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…
Greece today, FOMC tomorrow
Index & Sector performance 6/15/15 The Market: An early gap down was attributed to their being no Greece bail-out deal over the weekend but the market found a bottom in early trading and drifted higher the remainder of the session. If the market can hold today’s low then it can start to build a base but below and it looks like it could target 2050 quickly. Healthcare (XLV) was the only sector on the WSC Scoreboard to finish higher for the session and is still holding its 50 day SMA. The biggest laggards were Industrials (XLI), Materials (XLB), and Technology…
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)…
Daily Wrap
DJIA -44.23 (-0.32%) to 13,910.19; S&P 500 -5.89 (-0.39%) to 1,501.95; NASDAQ -11.35 (-0.36%) to 3,142.31 Today the markets moved lower and more decisively so compared to that other down day this. What was also interesting is that the Small Caps lead the way down and generally I like to see the Small Caps lead (along with the Techs if I can get them). This still has to be taken in stride based on the current trend in place but the recent action definitely does highlight the need for a consolidation as I have been calling for and also that…