The NightCap
The Market: We expected to see a tight trading range until the FOMC statement but instead we saw buyers in advance of the statement as the S&P 500 (SPY) pressed higher. The the announcement came and there was a sharp sell-off but buyers came right back and all 4 major market indices on the WSC Scoreboard finished above the pre-FOMC announcement highs. As was expected by many, the FOMC left the Fed Fund Rates unchanged but, based on the comments, it appears a rate hike is on the table for December if the data warrants. We also saw the committee…
Oil gets crushes while market dips
The Market: A small down day which could have looked worse if not for a late day rally off the lows. Interesting to see the leaders to the downside were the Dow (DIA) and Russell 2000 (IWM). We were looking for the market to close just off the lows and then gap down tomorrow for a short-term long opportunity but today’s end of day rally has changed that set-up. Overall we remain cautious on the broad market and believe the choppy trading of late will continue. Energy (XLE) led to the downside, again, as crude oil continues to slide reaching…
XLU stands out in today’s action
Index & Sector performance 2/18/15 The Market: A choppy session overall which ended up finishing flat. Some negative divergence is building on the S&P 500 60 minute chart but, even when it leads to a pullback, the divergence can exist for many day. We wouldn’t be surprised to see the index continue to meander and drift higher for the remainder of the week into Options expiration. In individual sectors it was the Utilities (XLU) leading the way and by a wide margin finishing up 2.37%. We would be watching the XLU closely here to see if it can build on…
Watch out for traps
Index & Sector performance 12/9/14 The Market: The S&P 500 found itself down over 20 points within the first hour plus of trading as traders pointed to concerns over China and Greece. Throughout the early drop the Russell 2000 (IWM) remained strong down only a fraction of the other indices and then was the first to turn positive on the day. The IWM’s resilience continued throughout the remainder of the trading session and finished the clear leader. Today’s action certainly feels like another Bear trap where the market looks as though it is about to start a major prolonged slide…
FOMC rate decision highlights big data week
Index & Sector performance 9/15/14 The Market: The Dow (DIA) was the only index on the WSC Scoreboard to finish higher on the session while the NASDAQ (QQQ) and Russell 2000 (IWM) took a hit losing 0.97% and 1.15% respectively. Baring any unforeseen news, we would not be surprised to see the markets get quiet until the FOMC rate decision and Statement later in the trading day Wednesday. In individual sectors, Retail (XRT) was the biggest loser on the session finishing down nearly 1% and remains the laggard on the year. On the upside, Energy (XLE) started off strong after…
Lots of movement, little results
Index & Sector performance 3/10/14 The Market: Today was a yet another choppy session but for day traders there was a great deal of opportunity. The S&P 500 emini ultimately moved 40 points between support and resistance while the S&P 500 cash index only managed to close down roughly a point for the day. Starting with Sunday evening’s trading the ES contract lost ground over night finding support at the $1868ES pivot and then rallied pre-market to the $1878ES pivot. Playing Pivot Pinball the ES tested the $1868ES support after the open to yet again hold and rally back toward…
A day of rest after 4 up
Index & Sector performance 2/12/14 The Market: This morning at StockTwits we noted that after four solid days higher traders should expect a consolidation day which is ultimately what ended up happening but not before the S&P rallied to the pivot at $1823.25ES. Traders should watch that level now as upside resistance and look to 1805-10 as support. The following noteworthy companies are scheduled to report earnings before tomorrow’s open: PEP, APA, DISCA, NLSN, HOT, TAP, BKW, AVP, NGLS, CAB, GNC, SON, AFSI, OWW Analyst Comments: The Game Plan:
Strong up day ahead of Jobs
Index & Sector performance 2/6/14 The Market: In the News: The following noteworthy companies are scheduled to report earnings before tomorrow’s open: CI, MCO, WYN, LH, BPL, APO, CBOE, MSG, FLIR Analyst Comments: The Game Plan: