By Markus Heitkoetter
Stocks opened higher today, then briefly dipped into negative territory. But a late morning surge and afternoon rally drove stocks toward highs of the day. At the end of the session key indices were in positive territory and the bulls had the “bounce” they were looking for.
The S&P finished the day almost 14 points higher and the DOW closed the session with a 76 point gain.
It’s a little surprising to see that Wall Street seems to be ignoring Gaza and Ukraine (at least for now). Earnings season is half over and we have a light economic calendar this week, but the Argentinian debt crisis and geopolitical concerns in Gaza and Ukraine still exist!
So the question is…Are we witnessing a technical bounce? Or is Wall Street ready to shake off last week’s concerns?
Groupon Inc (GRPN) got a nice one day lift with a +8.67% rally. Today’s move triggered a Power Crossover Method Buy Signal at $6.55. Using the Average Daily Range, the ADR Profit Target is at $7.16.
GRPN is one of the new POWERLIST stocks that we are following. Details will be shared in the next week!