Market recovers after weak GDP
Index & Sector performance 6/25/14 The Market: After a quiet overnight session, the S&P 500 futures spiked lower after the Government announced worse than expected GDP estimates for the first quarter of the year but, after the open, buyers stepped in and all four main indices from the WSC Scoreboard closed higher. In individual sectors HeathCare (XLV) and Transportation (IYT) outperformed closing up 1.06% and 0.99% respectively. The only sector closing lower on the WSC Scoreboard was Consumer Staples (XLP) finishing down 0.16%. The leader in the XLV was Bristol-Myers Squibb (BMY) finishing up 2.96% after announcing positive Phase III…
Citi & Retail Sales aid rally
Index & Sector performance 4/14/14 The Market: The S&P 500 started lower in Sunday’s overnight session but quickly found a bottom and moved off the lows into early trading. Met with better than expected retail sales and an earnings beat by Citigroup (C), the rally continued until just after noon ET before topping out and starting a slide back toward the overnight lows. It appeared the market was yet again faced with a late day sell off but with one hour left in trading the S&P 500 found a bottom and snapped back toward the highs of the session….
Early dip met with strong buying
Index & Sector performance 2/13/14 The Market: The markets began to dip overnight and into early morning trading. Weaker than expected economic data didn’t help but just as the market officially opened the bottom was put in and the S&P 500 spent the remainder of the day rallying only taking a short midday break before continuing on to made the highs of the day near the close. The following noteworthy companies are scheduled to report earnings before tomorrow’s open: ALE, BAM, COTY, CPB, DTE, H, IPG, IPGP, ITT, JMP, LECO, LPNT, MINI, POR, RRGB, SJM, SNI, TRW, VFC, VTR,…
Analyst Comments
Since breaking out of a trading range back in October 2013, Alcoa (AA) has been a strong performer gaining over 50%. With the stock trading around $9.24, Goldman Sachs upgraded AA to Buy with an $11 price target on 11/25/13 and later upped that target to $12 which AA reached in less than 2 months. This action has prompted Goldman Sachs to review AA again and instead of going to a Neutral, they are upping their price target once again this time to $15. We agree with Goldman that it appears AA has more left in the tank but it…
Market reaches target, now what?
Index & Sector performance 2/10/14 The Market: A light volume start to the week and a very tight trading range with the S&P 500 cash trading in an 8 point range and even including early trading in the futures the entire day stayed within a 9.25 point range. The following noteworthy companies are scheduled to report earnings before tomorrow’s open: CVS, S, REGN, RAI, MMC, OMC, PCG, HCP, IR, ETR, GWR Analyst Comments: The Game Plan: The S&P 500 (SPY) 60 minute chart has a potential inverse Head & Shoulder pattern which counts…
Strong sell off starts week
Index & Sector performance 2/3/14 The Market: In the News: The following noteworthy companies are scheduled to report earnings before tomorrow’s open: EMR, ETN, ADM, CME, SE, HCA, SIRI, IP, BDX, MHFI, DLPH, BSX, KORS, FIS, CLX, AMG, SEP Analyst Comments: The Game Plan:
ECB moved & so did the markets
Index & Sector performance 11/7/13 The Market: The S&P 500 spiked higher around 8am EST time after the ECB announced a rate cut. This move was further helped by a strong Q3 GDP number. While we opened off the pre-market highs, the real selling began after the bells. After each move lower the market tried to stage a rally but all were sold. The S&P 500 closed right at the 20 day SMA From peak to trough using the S&P futures we saw a near 30 point swing to the downside. In economic news, GDP came in much stronger than…
Daily Wrap
DJIA -36.86 (-0.24%) to 15,521.97;S&P 500 -6.32 (-0.37%) to 1,685.33;NASDAQ -14.02 (-0.39%) to 3,599.14 Today the S&P 500 started with a small gap down that initially tried to rally back to Friday’s close but couldn’t hold and slipped lower until finding a bottom just before noon EST. After gaining some traction the S&P rallied until roughly 2:30 EST before falling again in the last hour of trading but did not make new lows for the day. There was a notable merger in today’s news and while the stocks didn’t move very much, due to the size of the companies it was note worthy…
Week in Review
DJIA +35.87 (+0.24%) to 15,118.49; S&P 500 +7.03 (+0.43%) to 1,633.70; NASDAQ +19.90 (+0.67%) to 2,981.02 Friday was a very choppy trading session which sent the index bouncing around and when it looked like it could possible be setting up for a late day sell-off ended up instead closing near highs for the day. In economic news the calendar was light but had a great deal of Fed speak throughout the day including Chairman Bernanke right near the open. The Dell (DELL) going private saga continued where two large DELL investors, Carl Icahn and Southeastern Asset Management, advised that they will not be voting for Michael…
Daily Wrap
DJIA +48.92 (+0.32%) to 15,105.12; S&P 500 +6.73 (+0.41%) to 1,632.69; NASDAQ +15.36 (+0.52%) to 2,968.24 The market continues to grind higher during. Today started with a gap lower which like many others in the past was quickly bought up and sent to new highs. There was a brief downdraft late in the day sending the markets back down toward even on the day but yet again the bulls stepped in and not only regained all those late losses but again extended higher into the close. Tomorrow we have Unemployment claims and I show estimates at 333K with a reminder that last week’s number was the…