July 22, 2018

Holiday Fed combo = low vol

The Market: A combination of the Rosh Hashanah (from sunset Sept 13th to nightfall Sept 15th) and traders waiting to see what the FOMC will say Thursday yielded a low volume choppy session which saw the markets finish slightly lower. There are not many earnings reports scheduled for this week but there are some noteworthy names including Oracle (ORCL), Adobe (ADBE), FedEx (FDX), and Rite Aid (RAD). No Economic data today but the remainder of the week is fairly packed with the aforementioned FOMC Rate decision and Statement scheduled for Thursday.       Reported EPS After the Close this…

Markets finish up but look vulnerable

The Market: While it was not our expectation, we noted in Tuesday’s NightCap that, if the market extended higher, we would expect the downward sloping 20 day SMA to act as resistance.  If you look at the SPY, this is exactly where the market stopped in early trading on Wednesday and then proceeded to pullback sharply.  While all the major indices on the WSC Scoreboard finished higher in today’s trading, the market looks vulnerable to more downside in the coming days-weeks. Leading sectors in today’s trading was Transportation (IYT), Technology (XLK), and HealthCare (XLV) while the Utilities (XLU) and Retail…

Can EPS decouple market from Oil?

Index & Sector performance 1/12/15 The Market: We noted in the Thursday end-of-day write-up that the strong gains had to do with positive comments from Mario Draghi as well as Oil prices managing to stabilize for the second straight session.  Unfortunately after managing to hold in Friday,  Oil prices resumed their recent slide today finishing below $46/per barrel.  As we have noted in other write-ups and you can see elsewhere, Oil’s sharp decline brings in concern over global growth and particularly U.S. earnings.  Speaking of earnings, Aloca (AA) is scheduled to kick off the earnings season tonight and below you…

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…

Strong start with new highs

Index & Sector performance 5/12/14 The Market: A strong start to the week as a broad based rally in the market was led by the Russell 2000 (IWM) up 2.27% and the NASDAQ 100 (QQQ) up 1.65% while the Dow and S&P reached new closing highs.  The two stand out sectors were Retail (XRT) and the Transportation (IYT) while the Utilities (XLU) lagged closing down 0.92% but remain the largest gainer YTD. We have much more economic data this week and tomorrow all eyes will be on Retail Sales which is released before the open.  Headline sales are expected up…

Small gains break 5 day slide

Index & Sector performance 9/26/13 The Market: An early push higher on the S&P 500 was short lived and topped around 10 am EST falling all the way back to the open and even drifting into negative territory.  The market then bounced, failed and after retesting the days lows used the last hour to rally into the close. In economic news the Unemployment Claims data came in better than expected posting a 305K number when expectations were of 319K.  Unfortunately the remainder of the news was not as good with GDP coming in below expectations printing a 2.5% number when…