$50 is the new $5….
The Market: As expected, volatility continues and $50 point swings are becoming as common as $5 point swings use to be. We expect volatility to remain high but would not be surprised to see the magnitude of the swing start to temper. Today was important because after two straight days of gap ups that sold off into the close, today managed to hold and extend on the gap after an intraday pullback. As we noted in Monday’s write-up, the market is very short-term oversold and we would expect a bounce so today’s action is not surprising but we will be…
Huge intraday swings
The Market: As expected, volatility continues and while we would not expect 100 point S&P days to become a common occurrence we do expect to see sharp swings both up and down. Our current expectation is that the market will ultimately revisit this morning’s lows is not make new lows but in the short-term the market is very oversold and should stage some sort of rally — not just intraday like today but on a closing basis over a few days. That rally will be very telling and if weak we could be setting up for much much lower and…
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…
S&P on 5 day win streak
Index & Sector performance 4/21/14 The Market: The S&P 500 has been on an impressive 5 day winning streak but much like the “V” bottom we say back in February this year, this rally is coming on lower than average volume with today being by far the lowest in the S&P 500 sector ETF “SPY”. We stated in our 4/14 write-up that we would not be surprised to see the market used short term oversold levels and the shortened holiday Op-Ex week to rally. The question now is as traders get back to the desk in both the U.S….
Choppy trading leaves the indices flat
Index & Sector performance 2/26/14 The Market: A choppy trading session to saw a sell off toward the open which ultimately was bought until midday when the S&P started to make its way back down toward and below the previous intraday lows. Again buyers stepped in and were able to close the S&P 500 essentially flat on the day. Companies scheduled to report earnings pre-market: Analyst Comments:
Market dips early but fights back
Index & Sector performance 1/21/14 The Market: This is the type of market that frustrates both the Bull & the Bears. Strong moves in each direction serve to whip weak traders our of their positions. After a very light futures trading session Monday with the Stock Market closed, the S&P 500 futures pressed higher in late Monday/early Tuesday trading. Just before the open the futures printed $1844 and then started to sell off right at the open. The market finally found a bottom near noon EST but only after losing roughly 18 points from the pre-market highs. The S&P 500…
Apple finally lands China
Index & Sector performance 12/23/13 The Market: The market was able to produce a gap higher to start this shortened trading week which will include a half day of trading Christmas eve and the market will be closed Wednesday December 25th in observance of Christmas. After the gap itself the S&P remained in a roughly 4-5 point trading range the entire day on light volume. There was a fair amount of economic data released today but nothing that really tipped the balances. Core PCE and Consumer spending came in right at expectations while Personal Income slightly missed (0.2% vs. 0.4%…