February 20, 2017

The NightCap

Daily-Wrap

The Market: An initial gap higher was immediately sold but an afternoon surge helped the Dow, S&P and NASDAQ finish higher while greatly paring losses in the Russell 2000.  Downside momentum seems to be waning and today’s mixed session is likely pointing to a bottom.  In all likelihood that bottom will only be short-term but we will have to see how the action takes place. Ideally, for the start of a move higher, we would like to see a gap down (or strong move lower in early trading) tomorrow which takes us near or below today’s lows which is again…

Earnings should take center stage

Daily-Wrap

The Market: Not much movement in today’s action as we saw a drop in volume across all the major Indices.  The overnight session saw futures move lower which seemed primarily due to some exhaustion in the markets but not helping was China’s GDP numbers which met expectations but slowed compared to the prior quarter.  With this being a light Economic Data week, we expect focus to be on individual stocks as they report earnings.  Below is a list of names that reported tonight after the close and that will report tomorrow with even more listed in the Events Calendar. In…

Volatility & Chop continues

Daily-Wrap

The Market: Volatility continues to be the name of the game which is why you can have a 40+ point day like today and still have the S&P 500 within a range/wedge.  While it is possible that we extend today’s rally by gaping higher tomorrow, it is not our expectation and if we do open higher tomorrow we would watch the downward sloping 20 day SMA as resistance. Overall, a light Economic Calendar this week Thursday and Friday having the most significant data points (Unemployment Claims, PPI, and Consumer Sentiment).       Reported EPS 9/8/15 After the Close:  …

$50 is the new $5….

Daily-Wrap

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

Daily-Wrap

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…

Strong start to the week led by Tech

Daily-Wrap

The Market:     Reporting EPS 7/14/15 Pre-Market:   Reporting EPS 7/14/15 After the Close:   Analyst Comments:

S&P 500 holds 200 day SMA

Daily-Wrap

The Market: Sorry no comments tonight — traveling the remainder of this week.      Reporting EPS After the Close this week:   Reporting EPS Pre-Market this week:   Analyst Comments:

Early gap up fades, XLE leads lower

Daily-Wrap

Index & Sector performance 4/21/15 The Market: The Nasdaq (QQQ) was the only sector that managed to finish the session higher while the Blue Chip Dow (DIA) was the leader to the downside. After spending the majority of the year down, Energy (XLE) has recently rallied to up YTD but there was no optimism today as the sector finished over 1% lower.  Also finishing lower was Utilities (XLU) down 0.89%, Materials (XLB) down 0.74%, and Financials (XLF) down 0.50%.  Today’s clear leader was HeathCare (XLV) which managed to close up 0.68% on the session. No tracked Economic data yesterday or today…

S&P snaps 2 day losing streak

Daily-Wrap

Index & Sector performance 2/10/15 The Market: The S&P 500 snapped a 2 day losing streak with a solid rally closing up over 1% on the session while the NASDAQ led the charge finishing up over 1.50% helped by Apple (AAPL) which closed at a fresh all time highs.  The Russell 2000 (IWM) was the laggard but still managed to finish up 0.67%. All the sectors on the WSC Scoreboard were higher with the exception of Energy (XLE) which was taking its cue from Crude’s slide today after running into the 50 day SMA.  Utilities (XLU) was the biggest gainer…

Eurozone helps U.S. go green YTD

Daily-Wrap

Index & Sector performance 1/8/15 The Market: The Dow (DIA), S&P 500 (SPY) and Nasdaq (QQQ) are all green for the year as of today’s close with the Russell 2000 (IWM) lagging down 0.8%.  Considering there have only been about 5 trading days in the new year, this is not saying much but the recent 2 day recovery is impressive and reminiscent of what we saw all 2013 and 2014. Helping the U.S. market today was statements from Mario Draghi that the ECB will discuss adding more or new monetary stimulus at their next rate meeting in two weeks.  This…