The NightCap
The Market: We expected to see a tight trading range until the FOMC statement but instead we saw buyers in advance of the statement as the S&P 500 (SPY) pressed higher. The the announcement came and there was a sharp sell-off but buyers came right back and all 4 major market indices on the WSC Scoreboard finished above the pre-FOMC announcement highs. As was expected by many, the FOMC left the Fed Fund Rates unchanged but, based on the comments, it appears a rate hike is on the table for December if the data warrants. We also saw the committee…
The NightCap
The Market: Overall a dull session as the markets remainder in a tight range for the entire day but we expect to see volatility in many individual names as this will be a very active earnings week with many big names reporting. As always we will highlight the names that reported after the close as well as those scheduled to report pre-market tomorrow but please remember that you can often look ahead a few days under the Events Calendar section. If an active earnings wasn’t enough, we also have an active Economic Calendar with the FOMC Statement and Rate decision…
ECB moved & so did the markets
Index & Sector performance 11/7/13 The Market: The S&P 500 spiked higher around 8am EST time after the ECB announced a rate cut. This move was further helped by a strong Q3 GDP number. While we opened off the pre-market highs, the real selling began after the bells. After each move lower the market tried to stage a rally but all were sold. The S&P 500 closed right at the 20 day SMA From peak to trough using the S&P futures we saw a near 30 point swing to the downside. In economic news, GDP came in much stronger than…