March 19, 2024

Weak ADP data helps market gap

The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon.  After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%.  The only two losing sectors on the day…

Early dip finds buyers

Index & Sector performance 6/26/14 The Market: Just before the open the major indices started spiking lower and continued through the bells until roughly 10 am ET before finding a bottom.  Then as if nothing happened the market spend the rest of the day climbing back toward even on the day with the S&P 500 (SPY) finishing slightly higher while the other major indices on the WSC Scoreboard finished slightly lower. Just like the broad indices, the individual sectors from the WSC Scoreboard were mixed but all hovering near flat on the day.  The Financials (XLF) and Consumer Staples (XLP)…

Market lower & Energy higher on week

Index & Sector performance 6/13/14 The Market: After logging a close outside of the Weekly (20, 2, -2) Bollinger Bands in the S&P 500 last week, the S&P 500 finished this week slightly lower.  As we noted last week when it happened, this is a noteworthy event to track in our opinion because it has led to multi-week/month counter trend moves and remains one reason we continue to cautious on the broad market at this time. While most of the sectors from the WSC Scoreboard finished the trading session higher, it was again Energy (XLE) leading the charge closing up nearly…

S&P 500 holds 1800

Index & Sector performance 12/10/13 The Market: On what amounted to only a small down day with the S&P 500 losing roughly 5 points, the index was able to hold the $1800 level as well as the 20 day SMA which it recently regained after a one day close below on 12/5/13. It was a light economic data day with the NFIB Small Business index coming in as expected posting a 92.5 with expectations at 92.7 and the previous reading 91.6.  Wholesale inventories were higher than expected with a 1.4% reading when consensus was 0.3%.  The previous month’s reading was…