By Markus Heitkoetter
What a difference a day makes…
Today U.S. markets traded right back to “pre-Fed Statement” levels, apparently shaking off yesterday’s concerns. The S&P ended the day 11.25 points higher and the DOW had triple digit gains, up 109 points.
After the closing bell bank Stress Test results were released, with 29 out of the 30 banks passing. All major U.S. banks passed the test this time around.
Simple Strategy signals have been working nicely this week, with another great Long signal this morning.
It was a pretty solid up day for the markets, but it was surprising to see some big names like Facebook (FB -1.86%), Apple (AAPL -.48%), and Twitter (TWTR -2.19%) finished significantly lower for the day. Is this a concern and possible sign of things to come?
While the S&P is within striking distance of all-time highs once again, Facebook (FB) gave us a short signal based on the Power Crossover Method.