Few market participants on Yom Kippur
The Market: Overall it was a low volume range bound trading session as volume was light and many market participants were out in observance of Yom Kippur. Crude oil traded sharply lower today which hurt the XLE but the biggest loser on the WSC Scoreboard was Materials (XLB) which finished down -2.13%. The biggest losers in the XLB included CF Industries (CF), Mosaic (MOS), and Freeport-McMoRan (FCX) closing down -6.58%, -5.67%, and -5.64% respectively but it is also worth noting that 4 of the top 5 weighted stocks in the XLB were down over 2% on the session. You can…
Sellers appear on slow news day
The Market: An initial gap down in the morning found buyers but only to roughly flat on the session when the seller stepped back in and controlled the remainder of the day with all 4 of the WSC Scoreboard main indices finishing lower led by the Dow (DIA) while closed down nearly 1%. All of the WSC Scoreboard sectors were lower on the session with the largest losses realized in Transportation (IYT), Matierials (XLB) and Heath Care (XLV). Not many comments tonight but we would be cautious here. The market looks to be oversold in the short term and due…
Small Caps lag as market rallies
Index & Sector performance 3/16/15 The Market: A strong performance day as the S&P 500 (SPY), Dow (DIA), and NASDAQ (QQQ) finished up over 1% while the Russell 2000 (IWM) was the laggard finishing up 0.60%. One of the positive noted on this recent decline in the broad markets was the resilience of the IWM which is close to a new all-time high. Today could just be the other broad indices catching up to the already outperforming IWM but we cannot help but feel as though today was a perfect set-up for the IWM to lead all names higher and…
Daily Wrap
DJIA +55.91 (+0.39%) to 14,511.73; S&P 500 +10.37 (+0.67%) to 1,558.71; NASDAQ +25.09 (+0.78%) to 3,254.19 Today caught me somewhat by surprise as last night I expected today to probably start muted and remain that way until the Fed announcement which could then lay way to some swings. We got essentially the exact opposite. A gap in the morning essentially went no where to and through the Fed announcement and Bernanke Q&A with then a few spikes and ultimately the SPY closed roughly where it opened. Speaking of the Fed statement, it was essentially the same as the previous statement minus some wording to acknowledge…