October 20, 2017

The NightCap

Daily-Wrap

The Market: A late day rally helped the market close well off the midday lows but all 4 major indices on the WSC Scorobard still finished down near or over 1%.  Based on the recent action, we expect to see lower levels in the short-term. In individual sectors, Retail (XRT) was the hardest hit sector on the WSC Scorboard with Priceline (PCLN) finishing down over 9% on the session after reporting EPS which beat expectations but guidance that fell short.  We will be watching Ctrip.com (CTRP) which is scheduled to report EPS tomorrow, November 10th, after the close — CTRP…

China & Buffett support stong session

Daily-Wrap

The Market: A strong overnight session in China which was triggered by changes to the latest monetary policy report and also on reports that China will overhaul state-owned enterprises helped get the market started and then Warren Buffett and Berkshire Hathaway (BRK.A, BRK.B) helped fan the fire by first purchasing Precision Cast Part (PCP) for $235/share in cash and then during an interview noted that he likes IBM (IBM) and answered a question about if he is buying that people should check the SEC filings in the coming days.  The Dow (DIA) led today’s rally. Energy (XLE) was the biggest…

Dollar ralley continues as Market slides

Daily-Wrap

Index & Sector performance 3/10/15 The Market: A strong down session across the board with no index or sector spared.  We noted yesterday that the action to the upside appeared to not have conviction and today the lack of buying turned into selling.  Traders pointed to concerns over the eventual rate hike from the Fed and the strength in the Dollar as reasons for concern. We expect to see some form of a bounce as we have started to see positive divergence set-up on the shorter term intraday charts of the S&P 500 (SPY) and NASDAQ (QQQ) but any moves…

S&P 500 pullback coming soon?

Daily-Wrap

Index & Sector performance 6/6/14 The Market: Yet again the Russell 2000 led in today’s trading as all 4 broad indices from the WSC Scoreboard closed higher.  Also after spending much of 2014 in the red, the Russell 2000 (IWM) is now ever so slightly higher on the year. Healthcare (XLV) and Utilities (XLU) were the lone laggards in the individual sectors while Energy (XLE), Industrials (XLI), and Transportation (IYT) were the notable leaders.  Taking a peak further at the Industrials, which were the overall leader, we see Fluor (FLR) posted a 2.77% gain today following up on a strong…

Daily Wrap

Daily-Wrap

DJIA +83.86 (+0.58%) to 14,539.14; S&P 500 +8.71 (+0.56%) to 1,563.23; NASDAQ +13.81 (+0.43%) to 3,258.93 Nothing much happened today, another day another Dow high, you know, the usual.  Today at the close actually would not have been a bad spot to try and take a small short as a spec trade into tomorrow.  Nothing big, nothing saying a top is in but just 10 straight days up in the Dow is somewhat extended. Economic data today included U.S. jobless claims which came in lower than expected at 332K. Stock of the day today was E-Trade Financial (ETFC) which lost over 8% after…

Week in Review

Week-in-Review

DJIA +35.17 (+0.25%) to 14,089.66; S&P 500 +3.52 (+0.23%) to 1,518.20; NASDAQ +9.55 (+0.30%) to 3,169.74 Friday was an interesting day as we went into the weekend before Sequester (sounds like an SAT word right?) and rumors were abound which helped drive the markets one way or the other.  We did finally close with a small gain on the day which continued the markets impressive move off Wednesday’s lows right near the 50 Day SMA’s.  We had what I thought was mixed economic data through-out the day which over overall possibly canceled itself out but also continues to show the shaky ground we stand on.  That isn’t…

Daily Wrap

Daily-Wrap

DJIA +175.24 (+1.26%) to 14,075.37; S&P 500 +19.05 (+1.27%) to 1,515.99; NASDAQ +32.61 (+1.04%) to 3,162.26 The market followed up yesterday’s moved with a rip your face of rally that took the Dow toward new all time highs.  As for what drove the rally, we started to bottom and go after pending home sales data but it is hard to think that really caused the run and we were likely more running do to the technical bounces as many charts moved off their 50 day SMA’s yesterday. Stock of the Day today was Apple Computers (AAPL) but not because of a wild move and more due to the fact…

Daily Wrap

Daily-Wrap

DJIA +14.75 (+0.11%) to 13,169.88; S&P 500 +0.48 (+0.03%) to 1,418.55; NASDAQ +8.92 (+0.30%) to 2,986.96; During last night’s trading and early in the morning Monday we saw the S&P 500 futures treading lower, finally bottoming at 1410.75 around 6am EST and then steadily rally throughout the remainder of the morning to 1421 at 11am EST.  The remainder of the day was somewhat choppy and the focus was on Italy.  News of Prime Minster Mario Monti’s intentions to resign sent bond yields spiking and the markets dipping as the feeling was of somewhat shock/surprise and again another scenario of uncertainty and we see…