March 22, 2018

The NightCap


The Market: Overall it was another tight trading range session but the Russell 2000 (IWM) continued its underperformance and finished down over -1%.  It appears that traders may be on hold until the FOMC statement and rate decision tomorrow. Transportation (IYT) sector was the hardest hit on the WSC Scoreboard as the sector ETF finished down -2.65% followed by yesterday’s biggest loser, Energy (XLE), which closed down -1.2%.  The biggest gaining sector on the session was HealthCare (XLV) which finished up 1.84% and was helped by Allergan (AGN), Biogen Inc (BIIB), Vertex Pharmaceuticals Inc (VRTX), and Mylan NV (MYL) which all…

S&P 500 remains above the 50 DSMA


Index & Sector performance 4/7/14   The Market: Friday’s selling action continues on Monday as the S&P 500 index lost roughly 20 points.  Today’s lows in the SPDR S&P 500 ETF (SPY) correlated nicely with previous levers of reaction and the 50 day SMA.  If this short term support is lost we could see the cash index next targeting $1800 and even $1650-1700.  In the meantime, aggressive traders could look to use today’s lows as a level to trade again on the long side for a bounce.   Reporting EPS 4/8/14 Pre-Market: Only one name of note reporting EPS tomorrow…

Beige Book helps market off lows


Index & Sector performance 12/4/13 The Market: The S&P 500 started with a gap down which was quickly bought and rallied to slightly positive on the day but that rally topped at 11am EST and made its way back down to and through the earlier lows.  The market found a bottom prior to the Beige Book coming out but the release did not hurt the rally and the S&P 500 finished near flat on the day and above the 20 day SMA. In economic news we saw ADP Non-Farm Employment Change come in much better than expected posting a 215K…