August 18, 2017

The NightCap

Daily-Wrap

The Market: Global concerns sparked an initial move lower in early trading but the markets found support near the $2070 region in the SPX and then managed to finish the session slightly higher.  Energy (XLE) was the clear leader on the WSC Scoreboard followed by Retail (XRT) and Materials (XLB).  Transportation (IYT) lagged hurt by the State Department’s travel ban issued late Monday in response to the recent geopolitical events. After making a low in late August, the XLE rallied until early November and has since held in well consolidating below the November 6th high.  XLE may be setting up…

The NightCap

Daily-Wrap

The Market: The market continues to grind higher with the Russell 2000 (IWM) trying to play catch-up of late. Energy (XLE) led all sectors in today’s trading, again, and has been one of the hottest sectors of late although still down nearly -10% YTD. A relatively big data week with ISM Monday, Fed speak & ADP tomorrow, Unemployment Claims Thursday, and official Jobs data on Friday.  Traders concerned about the Fed and if we will see a December rate hike should be paying attention to this week’s data.       Reported EPS 11/3/15 After the Close:   Reporting EPS…

Major Market Indices down near or over 2%!

Daily-Wrap

  The Market: We warned in last week’s update that we viewed the pattern in the market as one that warranted caution.  In the short term we view the market as very oversold and due for a bounce.  Ideally we would like to see a failed rally in the Futures overnight that results in a gap down in the cash index which provides an opportunity to get long in early trading.  It is also worth noting that the SPY closed right at the 200 day SMA & EMA which should act as support — even if only short term. Looking…

S&P snaps 2 day losing streak

Daily-Wrap

Index & Sector performance 2/10/15 The Market: The S&P 500 snapped a 2 day losing streak with a solid rally closing up over 1% on the session while the NASDAQ led the charge finishing up over 1.50% helped by Apple (AAPL) which closed at a fresh all time highs.  The Russell 2000 (IWM) was the laggard but still managed to finish up 0.67%. All the sectors on the WSC Scoreboard were higher with the exception of Energy (XLE) which was taking its cue from Crude’s slide today after running into the 50 day SMA.  Utilities (XLU) was the biggest gainer…

Oil trades below $50 & leads market lower

Daily-Wrap

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…

Strong start with new highs

Daily-Wrap

Index & Sector performance 5/12/14 The Market: A strong start to the week as a broad based rally in the market was led by the Russell 2000 (IWM) up 2.27% and the NASDAQ 100 (QQQ) up 1.65% while the Dow and S&P reached new closing highs.  The two stand out sectors were Retail (XRT) and the Transportation (IYT) while the Utilities (XLU) lagged closing down 0.92% but remain the largest gainer YTD. We have much more economic data this week and tomorrow all eyes will be on Retail Sales which is released before the open.  Headline sales are expected up…

Market starts on Tryptophan

Daily-Wrap

Index & Sector performance 12/2/13 The Market: Overall not a very active day in this first full trading session after the Thanksgiving holiday and to start December.      Today’s action started with an early dip that was quickly bought and started to rally higher until 12:30 pm EST.  That is where the rally lost steam and started a descent back down toward the earlier lows.  The market reached and went through those lows finally closing at $1800 in the S&P 500.  It is unclear if this slow start to the month is about to start a slide or if it is…