The NightCap
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…
Global economic growth concerns weigh on market
Index & Sector performance 11/4/14 The Market: Today’s session ultimately finished narrowly lower with the Dow (DIA) managing to close ever so slightly higher. Midday the damage was worse as traders pointed to the European Commissions cutting growth and inflation forecasts but after the European exchanges closed the U.S. found a bottom and drifted higher into the close. In individual sectors it was again Energy (XLE) which led the way lower finishing down 2.06% as crude oil traded as low as $75.84/ barrel after Saudi Arabia announced it was cutting prices on oil exports to the U.S. Traders are cautious…
Tech stocks lead sell-off
Index & Sector performance 5/6/14 The Market: Last night we noted 1872ES as a key level to watch. If it held as overnight support then the index could look to target Friday’s 1886ES highs but if lost then we could see Monday’s lows of 1860.50ES tested and then 1850ES. In overnight trading the S&P was only able to reach 1881.50ES falling short of Friday’s highs and by the open the futures were sitting at our key 1872ES level. After some initial jostling around the 1872ES level, the index started to roll over in midday trading reaching as low as…
Daily Wrap
DJIA +180.85 (+1.21%) to 15,176.08; S&P 500 +23.84 (+1.48%) to 1,636.36; NASDAQ +36.76 (+1.26%) to 2,962.90 An second retest of the 50 day Moving Average proved to be a spring board sending the S&P 500 screaming higher on the day and of the major indices only second to the Russell 2000. Helping today’s cause was two positive data point in economic news. First the retail sales rose 0.6% when consensus expectations were 0.4% and then initial Unemployment claims came in at 334K when I had 354K as the estimate or a 20K beat. What I am watching now is the 20 day SMA…