Markets bounced convincingly after the first 3-day losing streak in quite a while. The S&P 500 added 0.81% and the NASDAQ 1.22%. We saw very good level of strength in the small caps today as the Russell 2000 jumped 1.80%. Financials led the way today which was a good sign for overall strength. Ironically economic news was bad this morning but we know what that means by now - bad news = more Federal Reserve.
The Philadelphia Federal Reserve Bank said its business activity index dropped to 6.5 in the latest month, from 19.8 in October. This month's figure was well below economist expectations for a reading of 15.0.
In the indexes we again had a bearish outside day Monday but it appears in the QE markets, this marker is going to become increasingly useless, especially if today's move leads to new highs shortly. That will be 2 outside days in a week that would be rendered useless. For now all the S&P 500 did is pull back to its 10 day moving average and bounced. The NASDAQ had a bit of a sharper pullback.
We'll add the Russell 2000 index today...
Here is the ETF for the financial sector (XLF) - a very nice move...
The industrials also did well today - here are charts for Textron (TXT) and auto supplier Tenneco (TEN).
Green Mountain Roasters (GMCR), a former momentum stock and highly shorted issue, popped 14% today as the single-serve coffee brewing company late Wednesday reported adjusted per share earnings of 89 cents in the fourth quarter, beating estimates of 75 cents. Obviously an awful chart, but you can see the risk of betting one way or the other into earnings...
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Thursday's U.S. Markets In Review
Published 11/22/2013, 05:05 AM
Updated 07/09/2023, 06:31 AM
Thursday's U.S. Markets In Review
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