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…
Tech closes at new 52 week high
The Market: Stocks continue to rebound strongly after a rough week of trading last week. The NASDAQ (QQQ) led today’s charge finishing at a new 52 week closing high followed by the S&P 500 (SPY) while the Russell 2000 (IWM) and Dow (DIA) lagged. Many individual sectors outperformed in the session with Utilities (XLU), Reatil (XRT), Technology (XLK), and Consumer Staples (XLP) all finishing up over 1%. Reporting EPS 7/16/15 After the Close: Reporting EPS 7/17/15 Pre-Market: Analyst Comments:
Dollar giveth and taketh away
Index & Sector performance 3/19/15 The Market: It was noted in last night’s write-up that where the S&P 500 (SPY) decided to stop yesterday gave us pause and left the door open for a pullback. We still see risk in the S&P in the short-term but a move back over yesterday’s high would force us to revisit that view. Oil reversed much of yesterday’s gains but has managed to remain above yesterday’s lows. We noted in last night’s commentary that the risk/reward in the USO looked favorable with a stop below $15.61 and we would continue to use that as…