April 25, 2024

Energy leads while healthcare lags

The Market: Overall a consolidation session in the markets as the Dow (DIA) finished higher while the S&P 500 (SPY), NASDAQ (QQQ), and Russell 2000 (IWM) finished lower . Energy stocks continue to remain in vogue as the XLE finished 2.22% higher on the session and marked the 5th straight day of higher closes.  Materials (XLB) was the next closest outperformer finishing up 1.3% and Technology (XLK) was the only other sector to finish up. Lagging in today’s session was HealthCare (XLV) which finished down -2.35% and saw all components finish the day lower except for Mallinckrodt (MNK) and Dentsply…

Huge intraday swings

The Market: As expected, volatility continues and while we would not expect 100 point S&P days to become a common occurrence we do expect to see sharp swings both up and down. Our current expectation is that the market will ultimately revisit this morning’s lows is not make new lows but in the short-term the market is very oversold and should stage some sort of rally — not just intraday like today but on a closing basis over a few days.  That rally will be very telling and if weak we could be setting up for much much lower and…

Low Volume Slow grind Higher

Index & Sector performance 2/17/15 The Market: Monday the markets were closed in observance of President’s Day.  As trading started back Monday evening, the futures traded lower but by the open Tuesday all the loses were recouped and after an early session consolidation the index pressed toward new closing highs.  Volume was light but this could be due to the winter storms around the nation.  All broad indices on the WSC Scoreboard are noticeably higher YTD with the Dow (DIA) lagging and the NASDAQ (QQQ) leading. In individual sectors it a little more mixed.  HealthCare (XLV) was the clear leading…

Daily Wrap

DJIA +2.77 (+0.02%) to 14,450.06; S&P 500 -3.74 (-0.24%) to 1,552.48; NASDAQ -10.55 (-0.32%) to 3,242.32 Another day where not much was on the US economic data calendar expect the NFIB small business survey which came in slightly higher than expected but nothing really of note.  As has been a trend lately, the Dow lead all major indices hovering just above or below even for the day and for the most part it was a relatively quiet day. This is not actually surprising action for where the markets have been.  We are up roughly 9% YTD on the SPY (S&P 500 SPDR ETF) and nearly 11%…