Week starts slow – GS grounds BA
Index & Sector performance 2/23/15 The Market: Overall a flat session with the NASDAQ (QQQ) and Russell 2000 (IWM) finishing slightly higher while the Dow (DIA) and S&P 500 (SPY) finished lower. The main drag on the DIA today was Boeing (BA) which finished down 2.26% after Goldman downgraded the name to Sell with a $132 price target. In individual sectors it was a mixed bag with the Industrials (XLI) leading to the downside finishing down 0.43% while the Utilities (XLU) led to the upside finishing up 0.68%. As we posted tonight in the Charts section, the XLU held a…
Off the 200 Day and up
Index & Sector performance 2/2/15 The Market: The S&P 500 (SPY) started the session lower but found support just slightly above the 200 day SMA which has not been visited since October 2014. After an initial pop and then pullback the index rallied the remainder of the session to finish over 30 points off the lows. So far in the after hours the index is holding the gains and consolidating. Today’s action should be very promising for long traders and you know your stops — below today’s lows. The leading sector on the WSC Scoreboard was Energy (XLE) finishing up…
S&P nearing last week’s low
Index & Sector performance 10/7/14 The Market: After being rejected by the 50 day SMA yesterday, the S&P 500 (SPY), along with the other major indices on the WSC Scoreboard, followed up today with a strong down session. So far the SPY has managed to stay above the 10/2/14 spike low but we are very close. Utilities (XLU) continue to outperform on this recent down turn and after spending some of today in positive territory managed to only finish 0.14% lower. Next best was the Consumer Staples down 0.59%. Leading to the downside today was yesterday’s top loser, Transportation (IYT), …
This down day came with volume
Index & Sector performance 7/8/14 The Market: *** Administrative Note: Due to traveling, this will be the last update for the week. *** A second straight day lower for all 4 broad market indices on the WSC Scoreboard but setting today apart from other recent down days was a noticeable pick-up in volume. Leading the charge to the downside was the NASDAQ (QQQ) and Russell 2000 (IWM) both finishing 1.2% lower. We remain cautious on the overall broad market and as noted in last night’s report are watching the IWM closely. Its failure to lead and make new highs with…
Waiting on Washington
Index & Sector performance 9/30/13 The Market: The lack of a deal from Washington on the impending government shutdown seemed to eight on trader’s mind. While the S&P was able to rally after a gap down in early trading, the rally was short lived and around 1:30 pm EST the market again lost ground although was able to remain above the early morning lows In economic data we had Chicago PMI which came in slight better than expected with a 55.7 reading when 54.5 was expected. Tomorrow we have Final Manufacturing PMI, ISM, Construction spending and Total Vehicle Sales. In…