April 20, 2018

Market push and pull continues

Daily-Wrap

The Market: With concerns over volatility in China, weak Economic data, and the FOMC statement, the market gapped down and continued lower throughout the early trading session before marking another big intraday reversal.  After dipping below the 200 day SMA, the S&P managed to rally from over 25 points down to slightly up on the session in intraday trading but then couldn’t hold the gains and sold off into the close. Today’s action is actually a good micro representation of the push and pull in the market this year. As we noted last week, we expect volatility to continue and…

Oil gets crushes while market dips

Daily-Wrap

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…

Market Shrugs off initial gap down

Daily-Wrap

Index & Sector performance 5/28/15 The Market: Today started with a gap down but the major indices on the WSC Scoreboard were able to rally back to near flat on the session with the NASDAQ (QQQ) leading to the downside.  After two very volatile session, it appeared the market used today to take a breather.  FYI, tomorrow is the last trading day of the month. Transportation (IYT) was the clear loser on the WSC Scoreboard as it finished nearly 1% lower on the session.  We generally do not look to catch falling knifes and YTD the IYT has not been…

HealthCare gains as market slides

Daily-Wrap

Index & Sector performance 3/4/15 The Market: Ultimately, only a a small sell off in the markets after the S&P 500 rallied off the lows which coincided nicely with the upward sloping 20 day SMA.  Aggressive traders could certainly look to use today’s low to trade against. In Individual sectors, HealthCare (XLV) was the lone gainer finishing up 0.48% while the Industrials (XLI) led to the downside finishing 0.78% lower followed closely by Consumer Staples (XLP) and Financials (XLF) which finished down 0.70% and 0.61% respectively.  The biggest loser so far for 2015 is the Utilities (XLU) which is now…

Oil trades below $50 & leads market lower

Daily-Wrap

Index & Sector performance 1/5/15 The Market: The market was again led by Oil’s decline as we closed below $50 per barrel for the first time since 2009.  In the Analyst Comments below you will see a downgrade for Caterpillar (CAT) by JP Morgan.  In the note the analyst commented that up to 30% of CAT’s revenue could be under pressure due to lower oil prices.  Similarly, Evercore downgraded Terex (TEX) to Hold with an $26 target and United Rentals (URI) to Sell with a $87 target citing concerns that oil’s sharp decline will hurt energy investments and thus construction…

EPS helped shrug off bad overseas data

Daily-Wrap

Index & Sector performance 11/20/14 The Market: It doesn’t look like the S&P 500 (SPY) had a strong session but considering the futures were down roughly 10 points pre-market reportedly due to weak data out of Europe and China, to finish up a few points is a strong showing.  Yesterday’s laggard was today’s leader as the Russell 2000 (IWM ) finished up over 1% clawing back most of yesterday’s losses and the Dow (DIA) was helped by Intel (INTC) which gained 4.66% after announcing a dividend hike and solid 2015 expected revenue growth. In individual sectors, Retail (XRT) led today…

Financials help S&P to new highs

Daily-Wrap

Index & Sector performance 8/21/14 The Market: The 4 major indices drifted higher in today’s session but not by much and all on lower volume which has been a trend. Mixed bag across the individual sectors but the clear winner was the Financials (XLF) finishing the day up 1.18%.  The big standout in the sector was Bank of America (BAC) which finished the day up over 4% and looks poised for a run back to the March 2014 highs of $18.  If BAC is indeed in rally mode we would expect today’s lows to not be breached.  Also having a…

Early dip finds interested buyers

Daily-Wrap

Index & Sector performance 7/28/14 The Market: Early moves lower in the broad market indices soon found buyers and managed to finish the day near flat on the session with the Russell 2000 (IWM) continuing to lag.  The DOW (DIA) played MA pinball with the lows in the early session touching the 50 day EMA while the highs of the session back tested the 20 day EMA. The stand out sector from the WSC Scoreboard was the Utilities (XLU) finishing up X% higher on the session.  Every name in the sector ETF was higher and that vast majority were up…

Triple witching tomorrrow

Daily-Wrap

Index & Sector performance 12/19/13 The Market: Today trading range was rather tight after yesterday’s explosion with the entire day’s range in the S&P 500 only about 9 points.  Tomorrow will be options expiration and a Triple Witching which can come with some volatility. In economic data today we sub a much worse than expected Unemployment claims number come in at 379K when 366K was expected.  Other key data also underperformed expectations with Existing Home Sales missing expectations (4.9M vs. 5.04M) and Philly Fed Manufacturing Index (7 vs. 10.3).  Tomorrow we get GDP and Monday 12/23 we have Core PCE,…