The NightCap
The Market: Overall it was another tight trading range session but the Russell 2000 (IWM) continued its underperformance and finished down over –1%. It appears that traders may be on hold until the FOMC statement and rate decision tomorrow. Transportation (IYT) sector was the hardest hit on the WSC Scoreboard as the sector ETF finished down -2.65% followed by yesterday’s biggest loser, Energy (XLE), which closed down -1.2%. The biggest gaining sector on the session was HealthCare (XLV) which finished up 1.84% and was helped by Allergan (AGN), Biogen Inc (BIIB), Vertex Pharmaceuticals Inc (VRTX), and Mylan NV (MYL) which all…
Early dip is bought, finishes flat
The Market: Overall a quiet day in the markets following yesterday’s FOMC statement as an early dip in the S&P 500 found buyers and the index finished flat on the session while the NASDAQ (QQQ) led. The S&P 500 looks to need at least a short term pullback to regroup before any longer term move higher but we will be interested to watch that first pullback as we are from from believing the coast is all clear and that the market is off to new highs. In individual sections, Utilities (XLU) led finishing up 0.74% on the session followed by…
Pop off support as FOMC looms
The Market: A nice snap back rally today as the S&P 500 continues to hold the 200 day SMA. We would not be surprised to see limited action overnight and in early trading tomorrow as traders wait to see what the Fed says at 2pm ET. Yesterday’s laggard, Energy (XLE), is today’s leader finishing up 2.86% followed closely by Transportation (IYT) which finished up 2.75%. Also posting strong sessions was Materials (XLB), Industrials (XLI), and HeathCare (XLV) finishing up 2.09%, 1.94% and 1.81% respectively. FOMC statement tomorrow and remember we are still in the thick of earnings reports which will…
Flat session with no catalysts
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…
Market continues to grind
Index & Sector performance 2/19/15 The Market: The slow grind into options expiration continues with the S&P 500 (SPY) and Dow (DIA) finishing slightly lower while the Russell 2000 (IWM) finished slightly higher and the NASDAQ (QQQ) led. We would expect to potentially see volatility tomorrow not only due to options expiration but also potential headline risk out of Europe. Overall a mixed session as yesterday’s sector leader to the upside, the Utilities (XLU), was today’s downside leader finishing 1/13% lower while Technology (XLK) followed closely by Consumer Discretionary (XLY) led to the upside. With only Flash Manufacturing PMI tomorrow,…
Holiday trading continued
Index & Sector performance 12/29/14 The Market: Today’s session was a continuation of the previous week’s holiday trading and will likely continue this way for the rest of the week with Thursday being closed for New Year’s Day. The Russell 2000 (IWM) led while the NASDAQ (QQQ) and Dow (DIA) finished slightly lower. The leading individual sectors were the Utilities (XLU) and Retail (XRT) finishing up 1.15% and 0.98% respectively. As might be expected with the QQQ finishing lower, Technology (XLK) lagged followed by Consumer Staples (XLP). There were no scheduled Economic Events today but there is some noteworthy data…
Watch out for traps
Index & Sector performance 12/9/14 The Market: The S&P 500 found itself down over 20 points within the first hour plus of trading as traders pointed to concerns over China and Greece. Throughout the early drop the Russell 2000 (IWM) remained strong down only a fraction of the other indices and then was the first to turn positive on the day. The IWM’s resilience continued throughout the remainder of the trading session and finished the clear leader. Today’s action certainly feels like another Bear trap where the market looks as though it is about to start a major prolonged slide…
Low volume give back after 3 solid days
Index & Sector performance 10/22/14 The Market: Today marked a give back after 3 solid days of gains. The leader to the downside was the index that we have been watching closely for the past few weeks, the Russell 2000 (IWM). The IWM’s underperformance throughout the year was a warning just as its outperformance near the recent bottom. The IWM has put in work to find a bottom and start to move off the lows of last week but it is not our of the woods yet in our opinion. First step is remaining above $107 and then the lows…