The NightCap
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…
Monday’s bounce have legs?
Index & Sector performance 3/17/14 The Market: Today’s rally is not unexpected from Friday’s oversold levels and the early continuation to the downside in overnight trading which took us to the low 1820ES levels we were expecting. Until we see the market get through the 1865-70ES region, this action will be considered only a technical relief rally with more downside/consolidation to come. Economic data to watch for tomorrow is CPI which has core & headline estimates at 0.1% and Building Permits which has an estimate of 0.97M coming off the previous 0.94M. Reporting EPS 3/5/14 Pre-Market: Analyst Comments:
Strong sell off starts week
Index & Sector performance 2/3/14 The Market: In the News: The following noteworthy companies are scheduled to report earnings before tomorrow’s open: EMR, ETN, ADM, CME, SE, HCA, SIRI, IP, BDX, MHFI, DLPH, BSX, KORS, FIS, CLX, AMG, SEP Analyst Comments: The Game Plan:
Daily Wrap
DJIA -42.55 (-0.28%) to 14,932.41;S&P 500 -0.88 (-0.05%) to 1,614.08;NASDAQ -1.09 (-0.03%) to 3,433.40 The S&P 500 started today looking as though it was going to recover well from yesterday’s late day sell of but again around Noon EST the market lost momentum and declined into 2:30 Pm EST where there was then a bottom and late day small rally which took the major indexes near flat for the day but well off the highs. In economic data, Total Vehicle sales bested expectations coming in at 16M units sold and tomorrow ADP employment numbers come in with an estimate of 161K. The official…
Daily Wrap
DJIA +138.46 (+0.92%) to 15,254.03;S&P 500 +9.68 (+0.59%) to 1,640.42;NASDAQ +9.03 (+0.30%) to 2,990.79 The S&P 500 started the morning higher but spent the majority of the midday in negative territory before turning positive around 2pm EST and rallying into the close. The Nasdaq had roughly the same pattern but the Dow was able to remain positive the entire day due to the strong moves by Merck (MRK) and also Intel (INTC). In economic news, ISM came in light with a 49 reading which was below estimates and also the lowest reading in roughly 4 years. The aforementioned MRK was up today on positive news regarding…
Week in Review
DJIA -40.86 (-0.28%) to 14,565.25; S&P 500 -6.70 (-0.43%) to 1,553.28; NASDAQ -21.12 (-0.65%) to 3,203.86 The March unemployment data came in well below expectations (88K vs 198K expectations) which send the market gaping lower and down over 1% in early trading. This took the S&P 500 toward the 50 day SMA and into a range of support which is used to rally off the lows ultimately only closing down slightly for the day. Big loser on the day was F5 Networks (FFIV) which lose over 19% after announcing Q2 earnings that were below analyst expectations. The company blamed the lower results on decreasing telecom and…
Daily Wrap
DJIA -111.66 (-0.76%) to 14,550.35; S&P 500 -16.56 (-1.05%) to 1,553.69; NASDAQ -36.26 (-1.11%) to 3,218.60 Today in the pre-market we were essentially flat/slight higher and even after a poor ADP number the S&P 500 was able to open slightly higher but that was short lived and the rest of the day we saw market declines which at the lows approached down 20 points in the S&P 500 or over 1%. Along with the weak ADP and general concerns on slower global growth we also had two other event weighing on the markets. First the U.S. Defense Secretary, Chuck Hagel, stated that the…
Week in Review
DJIA +90.54 (+0.63%) to 14,512.03; S&P 500 +11.09 (+0.72%) to 1,556.89; NASDAQ +22.40 (+0.70%) to 3,245.00 As some pessimism laid way to optimism regarding the Cyprus situation and at least got our of the market’s way to press higher near 1% for the day. What was also positive to see was the line-up with the S&P 500 and Nasdaq leading instead of the Dow (broader based rally). The stock of the day was no doubt Nike (NKE) in my opinion. Thursday evening after the close NKE posted Q3 EPS of 73c vs estimates of 67c on revenue that met expectations of $6.2B. The company…
Daily Wrap
DJIA +55.91 (+0.39%) to 14,511.73; S&P 500 +10.37 (+0.67%) to 1,558.71; NASDAQ +25.09 (+0.78%) to 3,254.19 Today caught me somewhat by surprise as last night I expected today to probably start muted and remain that way until the Fed announcement which could then lay way to some swings. We got essentially the exact opposite. A gap in the morning essentially went no where to and through the Fed announcement and Bernanke Q&A with then a few spikes and ultimately the SPY closed roughly where it opened. Speaking of the Fed statement, it was essentially the same as the previous statement minus some wording to acknowledge…