The NightCap
The Market: Overall it was another tight trading range session but the Russell 2000 (IWM) continued its underperformance and finished down over –1%. It appears that traders may be on hold until the FOMC statement and rate decision tomorrow. Transportation (IYT) sector was the hardest hit on the WSC Scoreboard as the sector ETF finished down -2.65% followed by yesterday’s biggest loser, Energy (XLE), which closed down -1.2%. The biggest gaining sector on the session was HealthCare (XLV) which finished up 1.84% and was helped by Allergan (AGN), Biogen Inc (BIIB), Vertex Pharmaceuticals Inc (VRTX), and Mylan NV (MYL) which all…
Holiday Fed combo = low vol
The Market: A combination of the Rosh Hashanah (from sunset Sept 13th to nightfall Sept 15th) and traders waiting to see what the FOMC will say Thursday yielded a low volume choppy session which saw the markets finish slightly lower. There are not many earnings reports scheduled for this week but there are some noteworthy names including Oracle (ORCL), Adobe (ADBE), FedEx (FDX), and Rite Aid (RAD). No Economic data today but the remainder of the week is fairly packed with the aforementioned FOMC Rate decision and Statement scheduled for Thursday. Reported EPS After the Close this…
News & EPS will dominate week
Index & Sector performance 10/20/14 The Market: This is a very light Economic data week but don’t worry. Earnings will more than make up for it with a Packed schedule all the way through to Friday. All the indices on the WSC Scoreboard were nicely higher but the Dow (DIA) was the clear laggard after IBM (IBM) lost over 7% due to a disappointing Q3 report which missed on revenues and EPS. The company also announced that they would no longer be able to meet its goal of $20/share in operating EPS by 2015. Solid results across all the sectors…
Lots of data yields flat finish
Index & Sector performance 7/30/14 The Market: Lots of Economic Data/announcements in today’s session but when the dust settled it was surprisingly a flat session with the NASDAQ (QQQ) and Russell 2000 (IWM) leading while the Dow (DIA) finished slightly lower and the S&P 500 (SPY) finished slightly higher. The leading sector on the WSC Scoreboard was Retail (XRT) finishing the day up 1% however Retail remains the only individual sector on the WSC Scoreboard that is down for the year. The laggard was the Utilities (XLU) and decisively so finishing the day down 1.69%. We remain interested in some…
S&P takes back overnight losses plus
Index & Sector performance 5/5/14 The Market: The S&P futures moved lower in the Sunday overnight session attributed to weak economic data out of China as well continued unrest in Ukraine. The futures continued lower throughout early trading Monday but found a bottom right at the open on an initial spike lower to 1860.50ES which was quickly bought and the index started a march higher reaching 1880ES by 2:30 pm ET. The index spent the last hour consolidating the near 20 point intraday rally. If 1872ES holds in overnight trading it appears the index could look to make a move…
Small Caps lead move lower
Index & Sector performance 12/11/13 The Market: Strong down day in the market with the S&P 500, Nasdaq and Russell 2000 closing down over 1%. The Russell 2000 has been leading the charge for the year but has underperformed of late including today posting the largest loss at 1.64%. After remaining relatively unchanged in overnight and early morning trading, the market started to slip in the pre-market about an hour before the open. Losses built the remainder of the day with the S&P 500 closing near the lows of the day and through the 20 Day SMA. In economic news…
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…