March 19, 2024

Huge intraday rally as Volatility continues

The Market: It is not uncommon when the S&P is down 25+ points intraday for their to be a rally but to see the index trade down over 30 points and then finish the session slightly up is surprising.  Even with the recent volatility, we remain within a range from, roughly, 2130 to 2050 in the S&P.  We are interested to see if the Bulls can build on today’s move off the low and gap higher tomorrow.  If not, we would not rule out the S&P revisiting today’s lows in the short-term.  Expect the volatility to continue. Leading sectors today…

Global economic growth concerns weigh on market

Index & Sector performance 11/4/14 The Market: Today’s session ultimately finished narrowly lower with the Dow (DIA) managing to close ever so slightly higher.  Midday the damage was worse as traders pointed to the European Commissions cutting growth and inflation forecasts but after the European exchanges closed the U.S. found a bottom and drifted higher into the close. In individual sectors it was again Energy (XLE) which led the way lower finishing down 2.06% as crude oil traded as low as $75.84/ barrel after Saudi Arabia announced it was cutting prices on oil exports to the U.S.  Traders are cautious…