December 16, 2017

China, Icahn, & IBB lead market lower

Daily-Wrap

The Market: A gap-and-go day to the downside as the S&P 500 finished nearly 50 points lower on the session as media pointed to renewed concerns over China’s economy and cautious comments from Carl Icahn on high yield bonds and the stock market.  The Dow (DIA) was the relative outperformer today finishing down only -1.9% while the NASDAQ (QQQ) finished down the most at -2.85% on the session but YTD that is reversed with the DIA down slightly over -10% while the QQQ is only down slightly over -3%. Short-term the market appears to be very oversold here and we…

Flat session with no catalysts

Daily-Wrap

Index & Sector performance 3/23/15 The Market: A flat start to the week as the market appeared happy to meander without a strong catalyst to tip the balance one way or the other.  In an otherwise boring tape, the Transportation Index (IYT) is worth noting as it closed down 1.83%.  Most of the big names in the index were lower but Kansas City Southern (KSU) was the clear leader to the downside finishing 7.96% lower on the session after announcing reduced FY15 revenue guidance. Existing Home Sales came in weaker than expected and we will be watching to see if…

Dollar giveth and taketh away

Daily-Wrap

Index & Sector performance 3/19/15 The Market: It was noted in last night’s write-up that where the S&P 500 (SPY) decided to stop yesterday gave us pause and left the door open for a pullback.  We still see risk in the S&P in the short-term but a move back over yesterday’s high would force us to revisit that view. Oil reversed much of yesterday’s gains but has managed to remain above yesterday’s lows.  We noted in last night’s commentary that the risk/reward in the USO looked favorable with a stop below $15.61 and we would continue to use that as…

Low Volume Slow grind Higher

Daily-Wrap

Index & Sector performance 2/17/15 The Market: Monday the markets were closed in observance of President’s Day.  As trading started back Monday evening, the futures traded lower but by the open Tuesday all the loses were recouped and after an early session consolidation the index pressed toward new closing highs.  Volume was light but this could be due to the winter storms around the nation.  All broad indices on the WSC Scoreboard are noticeably higher YTD with the Dow (DIA) lagging and the NASDAQ (QQQ) leading. In individual sectors it a little more mixed.  HealthCare (XLV) was the clear leading…

The 20′s support today’s drop

Daily-Wrap

Index & Sector performance 12/8/14 The Market: The S&P opened lower but like every other recent micro pullback it found a bottom and started to rally higher.  The market again looked like it wouldn’t be denied a higher close but then after the initial morning pop the indices started to roll and continued lower until roughly 2pm ET when they found a bottom for the session and moved off the lows into the close. The lows on the S&P 500 (SPY) and NASDAQ (QQQ) correspond with the 20 day SMA and we will be looking to see if those lows…

Low vol drift higher

Daily-Wrap

Index & Sector performance 12/3/14 The Market: Another low volume drift higher today which saw the Russell 2000 (IWM) lead and the NASDAQ (QQQ) lag even spending some time down on the session. In individual sectors, Consumer Staples (XLP) and Utilities (XLU) were the only two from the WSC Scoreboard to finish lower which Materials (XLB), Industrials (XLI), and Energy (XLE) finished up over 1%.  One name helping materials have such a strong session was LyondellBasell (LYB) which has been down significantly since September but finished today up over 2% and was up more than 3% intraday.  LYB is a…

Tech & Small cap trend change?

Daily-Wrap

Index & Sector performance 9/3/14 The Market: While the Dow (DIA) and S&P 500 (SPY) closed essentially flat, the Nasdaq (QQQ) and Russell 2000 (IWM) both finished decisively lower.  In addition the technical action in both the QQQ and IWM is concerning as both started the day gaping above the previous day’s highs to only then sell off the remainder of the day finishing below the previous day’s lows.  Those into candlestick charting will recognize this as an Engulfing pattern and can signal a change in trend. In individual sectors it the Utilities (XLU) leading the charge finishing the day…

Ceasefire helps stocks higher

Daily-Wrap

Index & Sector performance 8/18/14 The Market: Strong strong session with the Dow (DIA) and Russell 2000 (IWM) closing up over 1% while the S&P 500 (SPY) and NASDAQ (QQQ) were not too far behind.  It appears the markets were able to build on Friday’s late day move off the lows being helped by optimism of a Ukraine-Russia ceasefire.  The IWM, which has spent the majority of the year in the red, is not only down 0.23% on the year. Multiple sectors posted strong performances including the Transportation (IYT), Retail (XRT), Industrials (XLI), and Financials (XLF) all up over 1%…

Higher inflation ahead of Fed

Daily-Wrap

Index & Sector performance 6/17/14 The Market: In today’s Economic news, CPI came in higher than expected while the Building Permits and Housing Starts were below estimates.  The initial reaction off this data sent the S&P 500 futures trading lower but ultimately the index bottomed before the open and continued higher the remainder of the day. Checking the WSC scoreboard the Russell 2000 led the charge while the other indices closed flat or slightly higher.  In individual sectors, the Financials (XLF) posting a 1.02% gain and the Retailers (XRT) finishing up 0.87% were the strongest groups.  In the Financials, MetLife…

Choppy session ahead of Jobs

Daily-Wrap

Index & Sector performance 3/6/14 The Market: Overall today was a choppy session which started with an overnight breakout which couldn’t gain steam and retraced back to the breakout levels in early morning trading.  The market then found a bottom and rallied to the 1880ES pivot which acted as resistance twice finally sending the index back down toward the original breakout region in late day trading. We expect the choppy trading to continue until the Non-Farm payroll number tomorrow at 8:30am EST.  We have consensus estimates currently at 151K with an Unemployment number of 6.6%.  Below is a recap of…