October 23, 2017

Market Shrugs off initial gap down

Daily-Wrap

Index & Sector performance 5/28/15 The Market: Today started with a gap down but the major indices on the WSC Scoreboard were able to rally back to near flat on the session with the NASDAQ (QQQ) leading to the downside.  After two very volatile session, it appeared the market used today to take a breather.  FYI, tomorrow is the last trading day of the month. Transportation (IYT) was the clear loser on the WSC Scoreboard as it finished nearly 1% lower on the session.  We generally do not look to catch falling knifes and YTD the IYT has not been…

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…

Watch out for traps

Daily-Wrap

Index & Sector performance 12/9/14 The Market: The S&P 500 found itself down over 20 points within the first hour plus of trading  as traders pointed to concerns over China and Greece.  Throughout the early drop the Russell 2000 (IWM) remained strong down only a fraction of the other indices and then was the first to turn positive on the day.  The IWM’s resilience continued throughout the remainder of the trading session and finished the clear leader. Today’s action certainly feels like another Bear trap where the market looks as though it is about to start a major prolonged slide…