Farewell QE3
Index & Sector performance 10/29/14 The Market: It was a relatively quiet session the majority of the day as traders were awaiting the 2pm FOMC rate decisions and statement. As was expected, the Fed ended QE3 but continued to note that rates would remain low for a “considerable period”. The initial reaction after the release was a move lower but the market had already been trending that way since the open and, after the initial drop, buyers stepped in and ultimately the indices closed only slightly lower. It was a mixed session across the WSC Scoreboard sectors with Materials (XLB)…
Tech and HealthCare EPS lead
Index & Sector performance 7/23/14 The Market: Today the stand out index was the NASDAQ (QQQ) which finished 0.64% higher with a lot of help from Apple (AAPL) which finished the day up 2.61% after reporting EPS yesterday after the close. The S&P 500 (SPY) and Russell 2000 (IWM) were relatively flat, while the Dow (DIA) was the clear laggard and the only index to finish down on the session. Weighing on the Dow was Boeing (BA) and Caterpillar (CAT) which finished down 2.34% and 1.53% respectively. In individual sectors it was HealthCare (XLV) which shined helped immensely by Intuitive…
Nasdaq & Russell lead indices lower
Index & Sector performance 4/25/14 The Market: All the major indices were down in Friday’s action with the Nasdaq 100 (QQQ) and Russell 2000 (IWM) leading the way lower. In individual sectors the Transportation index (IYT) and Consumer Discretionary (XLY) were the biggest losers. The transports are an interesting case as they were one of the sectors making new highs recently but after an outside day yesterday the index followed through strongly to the downside today. Leading the index lower was JetBlue (JBLU) closing down 5.38%. After missing EPS yesterday, Reuters announced today that the Flight attendants will be looking…
6 day win streak ends..new starts?
Index & Sector performance 4/23/14 The Market: Today’s session snapped a 6 day winning streak for the S&P 500 but the losses were small and maintained a very orderly structure throughout the day. In after hours trading, the futures traded sharply higher helped by Apple’s (AAPL) earnings which beat EPS and revenue along with announcing a 7 for 1 stock split, increase in the buyback, and an 8% increase in the dividend. With tonight’s overnight action, the S&P 500 is now closing in on the all time highs . Focus will continue to be on earnings especially with a very…
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…
Off the 150 day and up
Index & Sector performance 2/5/14 The Market: In the News: The following noteworthy companies are scheduled to report earnings before tomorrow’s open: PM, AET, EXC, CMI, NBL, K, PPL, PRGO, ADS, SIAL, WEC, TW, AAP, VMC, DO, TDC, KKR, SNA, CSL, NUS, ODFL, AOL, PTEN, USG, NYT, FSC, HCLP, NILE Analyst Comments: The Game Plan:
Slow grind higher continues
Index & Sector performance 12/9/13 The Market: Another slow grinding day with a bias higher. It is yet to be seen if this is a consolidation for a next leg higher or exhaustion with a leg lower to come. To catch the most amount of people off guard the market could look to pop higher first to finish and then start a strong quick decline. There was no economic data today but there was Fed speak from FOMC member Bullard. Bullard was a QE3 supporter and noted his stance that any Fed action is data dependent. The increase in jobs…
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…