October 21, 2017

The NightCap

Daily-Wrap

The Market: No Comments with tonight’s write-up.  Have a great evening!       Reported EPS 12/21/15 After the Close: Cintas Corp (CTAS) est $1; Steelcase Inc (SCS) est $0.32   Reporting EPS 12/22/15 Pre-Market: ConAgra Foods Inc (CAG) est $0.60; Paychex Inc (PAYX) est $0.51   Analyst Comments:

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…

QQQ & IWM reach new highs

Daily-Wrap

Index & Sector performance 2/26/15 The Market: More churn today in the markets but again the NASDAQ (QQQ) and Russell 2000 (IWM) showed more strength than the S&P 500 (SPY) with the QQQ and IWM reaching new 52-week closing highs on the session. Crude oil lost over 5% today which helped send the Energy (XLE) sector 1.88% lower.  We noted in our 2/18/15 nightly recap when the XLE was trading above $81 that we would look for a pullback toward $78 as a buying opportunity.  Closing today at $79.35, we would ideally like to see lower levels before dipping into…

Market churns while XLU heads lower

Daily-Wrap

Index & Sector performance 2/25/15 The Market: Another day of churn as the market continues to grind with an upward bias.  As we posted over at StockTwits we are starting to see a lot of negative divergence setting up on the MACD.  Divergence is not a trigger itself but is showing signs that each move higher comes with less momentum and excitement. Utilities (XLU) was the leader to the downside and a name we recently posted about in the Charts section.   After seeing a lot of people bullish on the name, we laid the road map we felt the Bulls…

Weak Data & Earnings help drive stocks lower

Daily-Wrap

Index & Sector performance 1/27/15 The Market: While the Dow (DIA) and S&P 500 (SPY) finished down over 1%, it was the NASDAQ (QQQ) which led the session to the downside finishing 2.59% lower.  Microsoft (MSFT) was the biggest drain on the QQQ as it finished down 9.25% after a disappointing EPS report and even managed to pull down Apple (AAPL) which finished 3.5% lower on the session.  Things may look a little better for the tech sector tomorrow as AAPL is up after hours after reporting EPS. The Russell 2000 (IWM) managed to be the relative winner finishing down…

Merger denied, collaboration approved

Daily-Wrap

Index & Sector performance 7/16/14 The Market: A small up session in the market was helped by solid earnings reports in the morning and a potential huge media merger between Time Warner (TWX) and Twenty First Century Fox (FOXA).  FOXA offered $85/share but were turned down by TWZ.  This sent shares of TWX screaming higher finishing the day up 17.07% as traders reevaluated TWX’s worth and also speculated on increased offers.  In other corporate news, Apple (AAPL) announced they will be teaming up with IBM (IBM) to provide business mobile solutions.  BlackBerry (BBRY) was negatively affected by the news finishing…

Russell leads Indices lower

Daily-Wrap

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…

Early dip met with strong buying

Daily-Wrap

Index & Sector performance 2/13/14 The Market: The markets began to dip overnight and into early morning trading.  Weaker than expected economic data didn’t help but just as the market officially opened the bottom was put in and the S&P 500 spent the remainder of the day rallying only taking a short midday break before continuing on to made the highs of the day near the close.   The following noteworthy companies are scheduled to report earnings before tomorrow’s open: ALE, BAM, COTY, CPB, DTE, H, IPG, IPGP, ITT, JMP, LECO, LPNT, MINI, POR, RRGB, SJM, SNI, TRW, VFC, VTR,…

Beige Book helps market off lows

Daily-Wrap

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…

Low volume day follows the trend

Daily-Wrap

Index & Sector performance 11/22/13 The Market: The market made solid gains trending higher all day to close over $1800 in the S&P 500.  If there was anything concerning about today’s rally, it was the volume which seemed very light but seeing a market move in the direction of the trend on low volume days is not uncommon. There was not much on the Economic data front today besides some fed speak but Thursday the 21st was big.  Unemployment Claims came in better than expected posting 10K below (323K vs 333K) expectations while the previous week was adjusted slightly higher…