By Markus Heitkoetter
Up, Down, Up…Down?
We’ve had a pretty choppy first half of the trading week, with stocks trading higher and erasing yesterday’s losses. The S&P was up 15.25 points today, while the DOW had triple digit gains, up 159 points.
Traders kept an eye on today’s FOMC Meeting Minutes release at 2pm ET today. But with no real surprises, the reaction to the release was hardly noticed.
With today’s move higher, the DIA Power Crossover Method Sell Signal, did NOT trigger. After today’s trading we have 2 indicators bearish and 1 indicator bullish, showing that the index is in a state of limbo.
Netflix (NFLX) announced that it will expand its streaming video service into Europe and traders liked the idea and drove the stock +5.09% higher.
After today’s gain the Power Crossover Method long position is up $35.19, just $3.53 from our Profit Target.