The NightCap
The Market: Overall a dull session as the markets remainder in a tight range for the entire day but we expect to see volatility in many individual names as this will be a very active earnings week with many big names reporting. As always we will highlight the names that reported after the close as well as those scheduled to report pre-market tomorrow but please remember that you can often look ahead a few days under the Events Calendar section. If an active earnings wasn’t enough, we also have an active Economic Calendar with the FOMC Statement and Rate decision…
The Nightcap
The Market: A very strong session which was led by the NASDAQ (QQQ) and Dow (DIA) which the S&P 500 (SPY) not far behind. It was interesting to see the Guggenheim S&P 500 Equal Weight index lag the S&P pointing to the gains being in the higher weighted stocks in the S&P 500 index. Additionally the Russell 2000 (IWM) underperformed posting half the gains of the SPY. In individual sectors the day session was led by the Industrials (XLI) followed closely by the Materials (XLB). Also closing up over 2% on the session was Technology (XLK) and that move looks…
Russell 2000 lags all other Indices
The Market: The Russell 2000 (IWM) was the only index on the WSC Scoreboard to finish lower on the session which was led by the Dow (DIA). Most of the indices on the WSC Scoreboard finished the session higher but HeathCare (XLV) was hit hard finishing –1.33% lower. XLV remains only one of two sectors still up YTD but was hurt today by comments from Presidential candidate Hillary Clinton who, after a privately held company, Turing Pharmaceuticals, announced a 5,000% price increase in its treatment for toxoplasmosis, called specialty drug prices “outrageous” and vowed to lay out a plan to…
Market push and pull continues
The Market: With concerns over volatility in China, weak Economic data, and the FOMC statement, the market gapped down and continued lower throughout the early trading session before marking another big intraday reversal. After dipping below the 200 day SMA, the S&P managed to rally from over 25 points down to slightly up on the session in intraday trading but then couldn’t hold the gains and sold off into the close. Today’s action is actually a good micro representation of the push and pull in the market this year. As we noted last week, we expect volatility to continue and…
Market continues to rebound
The Market: Stocks continue to chug along after last week’s impressive reversal on Wednesday. Today was another turn around session which saw the S&P 500 gap down roughly 12 points before firming up in very early trading and then rallying the rest of the session to finish up over 9 points. Above 2080 in the S&P 500 and it looks like the good times can continue. HealthCare (XLV) was the leader in individual sectors finishing up 1.01% followed closely by Consumer Discretionary (XLY) which closed up 0.96%. Today’s underperformer was Consumer Staples (XLP) which finished flat on the session hurt…
China’s action spills into global markets
The Market: Stocks opened lower after China suffered its worst losing day in over 8 years but the S&P managed to find a bottom right at the 200 day SMA and has so far rallied off the lows with upside action continuing into the after market. It will be interesting to see how China’s market reacts today and if the S&P can keep the momentum going through the overnight trading and into tomorrow’s open. Also don’t forget we have the FOMC Rate decision and Statement on Wednesday the 29th (full Economic Calendar below). Leading to the downside in today’s session…
Yellen sends stocks screaming, dollar dropping
Index & Sector performance 3/18/15 The Market: After the FOMC rate decision at 2pm ET, the S&P 500 cash index rallied nearly 40 points from the lows to the highs and did so, astonishingly, in less than 2 hours but the more impressive move may have been in the U.S. Dollar which moved strongly lower and continued its decline in the after hours tagging 1.10 in the EUR/USD exchange after trading below 1.05 Monday. The U.S. Dollar has shown remarkable strength on late so it is not surprising to see a give back and considering how far how fast we…
Oil trades below $50 & leads market lower
Index & Sector performance 1/5/15 The Market: The market was again led by Oil’s decline as we closed below $50 per barrel for the first time since 2009. In the Analyst Comments below you will see a downgrade for Caterpillar (CAT) by JP Morgan. In the note the analyst commented that up to 30% of CAT’s revenue could be under pressure due to lower oil prices. Similarly, Evercore downgraded Terex (TEX) to Hold with an $26 target and United Rentals (URI) to Sell with a $87 target citing concerns that oil’s sharp decline will hurt energy investments and thus construction…