July 22, 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…

The NightCap

Daily-Wrap

The Market: Global concerns sparked an initial move lower in early trading but the markets found support near the $2070 region in the SPX and then managed to finish the session slightly higher.  Energy (XLE) was the clear leader on the WSC Scoreboard followed by Retail (XRT) and Materials (XLB).  Transportation (IYT) lagged hurt by the State Department’s travel ban issued late Monday in response to the recent geopolitical events. After making a low in late August, the XLE rallied until early November and has since held in well consolidating below the November 6th high.  XLE may be setting up…

Energy leads while healthcare lags

Daily-Wrap

The Market: Overall a consolidation session in the markets as the Dow (DIA) finished higher while the S&P 500 (SPY), NASDAQ (QQQ), and Russell 2000 (IWM) finished lower . Energy stocks continue to remain in vogue as the XLE finished 2.22% higher on the session and marked the 5th straight day of higher closes.  Materials (XLB) was the next closest outperformer finishing up 1.3% and Technology (XLK) was the only other sector to finish up. Lagging in today’s session was HealthCare (XLV) which finished down -2.35% and saw all components finish the day lower except for Mallinckrodt (MNK) and Dentsply…

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…

Central bank news abroad drives headlines

Daily-Wrap

Index & Sector performance 1/21/15 The Market: It was a relatively choppy session which saw the Dow (DIA), S&P 500 (SPY), and NASDAQ (QQQ) manage to finish higher while the Russell 2000 (IWM) closed lower.  There were reports out of Europe that the ECB Executive Board proposed the purchase of EUR 50B/mo of bonds in a program that should last at least a year.  There was more news from outside the U.S. with a surprise rate cut in Canada to counteract the sharply declining oil prices. Energy (XLE) led the charge today as all sectors on the WSC Scoreboard finished…

Energy heads lower in mixed session

Daily-Wrap

Index & Sector performance 9/8/14 The Market: Overall another low volume mixed session which saw the S&P 500 (SPY) and Dow (DIA) close slightly lower while the NASDAQ (QQQ) and Russell 2000 (IWM) finished slightly higher. On the WSC Scoreboard the Energy sector (XLE) sticks out finishing the session down 1.56%.  After strong moves we like to see what stocks bucked the trend in the sector and one notable outperformer today was Valero (VLO) which finished the session up 0.96%. Not much Economic data to start the week but finishes strong with Unemployment Claims Thursday followed by Retail Sales and…

Daily Wrap

Daily-Wrap

DJIA +152.29 (+1.05%) to 14,719.46; S&P 500 +16.28 (+1.04%) to 1,578.78; NASDAQ +25.30 (+0.90%) to 2,835.37 Very strong day today in the market today with all major indices moving up roughly 1% or higher.  Today started with a gap higher and steadily climbed all day until 1pm EST when we saw a spike down.  We later realized the spike was caused by a false report by the AP, after their Twitter feed was hacked, that two bombs went off at the White House injuring the President.  Once the market realized the error they snapped back (whole process took a few minutes) but then still…

Week in Review

Week-in-Review

DJIA +10.37 (+0.07%) to 14,547.51; S&P 500 +13.64 (+0.88%) to 1,555.25; NASDAQ +38.51 (+1.40%) to 2,780.46 In Thursday night’s recap I noted that the bears were not yet in total control but the bulls needed to get the index moving or there could be a further imminent drop.  Friday was able to firm up and take back some control but you wouldn’t know it by watching the Dow which only pressed into positive territory within the last hour of trading.  The broader indices were much stronger. Weighing on the Dow were three big names which reported EPS that were not met with great…

Daily Wrap

Daily-Wrap

DJIA -265.86 (-1.79%) to 14,599.20; S&P 500 -36.49 (-2.30%) to 1,552.36; NASDAQ -59.01 (-2.07%) to 2,797.47 Today was a very active day in the markets but it is appropriate to take the time to stop and send well wishes and prayers to those involved in the Boston Marathon incident which as I write is still unfolding with not many details but clearly today people were hurt and my prayers go to them and their family. The market began with a small gap lower on weak Chinese data and overall global outlook concerns which continued to snowball into larger losses which were not just…

Daily Wrap

Daily-Wrap

DJIA -44.23 (-0.32%) to 13,910.19; S&P 500 -5.89 (-0.39%) to 1,501.95; NASDAQ -11.35 (-0.36%) to 3,142.31 Today the markets moved lower and more decisively so compared to that other down day this.  What was also interesting is that the Small Caps lead the way down and generally I like to see the Small Caps lead (along with the Techs if I can get them).  This still has to be taken in stride based on the current trend in place but the recent action definitely does highlight the need for a consolidation as I have been calling for and also that…