June 25, 2017

The NightCap

Daily-Wrap

The Market: The market continues to grind higher with the Russell 2000 (IWM) trying to play catch-up of late. Energy (XLE) led all sectors in today’s trading, again, and has been one of the hottest sectors of late although still down nearly -10% YTD. A relatively big data week with ISM Monday, Fed speak & ADP tomorrow, Unemployment Claims Thursday, and official Jobs data on Friday.  Traders concerned about the Fed and if we will see a December rate hike should be paying attention to this week’s data.       Reported EPS 11/3/15 After the Close:   Reporting EPS…

Energy leads while healthcare lags

Daily-Wrap

The Market: Overall a consolidation session in the markets as the Dow (DIA) finished higher while the S&P 500 (SPY), NASDAQ (QQQ), and Russell 2000 (IWM) finished lower . Energy stocks continue to remain in vogue as the XLE finished 2.22% higher on the session and marked the 5th straight day of higher closes.  Materials (XLB) was the next closest outperformer finishing up 1.3% and Technology (XLK) was the only other sector to finish up. Lagging in today’s session was HealthCare (XLV) which finished down -2.35% and saw all components finish the day lower except for Mallinckrodt (MNK) and Dentsply…

Huge intraday swings

Daily-Wrap

The Market: As expected, volatility continues and while we would not expect 100 point S&P days to become a common occurrence we do expect to see sharp swings both up and down. Our current expectation is that the market will ultimately revisit this morning’s lows is not make new lows but in the short-term the market is very oversold and should stage some sort of rally — not just intraday like today but on a closing basis over a few days.  That rally will be very telling and if weak we could be setting up for much much lower and…

Market push and pull continues

Daily-Wrap

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…

China & Buffett support stong session

Daily-Wrap

The Market: A strong overnight session in China which was triggered by changes to the latest monetary policy report and also on reports that China will overhaul state-owned enterprises helped get the market started and then Warren Buffett and Berkshire Hathaway (BRK.A, BRK.B) helped fan the fire by first purchasing Precision Cast Part (PCP) for $235/share in cash and then during an interview noted that he likes IBM (IBM) and answered a question about if he is buying that people should check the SEC filings in the coming days.  The Dow (DIA) led today’s rally. Energy (XLE) was the biggest…

Early dip is bought, finishes flat

Daily-Wrap

The Market: Overall a quiet day in the markets following yesterday’s FOMC statement as an early dip in the S&P 500 found buyers and the index finished flat on the session while the NASDAQ (QQQ) led. The S&P 500 looks to need at least a short term pullback to regroup before any longer term move higher but we will be interested to watch that first pullback as we are from from believing the coast is all clear and that the market is off to new highs. In individual sections, Utilities (XLU) led finishing up 0.74% on the session followed by…

Heartfelt thank you to our Vets!!!

Daily-Wrap

Index & Sector performance 11/11/14 The Market: A Heartfelt thank you goes out to all of the past, present, and future service men and women who work each day to keep us safe.  Without you, what we have and unfortunately often take for granted each and every day would not exist.  Almost zeros across the board as it was a relatively uneventful trading session.  Maybe the clearest example of how uneventful is that the entire trading day’s range on the S&P 500 was 6 points and volume was again light. As noted last night, we still view the short term…

Fed gains quickly given back

Daily-Wrap

Index & Sector performance 10/9/14 The Market: All the gains saw from yesterday’s Fed driven rally were taken back in today’s trading with the Dow (DIA) and S&P 500 (SPY) closing down nearly 2% while the Russell 2000 (IWM) lost 2.7%.  The NASDAQ (QQQ) was helped by Apple (APPL) which managed to post a small gain of 0.22% on the session but the QQQ’s still finsihed 1.62% lower. Some big numbers put up across the sectors led by Energy (XLE) which finished down 3.67% and is now over 4% lower on the year.  The XLE underperforming is not new but…

Market digests yesterday’s move

Daily-Wrap

Index & Sector performance 3/27/14 The Market: In Economic news, Unemployment Claims came in at 311K which is better than the 326K estimate.  GDP came in a hair light at 2.6% vs 2.7% est. and Pending Home Sales missed big posting a -0.8% vs a 0.1% est. while the previous number was revised lower.  Tomorrow’s data is not as critical as today’s but we do have multiple events including Consumer Confidence. In early trading the emini reached 1835ES and twice found support there before managing to rally roughly 9 points off the lows to the close.  All in all it…