XLE hit hard on overall mixed session
Index & Sector performance 10/27/14 The Market: A rumor Thursday of a doctor infected with the Ebola virus being rushed to an NYC hospital helped take the market off the highs and then in Thursday’s overnight session it was confirmed that the doctor indeed had Ebola which sent the futures spiking lower but by Friday morning they were off the lows from the overnight session and marched higher closing near Thursday’s intraday highs. Today was much more of a muted consolidation session with the S&P 500 cash index remaining within a roughly 13 point range which while not historically small…
Early dip finds interested buyers
Index & Sector performance 7/28/14 The Market: Early moves lower in the broad market indices soon found buyers and managed to finish the day near flat on the session with the Russell 2000 (IWM) continuing to lag. The DOW (DIA) played MA pinball with the lows in the early session touching the 50 day EMA while the highs of the session back tested the 20 day EMA. The stand out sector from the WSC Scoreboard was the Utilities (XLU) finishing up X% higher on the session. Every name in the sector ETF was higher and that vast majority were up…
Intraday swing leave only small gains
Index & Sector performance 4/28/14 The Market: After moving slightly higher in the overnight and early trading, the S&P 500 quickly dropped in the midday session before finding a bottom around 1:30 pm ET. While the S&P fell a few points short of making it back to the earlier intraday highs, it did manage to post a small gain on the day. The Dow led the major indices helped by a 4.2% gain from Pfizer (PFE) while the Russell 2000 closed slightly down on the day. Many big name stocks in the news including the aforementioned Pfizer (PFE) who…
How will traders position for weekend?
Index & Sector performance 4/10/14 The Market: Today the market not only took back the gains realized yesterday off the FOMC minutes but also the gains from Tuesday’s session leaving fresh closing lows for the week on a roughly 40 point down day in the S&P 500. With only one day remaining in the week, it will be very interesting to see how trader’s position tomorrow ahead of the weekend. We have a hard time believing that traders will be anxious to position long going into the weekend after today. We will be increasingly suspect of any early morning to…
Russell leads Indices lower
Index & Sector performance 3/24/14 The Market: The Bull missed a great opportunity in our opinion when a late day rally stalled and failed to get above the 1856.50ES resistance and they even had the opportunity to close up on the day. Now the 1852-56.50ES region should act as resistance and leaves the door open for an overnight drop toward 1840ES and then further 1827ES. In Economic Data we had Manufacturing PMI come in lighter than expected but the previous number was revised higher . Tomorrow the market will be watching Consumer Confidence and New Home Sales. Reporting EPS…
Daily Wrap
DJIA -5.07 (-0.03%) to 14,968.89; S&P 500 +3.09 (+0.19%) to 1,617.51; NASDAQ +10.77 (+0.37%) to 2,955.36 Yawn, for the most part a boring day as the market essentially consolidated after Friday’s gap higher with the Dow closing slightly negative while the S&P 500 and Nasdaq slightly positive.. There was no major economic news for the day and frankly the week in general is relatively light. Some fed speak and Unemployment Claims Thursday but relatively light. To try and put into perspective the day, the entire range of the S&P 500 Index was roughly 5.5 points. Merger Monday was again back and in affect with BMC Software…
Daily Wrap
DJIA +19.66 (+0.14%) to 14,567.17; S&P 500 +7.25 (+0.47%) to 1,562.50; NASDAQ +29.61 (+1.06%) to 2,810.07 Monday’s action started with a gap higher which was promptly sold until just before 11am EST when the S&P 500 finally bottomed and then rallied the majority of the day. The high for the day was set just before 3pm EST and the remainder of the day was spent consolidating with a slightly lower bias. In economic data we saw a slightly downbeat housing (existing sales) number coming in at 4.92M vs a 5.02M estimate. Caterpillar (CAT) announced earnings that seemed to be overall disappointing with a…
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…