…
The Calm before Jobs data storm?
Index & Sector performance 1/9/14 The Market: A mixed consolidation day in S&P 500 saw the futures up in the pre-market only to sell off at the open. That sell off persisted until 11am EST losing roughly 15 S&P points from the pre-market highs and then the S&P bottomed and staged a rally which didn’t make it back to the pre-market highs but did take back more than half of what was lost. In Economic data today, Unemployment claims came in better than expected posting a 330K number when 337K was expected but the previous week was revised about 6K…
US Government shuts down and gains open up
Index & Sector performance 10/01/13 The Market: The old market adage Buy the rumor and Sell the news is somewhat in affect here today with the markets reaction to the Government shutdown. As we noted in last night’s Game Plan, with the realization of the shutdown now in affect and the worry of the shutdown gone, short term longs would look for opportunity to trade a bounce. A gap up was quickly consolidated after roughly 30 minutes of trading and then pressed higher until 12:30 pm EST. After 12:30 there was a roll over which took the index down until…
Daily Wrap
DJIA -26.81 (-0.18%) to 15,091.68; S&P 500 +0.07 (+0.00%) to 1,633.77; NASDAQ +1.07 (+0.04%) to 2,982.09 Today was more active than the change on the day and even the Daily chart might show as early trading started with a small gap down and then a strong move lower until 10am EST when the S&P 500 finally bottomed and then rallied roughly 10 points to noon est where it spend the remainder of the day consolidating closing a few points off the day’s highs. In company news Monsanto (MON) received a positive Supreme Court ruling that essentially stated that Farmers cannot use MON’s seeds to create new…
Daily Wrap
DJIA +89.16 (+0.61%) to 14,662.01; S&P 500 +8.08 (+0.52%) to 1,570.25; NASDAQ +15.69 (+0.48%) to 3,254.86 Yesterday seemed almost too easy with the markets starting higher and then selling off on what I noted was light volume but decisively negative. The new quarter had started and brought along with it a sell off. There was that pesky end of day rally though. That one that happened toward the very end of the day and left open the idea that the market could build off that push and that is what then happened today. The markets gaped higher and never dipped back into negative territory. …