SPY is sitting on the 50 day SMA
Index & Sector performance 9/23/14 The Market: U.S. led airstrikes in Syria and weaker than expected European manufacturing data helped continued weakness in the broad markets with the Russell 2000 (IWM) again leading the way to the downside. After peaking back positive YTD in late August and into early this month, the IWM is now down 3.46%. The NASDAQ (QQQ) was the clear winner, on a relative basis, and was helped by a strong showing in Apple (AAPL) which closed up 1.56%. The S&P 500 (SPY) is now near, essentially at, its 50 day SMA and we are very interested…
Short week, low vol, mixed results
Index & Sector performance 6/30/14 The Market: An overall mixed session saw the Russell 2000 and NASDAQ finish higher while the Dow and S&P 500 finished slightly lower. Volume was down which will likely be a trend this shortened holiday trading week. In Individual sectors, the Utilities (XLU) led and earlier in the session the Transportation sector (IYT) was a relatively close second but a late day sell off put it just behind the Materials (XLB) and in-line with Retail (XRT). The largest gainer in the Utilities was Pinnacle West Capital Corporation (PNW) which finished up 2.41% and looks like…
Decline….What Decline?
Index & Sector performance 1/15/14 The Market: The vast majority of today’s action was on the open where the S&P 500 gaped higher and ran until 11am EST which marked the highs of the day. The remainder of the day stayed in a 5 point range from the 11am highs as the market digested the strong reversal rally which has gained roughly 35 S&P points since Monday’s lows. In Economic Data, Headline PPI slightly missed expectations while Core PPI beat. The Beige Book reiterated an overall positive outlook on the economy showing moderate growth. Tomorrow traders will be most focused…