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…
Global economic growth concerns weigh on market
Index & Sector performance 11/4/14 The Market: Today’s session ultimately finished narrowly lower with the Dow (DIA) managing to close ever so slightly higher. Midday the damage was worse as traders pointed to the European Commissions cutting growth and inflation forecasts but after the European exchanges closed the U.S. found a bottom and drifted higher into the close. In individual sectors it was again Energy (XLE) which led the way lower finishing down 2.06% as crude oil traded as low as $75.84/ barrel after Saudi Arabia announced it was cutting prices on oil exports to the U.S. Traders are cautious…
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…
AAPL helps drive late day sell off
Index & Sector performance 9/9/14 The Market: All major indices on the WSC Scoreboard finished the session lower with the Russell 2000 (IWM) leading the charge down 1.18%. The S&P 500 (SPY) started the session weak but found a bottom in early trading and then managed to rally until 2pm ET when the index turned and sold off making new lows for the session. The NASDAQ (QQQ) held in well during early trading as traders were likely waiting for the Apple (AAPL) product announcement. The initial reaction to AAPL’s news (new/bigger phones, watch, payment system) was positive and the…