November 17, 2018

The NightCap

The Market: We expected to see a tight trading range until the FOMC statement but instead we saw buyers in advance of the statement as the S&P 500 (SPY) pressed higher.  The the announcement came and there was a sharp sell-off but buyers came right back and all 4 major market indices on the WSC Scoreboard finished above the pre-FOMC announcement highs. As was expected by many, the FOMC left the Fed Fund Rates unchanged but, based on the comments, it appears a rate hike is on the table for December if the data warrants.  We also saw the committee…

Early dip is bought, finishes flat

The Market: Overall a quiet day in the markets following yesterday’s FOMC statement as an early dip in the S&P 500 found buyers and the index finished flat on the session while the NASDAQ (QQQ) led. The S&P 500 looks to need at least a short term pullback to regroup before any longer term move higher but we will be interested to watch that first pullback as we are from from believing the coast is all clear and that the market is off to new highs. In individual sections, Utilities (XLU) led finishing up 0.74% on the session followed by…

China’s action spills into global markets

The Market: Stocks opened lower after China suffered its worst losing day in over 8 years but the S&P managed to find a bottom right at the 200 day SMA and has so far rallied off the lows with upside action continuing into the after market.  It will be interesting to see how China’s market reacts today and if the S&P can keep the momentum going through the overnight trading and into tomorrow’s open. Also don’t forget we have the FOMC Rate decision and Statement on Wednesday the 29th (full Economic Calendar below). Leading to the downside in today’s session…

Week starts slow – GS grounds BA

Index & Sector performance 2/23/15 The Market: Overall a flat session with the NASDAQ (QQQ) and Russell 2000 (IWM) finishing slightly higher while the Dow (DIA) and S&P 500 (SPY) finished lower.  The main drag on the DIA today was Boeing (BA) which finished down 2.26% after Goldman downgraded the name to Sell with a $132 price target. In individual sectors it was a mixed bag with the Industrials (XLI) leading to the downside finishing down 0.43% while the Utilities (XLU) led to the upside finishing up 0.68%.  As we posted tonight in the Charts section, the XLU held a…

Greece rules headlines in slow session

Index & Sector performance 2/9/15 The Market: Losses across the WSC Scoreboard with the Russell 2000 (IWM) leading the way followed by the Dow (DIA), which was affected by McDonald’s (MCD) finishing down 1.35% after reporting a drop in January sales of 1.8%.  Otherwise traders seem focused on the continued fighting between Greece and the Eurozone. Energy was the only sector on the WSC Scoreboard to finish higher but it wasn’t by much and was helped by Oil continuing its recovery.  Today’s biggest laggard was HeathCare (XLV) which finished down 1.18% followed by Transportation (IYT) down 0.99% and Utilities (XLU)…

S&P follows crude lower yet again

Index & Sector performance 12/15/14 The Market: Crude oil started to rebound in Sunday’s overnight session and helped the major indices start the day with a gap higher but the optimism was short lived.  Oil quickly started to lose ground after the open and reached fresh 52 week lows by noon taking the S&P with it.  Both indices found a midday bottom but only the S&P was able to close above those lows. We are interested to see if there is follow-through on the downside tomorrow in the S&P and if so we suggest traders remaining open to the possibility…

New Ebola scare helps market off highs

Index & Sector performance 10/23/14 The Market: The market was cruising along today until roughly 2pm ET when the market turned and then started quickly losing ground.  Traders pointed to news that a doctor who had treated Ebola patients was rushed to the hospital in New York City.  The sell off was not enough to give back all the days gains but we closed well off the intraday highs. Many sectors from the WSC Scoreboard participated in the rally with the biggest gainer the Industrials (XLI) finishing up over 2% helped greatly by Union Pacific Corporation (UNP) and 3M (MMM)…

Citi & Retail Sales aid rally

Index & Sector performance 4/14/14   The Market: The S&P 500 started lower in Sunday’s overnight session but quickly found a bottom and moved off the lows into early trading.  Met with better than expected retail sales and an earnings beat by Citigroup (C), the rally continued until just after noon ET before topping out and starting a slide back toward the overnight lows.  It appeared the market was yet again faced with a late day sell off but with one hour left in trading the S&P 500 found a bottom and snapped back toward the highs of the session….

Early dip met with strong buying

Index & Sector performance 2/13/14 The Market: The markets began to dip overnight and into early morning trading.  Weaker than expected economic data didn’t help but just as the market officially opened the bottom was put in and the S&P 500 spent the remainder of the day rallying only taking a short midday break before continuing on to made the highs of the day near the close.   The following noteworthy companies are scheduled to report earnings before tomorrow’s open: ALE, BAM, COTY, CPB, DTE, H, IPG, IPGP, ITT, JMP, LECO, LPNT, MINI, POR, RRGB, SJM, SNI, TRW, VFC, VTR,…