AAPL helps drive late day sell off
Index & Sector performance 9/9/14 The Market: All major indices on the WSC Scoreboard finished the session lower with the Russell 2000 (IWM) leading the charge down 1.18%. The S&P 500 (SPY) started the session weak but found a bottom in early trading and then managed to rally until 2pm ET when the index turned and sold off making new lows for the session. The NASDAQ (QQQ) held in well during early trading as traders were likely waiting for the Apple (AAPL) product announcement. The initial reaction to AAPL’s news (new/bigger phones, watch, payment system) was positive and the…
S&P 500 remains above the 50 DSMA
Index & Sector performance 4/7/14 The Market: Friday’s selling action continues on Monday as the S&P 500 index lost roughly 20 points. Today’s lows in the SPDR S&P 500 ETF (SPY) correlated nicely with previous levers of reaction and the 50 day SMA. If this short term support is lost we could see the cash index next targeting $1800 and even $1650-1700. In the meantime, aggressive traders could look to use today’s lows as a level to trade again on the long side for a bounce. Reporting EPS 4/8/14 Pre-Market: Only one name of note reporting EPS tomorrow…
Shhh, Jobs data tomorrow
The Market: Not much in the way of action today as early gains met resistance in the previously highlighted areas around 1660-1663 which coincided with the 20 & 50 day SMA’s respectively. Utilities again were the under performer of the tracked sectors and retail sector leading on the upside with Sears (SHLD) and JC Penny (JCP) putting in strong showing with gains of 6.27% and 5.33%. Doesn’t it feel like all JCP needed was some big investor to bail to bottom? Today had a great deal of economic data including ISM Non-Man PMI which came in better than expected (as…
Daily Wrap
DJIA -42.55 (-0.28%) to 14,932.41;S&P 500 -0.88 (-0.05%) to 1,614.08;NASDAQ -1.09 (-0.03%) to 3,433.40 The S&P 500 started today looking as though it was going to recover well from yesterday’s late day sell of but again around Noon EST the market lost momentum and declined into 2:30 Pm EST where there was then a bottom and late day small rally which took the major indexes near flat for the day but well off the highs. In economic data, Total Vehicle sales bested expectations coming in at 16M units sold and tomorrow ADP employment numbers come in with an estimate of 161K. The official…