November 17, 2018

Tight trading ends with pop higher

Index & Sector performance 11/18/14 The Market: After multiple sessions trading in a tight range the broad indices broke-out to new highs.  It is worth noting that volume was again light but that has been the case throughout much of this recent rally after the mid October bottom.  In the after hours session the futures started to give back some of today’s gains so we will be looking to see if today was a false breakout which gives way to a pullback or if the indices can hold. In individual sectors, HealthCare (XLV) led finishing 1.61% higher helped by strong…

Overnight loses quicky negated

Index & Sector performance 10/30/14 The Market: In the overnight session the S&P 500 futures lost roughly 20 points and it appeared to be signaling for a rough Thursday but then recouped nearly all the loses by the open and managed to rally for the majority of the day.  All 4 indices from the WSC Scoreboard finished higher with the Dow (DIA) leading the charge helped immensely by Visa (V) which finished the session up 10.24% after reporting better than expected EPS and a new $5B Share Repurchase program yesterday after the close. In Individual sectors the clear standout was…

China growth concerns weigh on market

Index & Sector performance 9/22/14 The Market: The markets started the week off lower with many pointing to weak economic data out of China as well as comments from the Chinese finance minister stating there will be no major policy adjustments as the cause.  Leading the way lower was the Russell 2000 (IWM) which remains the clear underperfomer for the year with the Dow (DIA) not too far behind but at least positive YTD. Multiple sectors closed the day down over 1% with Retail (XRT) leading the way finishing the session 1.59% lower.  The XRT is now again over 1%…

Argentina default rattles global markets

Index & Sector performance 7/31/14 The Market: A sea of red today on the WSC Scoreboard with all 4 major indices closing strongly lower led by the Russell 2000 (IWM).  Major media outlets pointed to weakness overnight in International markets caused by Argentina’s default. Looking at the technicals, the S&P 500 (SPY) and the Dow (DIA) both clearly lost their 50 day moving averages on a closing basis and did so on an increase in volume.  The NASDAQ (QQQ), which has been this year’s strongest performer, is still a few percent above the 50’s while the Russell 2000 (IWM) has…

Retail leads low volume rally

Index & Sector performance 6/4/14 The Market: Another very light volume trading day led by the NASDAQ and Russell 2000 while the S&P 500 climbed to a new closing high. There were mixed results across the sectors but a stand out was the Retail (XRT) sector which closed up 0.76%.  Walgreen (WAG) finished up 4.19% to a new closing high on better than expected Q3 sales along with solid same-store-sales up 5.1%.  A more speculative name in retail also moving higher today was RadioShack (RSH) which closed up 8.63%.  For those looking for a speculative trade, RSH is a prime…

Russell leads Indices lower

Index & Sector performance 3/24/14 The Market: The Bull missed a great opportunity in our opinion when a late day rally stalled and failed to get above the 1856.50ES resistance and they even had the opportunity to close up on the day.  Now the 1852-56.50ES region should act as resistance and leaves the door open for an overnight drop toward 1840ES and then further 1827ES. In Economic Data we had Manufacturing PMI come in lighter than expected but the previous number was revised higher .  Tomorrow the market will be watching Consumer Confidence and New Home Sales.   Reporting EPS…

Do you buy the dip?

Index & Sector performance 1/28/14 The Market: In the overnight session the futures managed to recover gaining nearly 20 points from Monday’s lows.  When the Durables number was announced and came in much worse than expected the market puled back challenging support but that support held and by the open the market was back near the pre-market highs.  The remainder of the day the S&P 500 stayed in a relatively tight trading range with all of the major indices closing higher. In Economic news the Durable Goods numbers came in much worse than expected with Core Durable Goods Orders posting…

A low volume flat session

Index & Sector performance 11/25/13 The Market: Monday’s trading started with some optimism but that was sold in early trading and the market started climbing back toward the highs of the day after a pullback.  The rally efforts topped around 2:30 pm EST and the market then declined into the close but after the dust settled it was a flat day.  Again volumes were on the light side. Today’s economic calendar was light with only Pending Home Sales on the docket and came in worse than expected posting a -0.6% when 2.2% was expected.  Tomorrow we get more housing data…

Daily Wrap

DJIA +152.29 (+1.05%) to 14,719.46; S&P 500 +16.28 (+1.04%) to 1,578.78; NASDAQ +25.30 (+0.90%) to 2,835.37 Very strong day today in the market today with all major indices moving up roughly 1% or higher.  Today started with a gap higher and steadily climbed all day until 1pm EST when we saw a spike down.  We later realized the spike was caused by a false report by the AP, after their Twitter feed was hacked, that two bombs went off at the White House injuring the President.  Once the market realized the error they snapped back (whole process took a few minutes) but then still…

Daily Wrap

DJIA +62.51 (+0.46%) to 13,712.21; S&P 500 +6.58 (+0.44%) to 1,492.56; NASDAQ +8.47 (+0.27%) to 3,143.18 Today was an interesting day.  4 Dow names reported before the bell but due t their mixed nature it didn’t seem to help provide any conviction either way so the market erred on the being down side.  After wavering for the early part of the day the S&P finally pressed into positive territory around lunch and then started a trek higher closing up over 6 points for the day.  In economic news, US existing home sales came in below estimates for December and the Richmond Fed Manufacturing survey looked to…