The 20’s support today’s drop
Index & Sector performance 12/8/14 The Market: The S&P opened lower but like every other recent micro pullback it found a bottom and started to rally higher. The market again looked like it wouldn’t be denied a higher close but then after the initial morning pop the indices started to roll and continued lower until roughly 2pm ET when they found a bottom for the session and moved off the lows into the close. The lows on the S&P 500 (SPY) and NASDAQ (QQQ) correspond with the 20 day SMA and we will be looking to see if those lows…
Financials help S&P to new highs
Index & Sector performance 8/21/14 The Market: The 4 major indices drifted higher in today’s session but not by much and all on lower volume which has been a trend. Mixed bag across the individual sectors but the clear winner was the Financials (XLF) finishing the day up 1.18%. The big standout in the sector was Bank of America (BAC) which finished the day up over 4% and looks poised for a run back to the March 2014 highs of $18. If BAC is indeed in rally mode we would expect today’s lows to not be breached. Also having a…