Market push and pull continues
The Market: With concerns over volatility in China, weak Economic data, and the FOMC statement, the market gapped down and continued lower throughout the early trading session before marking another big intraday reversal. After dipping below the 200 day SMA, the S&P managed to rally from over 25 points down to slightly up on the session in intraday trading but then couldn’t hold the gains and sold off into the close. Today’s action is actually a good micro representation of the push and pull in the market this year. As we noted last week, we expect volatility to continue and…
Short week, low vol, mixed results
Index & Sector performance 6/30/14 The Market: An overall mixed session saw the Russell 2000 and NASDAQ finish higher while the Dow and S&P 500 finished slightly lower. Volume was down which will likely be a trend this shortened holiday trading week. In Individual sectors, the Utilities (XLU) led and earlier in the session the Transportation sector (IYT) was a relatively close second but a late day sell off put it just behind the Materials (XLB) and in-line with Retail (XRT). The largest gainer in the Utilities was Pinnacle West Capital Corporation (PNW) which finished up 2.41% and looks like…