September 24, 2018

The NightCap

The Market: Overall it was another tight trading range session but the Russell 2000 (IWM) continued its underperformance and finished down over –1%.  It appears that traders may be on hold until the FOMC statement and rate decision tomorrow. Transportation (IYT) sector was the hardest hit on the WSC Scoreboard as the sector ETF finished down -2.65% followed by yesterday’s biggest loser, Energy (XLE), which closed down -1.2%.  The biggest gaining sector on the session was HealthCare (XLV) which finished up 1.84% and was helped by Allergan (AGN), Biogen Inc (BIIB), Vertex Pharmaceuticals Inc (VRTX), and Mylan NV (MYL) which all…

Earnings should take center stage

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…

Early dip is bought, finishes flat

The Market: Overall a quiet day in the markets following yesterday’s FOMC statement as an early dip in the S&P 500 found buyers and the index finished flat on the session while the NASDAQ (QQQ) led. The S&P 500 looks to need at least a short term pullback to regroup before any longer term move higher but we will be interested to watch that first pullback as we are from from believing the coast is all clear and that the market is off to new highs. In individual sections, Utilities (XLU) led finishing up 0.74% on the session followed by…

Market rollercoaster continues

Index & Sector performance 4/1/15 The Market: For those who do not track the futures you would think that today started off with a small gap that then snowballed into something much larger but the first shot lower was actually yesterday evening when the S&P futures dropped nearly 30 points in roughly an hour.  Amazingly the index recouped nearly all the losses by the open but then started to make its way back toward those overnight lows which is the action we saw today. Monday’s Wrap noted that we were looking for a pullback in the markets and that the…

QQQ & IWM reach new highs

Index & Sector performance 2/26/15 The Market: More churn today in the markets but again the NASDAQ (QQQ) and Russell 2000 (IWM) showed more strength than the S&P 500 (SPY) with the QQQ and IWM reaching new 52-week closing highs on the session. Crude oil lost over 5% today which helped send the Energy (XLE) sector 1.88% lower.  We noted in our 2/18/15 nightly recap when the XLE was trading above $81 that we would look for a pullback toward $78 as a buying opportunity.  Closing today at $79.35, we would ideally like to see lower levels before dipping into…

Eurozone helps U.S. go green YTD

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…

Big follow through session

Index & Sector performance 12/18/14 The Market: Following on the rally after the FOMC statement release yesterday, today gaped higher and never looked back with the S&P 500 (SPY) finishing up 2.50%.  Yesterday’s leader, the Russell 200 (IWM), was today’s laggard but still finished up 1.45%.  Unlike previous sessions where the markets seem to take their cue from Oil, today the markets rallied even while oil continued its slide. Again as would be expected on a day like today, all of the individual sectors were higher with Technology (XLK), HealthCare (XLV), Industrials (XLI), Financials (XLF), and Materials (XLB) all finishing…

Volatility the new norm

Index & Sector performance 10/16/14 The Market: A session like today may look uneventful when scanning the WSC Scoreboard and looking at the end of day changes but it masks the large intraday swings.  An example is the S&P 500 (SPY) had a roughly 50 point range from high to low today (5 points in the SPY) which represents nearly 3% based on today’s opening price.  Traders and investors need to be prepared for an environment with increased volatility which could last for an extended period. The Russell 2000 (IWM) remains the clear leader of late finishing up over 1%. …

Down but much better than the start

Index & Sector performance 9/29/14 The Market: All 4 broad market indices closed lower however all also closed well off their lows of the session. The standout sector in today’s trading is clearly the Utilities (XLU) which finished up 0.65% and is currently in 4th place amongst the WSC Scoreboard sectors for largest YTD gain.  The biggest laggard was Consumer Discretionary (XLY) followed by Materials (XLB). In Economic data, Pending Home Sales was a big disappointment coming in at -1% when -0.4% was expected while last months reading was adjusted slightly lower to 3.2% from 3.3%.     Reporting EPS…

Early dip finds interested buyers

Index & Sector performance 7/28/14 The Market: Early moves lower in the broad market indices soon found buyers and managed to finish the day near flat on the session with the Russell 2000 (IWM) continuing to lag.  The DOW (DIA) played MA pinball with the lows in the early session touching the 50 day EMA while the highs of the session back tested the 20 day EMA. The stand out sector from the WSC Scoreboard was the Utilities (XLU) finishing up X% higher on the session.  Every name in the sector ETF was higher and that vast majority were up…