September 22, 2018

Pop off support as FOMC looms

The Market: A nice snap back rally today as the S&P 500 continues to hold the 200 day SMA.  We would not be surprised to see limited action overnight and in early trading tomorrow as traders wait to see what the Fed says at 2pm ET. Yesterday’s laggard, Energy (XLE), is today’s leader finishing up 2.86% followed closely by Transportation (IYT) which finished up 2.75%.  Also posting strong sessions was Materials (XLB), Industrials (XLI), and HeathCare (XLV) finishing up 2.09%, 1.94% and 1.81% respectively. FOMC statement tomorrow and remember we are still in the thick of earnings reports which will…

Market rollercoaster continues

Index & Sector performance 4/1/15 The Market: For those who do not track the futures you would think that today started off with a small gap that then snowballed into something much larger but the first shot lower was actually yesterday evening when the S&P futures dropped nearly 30 points in roughly an hour.  Amazingly the index recouped nearly all the losses by the open but then started to make its way back toward those overnight lows which is the action we saw today. Monday’s Wrap noted that we were looking for a pullback in the markets and that the…

Shortened week but already big moves

Index & Sector performance 3/30/15 The Market: Very strong rally across the board today with the Dow (DIA) leading the charge followed by the Russell 2000 (IWM) and then the S&P (SPY).  In the very short-term these indices are overbought and likely due for a consolidation.  The nature of the pullback will be telling if more upside is forthcoming or if we are heading back down toward the lows. Energy (XLE) led the Sectors today closing up over 2% followed by Financial (XLF), Materials (XLB), and Industrials (XLI) all finishing up over 1.5%.  It was green across the board. Please…

Russell clear winner in mixed start to week

Index & Sector performance 6/9/14 The Market: All 4 major indices on the WSC Scoreboard started the week moving higher picking up where they left off last week including the small cap Russell 2000 which continued its recent outperformance.  The quick start soon came to an end when each index made a top around noon ET which was never again revisited in today’s trading.  While the Russell 2000 managed to finish respectfully higher for the day, the rest of the indices were flat to slightly down. We noted in Friday’s  report last week that the S&P 500 closed outside of…

US Government shuts down and gains open up

Index & Sector performance 10/01/13 The Market: The old market adage Buy the rumor and Sell the news is somewhat in affect here today with the markets reaction to the Government shutdown.  As we noted in last night’s Game Plan, with the realization of the shutdown now in affect and the worry of the shutdown gone, short term longs would look for opportunity to trade a bounce.  A gap up was quickly consolidated after roughly 30 minutes of trading and then pressed higher until 12:30 pm EST. After 12:30 there was a roll over which took the index down until…