By Markus Heitkoetter
ISM Non-Manufacturing PMI data and Factory Orders both came out better than expected indicating an improving economy. But in the end stocks resumed their move lower, erasing yesterday’s gains and then some!
Was it profit taking? Or ongoing concerns over Ukraine?
Whatever the reason, today’s positive data was easily overlooked and the S&P ended the day 18 points lower. The DOW lost 139 points on the day.
Over the last few weeks we’ve seen make stocks turn bearish using the Power Crossover Method. One of the latest stocks to benefit from the market weakness is The Travelers Companies Inc (TRV).
TRV triggered a Power Crossover Method Buy Signal on 25th July 2014. With today’s -.87% drop the ADR Profit Target at $88.99 was hit.