Daily Wrap
DJIA +78.56 (+0.60%) to 13,248.44; S&P 500 +9.29 (+0.65%) to 1,427.84; NASDAQ +35.34 (+1.18%) to 3,022.30; Today’s market was up from the start and even though there were dips and reaction to various statements coming out of Washington, we stayed up the entire day. On the upside we finally pressed through key resistance and tagged the horizontal resistance/target we have been highlighting for weeks at 1434 on the index. After tagging we appropriately retraced and the initial back-test of the 62% fib at 1424 held as support and we closed in-between those key levels. American International Group (AIG) rallied over…
Daily Wrap
Today was really not very noteworthy in terms of the market. After gapping down on the open the market set its lows just before noon and spent the rest of the day drifting higher with the last 5 minutes of trading providing a push. The idea of hedging or even taking home a small S&P short on Friday would have worked well but I don’t know that there was conviction in any such trade. The first test of a hard sloped 20 day was my conviction trade and it never manifested. Stocks in the news today included Deckers Outdoor (DECK). This name should…