Lots of data yields flat finish
Index & Sector performance 7/30/14 The Market: Lots of Economic Data/announcements in today’s session but when the dust settled it was surprisingly a flat session with the NASDAQ (QQQ) and Russell 2000 (IWM) leading while the Dow (DIA) finished slightly lower and the S&P 500 (SPY) finished slightly higher. The leading sector on the WSC Scoreboard was Retail (XRT) finishing the day up 1% however Retail remains the only individual sector on the WSC Scoreboard that is down for the year. The laggard was the Utilities (XLU) and decisively so finishing the day down 1.69%. We remain interested in some…
This down day came with volume
Index & Sector performance 7/8/14 The Market: *** Administrative Note: Due to traveling, this will be the last update for the week. *** A second straight day lower for all 4 broad market indices on the WSC Scoreboard but setting today apart from other recent down days was a noticeable pick-up in volume. Leading the charge to the downside was the NASDAQ (QQQ) and Russell 2000 (IWM) both finishing 1.2% lower. We remain cautious on the overall broad market and as noted in last night’s report are watching the IWM closely. Its failure to lead and make new highs with…
GDP disappoints but market ignores
Index & Sector performance 4/30/14 The Market: As you can see in the table below, the U.S. Q1 GDP number came in well below expectations. While Q1 was not expected to be a high growth quarter, clearly analysts did not expect a near negative number. Certainly the colder than expected weather could have and likely did play a role but on our opinion you cannot completely blame a miss like this on the weather. So why might traders and investors be willing to look past this data besides the weather? Possibly because a number like this allows the Fed to…
Intraday swing leave only small gains
Index & Sector performance 4/28/14 The Market: After moving slightly higher in the overnight and early trading, the S&P 500 quickly dropped in the midday session before finding a bottom around 1:30 pm ET. While the S&P fell a few points short of making it back to the earlier intraday highs, it did manage to post a small gain on the day. The Dow led the major indices helped by a 4.2% gain from Pfizer (PFE) while the Russell 2000 closed slightly down on the day. Many big name stocks in the news including the aforementioned Pfizer (PFE) who…
3 strong days higher
Index & Sector performance 4/1/14 The Market: Today’s early action targeted our highlighted region from last night’s update of $1875ES and then pulled back to support near $1870ES. Later in the day the market made another rally toward and pressed through $1875ES and now resides above in the after hours session. While we are starting to see some intraday negative divergences develop on the market which provide some caution to the recent strong 3 day rally, we fully expect the S&P 500 emini to challenge the highlighted resistance region of $1884-90ES in overnight or early morning trading. From there we…
Next target the 50 day SMA?
Index & Sector performance 3/13/14 The Market: A strong down day in the market but coming into the day people may have thought that would be a result of a poor Unemployment Claims number but we actually saw a better than expected 315K (334K est). After the report the index meandered higher into the open and then after peaking out above trend line resistance, turned and started what proved to be a day long decline. At 11:30 am we posted on StockTwits that the decline in the ES looked like it had lower to go especially due to the slope…