October 23, 2017

Low volume drift higher

Daily-Wrap

Index & Sector performance 11/10/14 The Market: Without any key news or economic data the market was happy to drift with the trend which is higher.  This drift higher in the markets has created some negative divergence on the intraday charts so we would not be surprised to see downside action early in the week.  However, at this time we would expect the losses to be contained and ultimately for that initial dip to be a buying opportunity for short term traders. Stand out sector to the upside was Transportation (IYT) which finished the day 1.34% higher followed by HealthCare…

Low volume rally led by Russell 2K

Daily-Wrap

Index & Sector performance 5/20/14 The Market: An overall light volume day was led to the upside by the Russell 2000 followed by the NASDAQ 100.  In individual sectors, Utilities (XLU) led to the downside followed by the Consumer Staples (XLP) while the transportation index was the largest gainer with components Matson (MATX) and JetBlue (JBLU) up the most gaining 3.05% and 2.42% respectively.  MATX and JBLU both appear to be viable long trade candidates going forward. This is an extremely quiet Economic data week with a lot of Fed speak.  Earnings will play a role for individual stocks so…

Next target the 50 day SMA?

Daily-Wrap

Index & Sector performance 3/13/14 The Market: A strong down day in the market but coming into the day people may have thought that would be a result of a poor Unemployment Claims number but we actually saw a better than expected 315K (334K est).  After the report the index meandered higher into the open and then after peaking out above trend line resistance, turned and started what proved to be a day long decline. At 11:30 am we posted on StockTwits that the decline in the ES looked like it had lower to go especially due to the slope…

Slow grind higher continues

Daily-Wrap

Index & Sector performance 12/9/13 The Market: Another slow grinding day with a bias higher.  It is yet to be seen if this is a consolidation for a next leg higher or exhaustion with a leg lower to come.  To catch the most amount of people off guard the market could look to pop higher first to finish and then start a strong quick decline. There was no economic data today but there was Fed speak from FOMC member Bullard.  Bullard was a QE3 supporter and noted his stance that any Fed action is data dependent.  The increase in jobs…

Daily Wrap

Daily-Wrap

DJIA -5.83 (-0.04%) to 15,419.68;S&P 500 -1.95 (-0.12%) to 1,689.47;NASDAQ +9.84 (+0.27%) to 3,669.95 Not too much action overall in the indices today.  A gap down open in the S&P 500 was quickly bought and rallied back toward Friday’s close only to fall back after reaching flat on the day.  The S&P fell until roughly 2pm est where it bottom and staged a late day rally which was unable to reach the highs of the day.  The Russell 2000 and Nasdaq managed to gain ground with the Nasdaq was helped by Apple (AAPL) which gained 2.77% on optimism for a new iPhone model to…