Weak ADP data helps market gap
The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon. After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%. The only two losing sectors on the day…
Oil gets crushes while market dips
The Market: A small down day which could have looked worse if not for a late day rally off the lows. Interesting to see the leaders to the downside were the Dow (DIA) and Russell 2000 (IWM). We were looking for the market to close just off the lows and then gap down tomorrow for a short-term long opportunity but today’s end of day rally has changed that set-up. Overall we remain cautious on the broad market and believe the choppy trading of late will continue. Energy (XLE) led to the downside, again, as crude oil continues to slide reaching…
Week starts slow – GS grounds BA
Index & Sector performance 2/23/15 The Market: Overall a flat session with the NASDAQ (QQQ) and Russell 2000 (IWM) finishing slightly higher while the Dow (DIA) and S&P 500 (SPY) finished lower. The main drag on the DIA today was Boeing (BA) which finished down 2.26% after Goldman downgraded the name to Sell with a $132 price target. In individual sectors it was a mixed bag with the Industrials (XLI) leading to the downside finishing down 0.43% while the Utilities (XLU) led to the upside finishing up 0.68%. As we posted tonight in the Charts section, the XLU held a…
Farewell QE3
Index & Sector performance 10/29/14 The Market: It was a relatively quiet session the majority of the day as traders were awaiting the 2pm FOMC rate decisions and statement. As was expected, the Fed ended QE3 but continued to note that rates would remain low for a “considerable period”. The initial reaction after the release was a move lower but the market had already been trending that way since the open and, after the initial drop, buyers stepped in and ultimately the indices closed only slightly lower. It was a mixed session across the WSC Scoreboard sectors with Materials (XLB)…