August 22, 2017

The NightCap

Daily-Wrap

The Market: Not a great start to 2016 for the Bulls but could have been much worse if not for a late end-of-day rally.   So far in after-hours trading the market has continued higher but we will need to see if these gains hold over-night as well as into early trading tomorrow. No Sector was spared in today’s trading but the XLU was the clear relative outperformer finishing down only 0.21% followed by the worst performer for 2015, XLE, finishing down 0.41%. Tomorrow is a light Economic Data session with only Vehicle Sales being reported but later in the week…

The NightCap

Daily-Wrap

The Market: No Comments with tonight’s write-up.  Have a great evening!       Reported EPS 12/21/15 After the Close: Cintas Corp (CTAS) est $1; Steelcase Inc (SCS) est $0.32   Reporting EPS 12/22/15 Pre-Market: ConAgra Foods Inc (CAG) est $0.60; Paychex Inc (PAYX) est $0.51   Analyst Comments:

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…

QQQ & IWM reach new highs

Daily-Wrap

Index & Sector performance 2/26/15 The Market: More churn today in the markets but again the NASDAQ (QQQ) and Russell 2000 (IWM) showed more strength than the S&P 500 (SPY) with the QQQ and IWM reaching new 52-week closing highs on the session. Crude oil lost over 5% today which helped send the Energy (XLE) sector 1.88% lower.  We noted in our 2/18/15 nightly recap when the XLE was trading above $81 that we would look for a pullback toward $78 as a buying opportunity.  Closing today at $79.35, we would ideally like to see lower levels before dipping into…

Global economic growth concerns weigh on market

Daily-Wrap

Index & Sector performance 11/4/14 The Market: Today’s session ultimately finished narrowly lower with the Dow (DIA) managing to close ever so slightly higher.  Midday the damage was worse as traders pointed to the European Commissions cutting growth and inflation forecasts but after the European exchanges closed the U.S. found a bottom and drifted higher into the close. In individual sectors it was again Energy (XLE) which led the way lower finishing down 2.06% as crude oil traded as low as $75.84/ barrel after Saudi Arabia announced it was cutting prices on oil exports to the U.S.  Traders are cautious…

Fed helps S&P to new highs

Daily-Wrap

Index & Sector performance 6/18/14 The Market: After what amounted to a roughly 1.5% correction from the 6/9/14 highs to the 6/12/14 lows, the S&P 500 has since rallied and as of today’s close made a new intraday and closing all time high.  The majority of the gains were realized after the FOMC statement and rate decision where the Fed left the rate unchanged and lowered monthly bond purchases by $10B. We have taken a cautious stance on the broad market since 6/6/14 due to multiple overbought conditions across multiple time frames.  While the pullback from 6/9 – 6/12/14 helped…

Thank you to our Vets!

Daily-Wrap

Index & Sector performance DATE The Market: Any given day stocks will make big moves but today with the bond market closed in observance of Veteran’s Day the broad markets seemed happy to consolidate.  Do not be surprised if today’s action is the calm before a strong directional move. Being that today was a Bank Holiday, there was no government economic data announced.  We did see the NFIB Small Business Index come in slightly below expectations posting a 91.6 when 93.5 was expected. Story Stocks: Merger Monday as ViroPharma (VPHM) agreed to be acquired by UK drugmaker  Shire (SHPG).  The…

ECB moved & so did the markets

Daily-Wrap

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…

Great Initial Claims data but….

Daily-Wrap

The Market: The markets saw a small down day which after the recent bullish action only seems to be best described as a consolidation.  The leading sector of the day was technology which saw Apple (AAPL) Verizon (VZ) and AT&T (T) lead but the next best sector was the Consumer Staples and the standout there was Walgreen (WAG) which caught an upgrade to Conviction Buy at Goldman Sachs. In economic data there was a great deal of data including the often watched Initial Jobless Claims which came in better than expected posting a 292K number vs the consensus estimate of…