March 19, 2024

China’s action spills into global markets

The Market: Stocks opened lower after China suffered its worst losing day in over 8 years but the S&P managed to find a bottom right at the 200 day SMA and has so far rallied off the lows with upside action continuing into the after market.  It will be interesting to see how China’s market reacts today and if the S&P can keep the momentum going through the overnight trading and into tomorrow’s open. Also don’t forget we have the FOMC Rate decision and Statement on Wednesday the 29th (full Economic Calendar below). Leading to the downside in today’s session…

Market churns while XLU heads lower

Index & Sector performance 2/25/15 The Market: Another day of churn as the market continues to grind with an upward bias.  As we posted over at StockTwits we are starting to see a lot of negative divergence setting up on the MACD.  Divergence is not a trigger itself but is showing signs that each move higher comes with less momentum and excitement. Utilities (XLU) was the leader to the downside and a name we recently posted about in the Charts section.   After seeing a lot of people bullish on the name, we laid the road map we felt the Bulls…

Slow grind higher to start Holiday week

Index & Sector performance 12/22/14 The Market We expected even lighter volume today then we saw but it was still much lighter than the previous sessions.  We would not be surprised to see the market continue to drift higher in a choppy manner throughout the holiday trading session and into the New Year. Tomorrow is the heaviest day for Economic data but we are not expecting fireworks.  If we do see a pullback we would expect it to be a buying opportunity for short term traders.       Reporting EPS 12/23/14 Pre-Market: Big name reporting tomorrow before the open…

The 20’s support today’s drop

Index & Sector performance 12/8/14 The Market: The S&P opened lower but like every other recent micro pullback it found a bottom and started to rally higher.  The market again looked like it wouldn’t be denied a higher close but then after the initial morning pop the indices started to roll and continued lower until roughly 2pm ET when they found a bottom for the session and moved off the lows into the close. The lows on the S&P 500 (SPY) and NASDAQ (QQQ) correspond with the 20 day SMA and we will be looking to see if those lows…

Low vol drift higher

Index & Sector performance 12/3/14 The Market: Another low volume drift higher today which saw the Russell 2000 (IWM) lead and the NASDAQ (QQQ) lag even spending some time down on the session. In individual sectors, Consumer Staples (XLP) and Utilities (XLU) were the only two from the WSC Scoreboard to finish lower which Materials (XLB), Industrials (XLI), and Energy (XLE) finished up over 1%.  One name helping materials have such a strong session was LyondellBasell (LYB) which has been down significantly since September but finished today up over 2% and was up more than 3% intraday.  LYB is a…

Farewell QE3

Index & Sector performance 10/29/14 The Market: It was a relatively quiet session the majority of the day as traders were awaiting the 2pm FOMC rate decisions and statement.  As was expected, the Fed ended QE3 but continued to note that rates would remain low for a “considerable period”.  The initial reaction after the release was a move lower but the market had already been trending that way since the open and, after the initial drop, buyers stepped in and ultimately the indices closed only slightly lower. It was a mixed session across the WSC Scoreboard sectors with Materials (XLB)…

S&P Futures play MA pinball

Index & Sector performance 12/16/13 The Market: The made strong gains today after what looked like a horrible start to the week.  In overnight trading Sunday the S&P 500 dropped t0 $1754 (March 2014 emini contract) tagging the 50 day SMA and then built a rally off that support.  Surprisingly by the morning the futures had not only regained everything that was lost from Sunday evening’s open but also but in some gains.  Those who do not look at the futures may have never even known of the rough start.  The futures then rallied pre-market to the 20 day SMA…

Analyst Comments

If you see a symbol that interests you in this list then make sure to check out the Upgrades/Downgrades section for the complete list and details! Upgrades: NKE, IVNYY, GES, IACI, RIMM, KMX, PLT, PNR, AIV, CPT, AVB Downgrades: CREE, TASR, TKR, COL, INGR, ATVI