March 19, 2024

Weak ADP data helps market gap

The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon.  After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%.  The only two losing sectors on the day…

Choppy trading leaves the indices flat

Index & Sector performance 2/26/14 The Market: A choppy trading session to saw a sell off toward the open which ultimately was bought until midday when the S&P started to make its way back down toward and below the previous intraday lows.  Again buyers stepped in and were able to close the S&P 500 essentially flat on the day.     Companies scheduled to report earnings pre-market:     Analyst Comments:        

Daily Wrap

DJIA -13.82 (-0.11%) to 12,951.78; S&P 500 -2.41 (-0.17%) to 1,407.05; NASDAQ -5.51 (-0.18%) to 2,996.69; This weekend the word we referenced entering this week was caution. Not necessarily bearishness but caution.  Caution because of how much we have rallied, caution because of the levels we were up against and caution because of Washington.  Today was a classic representation of the markets showing lack of conviction and/or indecision and that make me maintain cautious.  Early gains today we lost relatively early and after a bounce which started around 1pm petered out around 3pm we retraced roughly have of the gains from the low…

Analyst Comments

If you see a symbol that interests you in this list then make sure to check out the Upgrades/Downgrades section for the complete list and details! Upgrades: DLTR, FRAN, GFI, HNT, OMER, PSA, PTNR,  RENN, SBAC, SFD Downgrades: CAJ, CECO, COT, DMD, EXA, IACI, NXTM, PNM, ZEUS

Charts of Interest

Let’s take a look at some charts I am watching going into the next week. Deckers Outdoor (DECK): One of our more favorite trades as it had clear levels to trade against.  I noted on Stock Twits (WSConsensus) that DECK could now be approaching initial resistance around $35 and would expect a pause to refresh and that quick traders could take some off to look to re-enter.  Now the 20 Day SMA (green line) should be support and if you did lose some you could look to add.  This one is a potential Long Term trade but we always take…