Daily Market Recap
The market faded after a good start again today. The S&P 500 finished virtually flat and the Dow finished off 18 points. The S&P 500 remains in the 1430-1470 trading range. When the market trades down the often cited reasons are fears over quarterly earnings and the fiscal cliff. There has not been enough momentum on either side of the ledger to push the market out of the trading range.
Cyclicals (materials, industrials, financials) traded better than the market and defensive sectors like utilities and staples were weaker. Technology again lagged the market. Apple traded down 2.0% today and is now more than 10% off its recent high. Tech stocks are often weak prior to the fourth quarter budget flush. It appears like 2012 is no different. We will see if there is a late Q4 move into the sector as often happens.
Financials outperformed the market today. Large money center banks and those with heavy capital markets exposure led the way today. Leading financial stocks, J. P. Morgan and Wells Fargo, report earnings prior to the open tomorrow.
Industrial stocks were up 0.5% today after initial jobless claims came in lower than expected. Large multi-line industrials were leaders in the sector.
Energy traded 0.75% higher as crude increased 1.25%. Natural gas jumped 4.25%. Integrated energy names as well as drillers and service companies traded higher. Refiners traded lower. Cautious guidance from Chevron in their downstream business continued to hurt the refinery space.
Retail traded lower today. Some discount retailers reported a softening in their business and the entire industry group was under pressure. Profit taking was also a factor as many retailers have broken out to new highs recently.
Source: PFS Group
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