Indices build on week’s gains
Index & Sector performance 8/14/14 The Market: A good up day as all 4 broad indices on the WSC Scoreboard finished the day higher and the Russell 2000 (IWM) is now only X% down on the year. The concern with this week’s bounce has been and remains to be the declining volume as we continue higher. However, until the market turns lower and begins taking out support, traders must respect the price action. In individual sectors, leading was HealthCare (XLV) which finished the day up 1.18% continuing to build on the strong week followed closely by yesterday’s laggard, Retail (XRT) which…
Market lower & Energy higher on week
Index & Sector performance 6/13/14 The Market: After logging a close outside of the Weekly (20, 2, -2) Bollinger Bands in the S&P 500 last week, the S&P 500 finished this week slightly lower. As we noted last week when it happened, this is a noteworthy event to track in our opinion because it has led to multi-week/month counter trend moves and remains one reason we continue to cautious on the broad market at this time. While most of the sectors from the WSC Scoreboard finished the trading session higher, it was again Energy (XLE) leading the charge closing up nearly…
Energy green in a sea of red
Index & Sector performance 6/11/14 The Market: As we noted late last week and reiterated in Monday’s report, the S&P 500 closed outside of its Weekly (20, 2, -2) Bollinger Bands which has previously lead to counter trend moves for a few weeks to months. While we respect the strong uptrend in the market, we also believe this is time to exercise caution on the long side, at least for the broad market. One additional note. While many market pundits in the media have been looking for pull back and becoming cautious recently, they also seem very willing to step…
Low volume day follows the trend
Index & Sector performance 11/22/13 The Market: The market made solid gains trending higher all day to close over $1800 in the S&P 500. If there was anything concerning about today’s rally, it was the volume which seemed very light but seeing a market move in the direction of the trend on low volume days is not uncommon. There was not much on the Economic data front today besides some fed speak but Thursday the 21st was big. Unemployment Claims came in better than expected posting 10K below (323K vs 333K) expectations while the previous week was adjusted slightly higher…
Week in Review
DJIA -158.20 (-1.21%) to 12,938.11; S&P 500 -15.67 (-1.10%) to 1,402.43; NASDAQ -25.60 (-0.86%) to 2,960.31; Thursday’s late day rally was something we were skeptic of and today started immediately with a gap lower in the S&P which did rally, not quite to even, but after 2pm EST the market started to drop and continued lower for the remainder of the day closing at lows of the day. Why? Forget the technicals for a minute. Monday is the 31st, Tuesday is a Holiday for the market and the first of the year which leaves this weekend as very important for…
Daily Wrap
DJIA -24.49 (-0.19%) to 13,114.59;S&P 500 -6.83 (-0.48%) to 1,419.83;NASDAQ -22.44 (-0.74%) to 2,990.16; Today started with gains but they were quickly lost and the market drifted lower the remainder of the day closing down 1/2% on the S&P 500. Trading in the after hours has been very tight and with tomorrow’s Unemployment Claims number scheduled to come out at 8:30 am I imagine all eyes will be focused on that unless we get some larger news out of Washington. As might be expected around the holiday season, volume was on the light side. Marvell Technology (MRVL) technology received bad…