December 16, 2017

Sellers appear on slow news day

Daily-Wrap

The Market: An initial gap down in the morning found buyers but only to roughly flat on the session when the seller stepped back in and controlled the remainder of the day with all 4 of the WSC Scoreboard main indices finishing lower led by the Dow (DIA) while closed down nearly 1%. All of the WSC Scoreboard sectors were lower on the session with the largest losses realized in Transportation (IYT), Matierials (XLB) and Heath Care (XLV). Not many comments tonight but we would be cautious here.  The market looks to be oversold in the short term and due…

The 20′s support today’s drop

Daily-Wrap

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…

News & EPS will dominate week

Daily-Wrap

Index & Sector performance 10/20/14 The Market: This is a very light Economic data week but don’t worry.  Earnings will more than make up for it with a Packed schedule all the way through to Friday. All the indices on the WSC Scoreboard were nicely higher but the Dow (DIA) was the clear laggard after IBM (IBM) lost over 7% due to a disappointing Q3 report which missed on revenues and EPS.  The company also announced that they would no longer be able to meet its goal of $20/share in operating EPS by 2015. Solid results across all the sectors…

Tech and HealthCare EPS lead

Daily-Wrap

Index & Sector performance 7/23/14 The Market: Today the stand out index was the NASDAQ (QQQ) which finished 0.64% higher with a lot of help from Apple (AAPL) which finished the day up 2.61% after reporting EPS yesterday after the close.  The S&P 500 (SPY) and Russell 2000 (IWM) were relatively flat, while the Dow (DIA) was the clear laggard and the only index to finish down on the session.  Weighing on the Dow was Boeing (BA) and Caterpillar (CAT) which finished down 2.34% and 1.53% respectively. In individual sectors it was HealthCare (XLV) which shined helped immensely by Intuitive…

EPS should lead trading

Daily-Wrap

Index & Sector performance 7/21/14 The Market: Slow start to the week saw the S&P futures down over 10 points in early trading only to rally back and finish the day relatively flat on the session.  The best performer of the 4 broad indices was the NASDAQ (QQQ) but all-in-all it was a low volume relatively uneventful start to the week. With not much scheduled in terms of Economic data this week (see schedule below), eyes will be firmly fixed on the slew of earnings coming out.  Below is the list of confirmed pre-market reports for 7/22/14 and the remainder…

6 day win streak ends..new starts?

Daily-Wrap

Index & Sector performance 4/23/14 The Market: Today’s session snapped a 6 day winning streak for the S&P 500 but the losses were small and maintained a very orderly structure throughout the day.  In after hours trading, the futures traded sharply higher helped by Apple’s (AAPL) earnings which beat EPS and revenue along with announcing a 7 for 1 stock split, increase in the buyback, and an 8% increase in the dividend. With tonight’s overnight action, the S&P 500 is now closing in on the all time highs .  Focus will continue to be on earnings especially with a very…

S&P on 5 day win streak

Daily-Wrap

Index & Sector performance 4/21/14   The Market: The S&P 500 has been on an impressive  5 day winning streak but much like the “V” bottom we say back in February this year, this rally is coming on lower than average volume with today being by far the lowest in the S&P 500 sector ETF “SPY”. We stated in our 4/14 write-up that we would not be surprised to see the market used short term oversold levels and the shortened holiday Op-Ex week to rally.  The question now is as traders get back to the desk in both the U.S….

FOMC statement & new Chair tomorrow

Daily-Wrap

Index & Sector performance 3/18/14 The Market: We would not be shocked to see the market meander overnight and into tomorrow until the FOMC statement and Fed Chair Janet Yellen’s first press conference.  While we do not expect there to be a great difference in message or tone from the Fed, do not be surprised if the market uses this opportunity to send a message to Yellen if there is something that is not liked. In the meantime, traders should watch  today’s high of 1867ES as a break could be signaling a move to 1880ES and the index should see…

Market dips early but fights back

Daily-Wrap

Index & Sector performance 1/21/14 The Market: This is the type of market that frustrates both the Bull & the Bears.  Strong moves in each direction serve to whip weak traders our of their positions.  After a very light futures trading session Monday with the Stock Market closed, the S&P 500 futures pressed higher in late Monday/early Tuesday trading.  Just before the open the futures printed $1844 and then started to sell off right at the open.  The market finally found a bottom near noon EST but only after losing roughly 18 points from the pre-market highs.  The S&P 500…

All quiet before jobs data

Daily-Wrap

Index & Sector performance 10/21/13 The Market: Not too much to report as it was a quiet down day in the S&P 500 and Dow with the Nasdaq making small gains much on the back of a strong performance from Apple (AAPL) closing up nearly 2.5% on the day. In economic news we had Existing Home Sales with came in light posting a 5.29M when 5.31M was expected.  Tomorrow will be a much bigger day as we get the jobs report that was delayed due to the government shutdown.  Current forecast is for 182K and Unemployment rate of 7.3% Story…