Market Recap For 14th August 2014 – How long can this correlation last?

By Markus Heitkoetter

Stocks were higher today with the S&P up 8.5 points. Today’s close was the highest close for the S&P in August. The DOW ended the session 62 points higher.

Some traders were a little surprised with today’s move higher considering that unemployment claims were higher than expected, and Eurozone missed GDP expectations. 10 Year Notes also continued the unusual correlation with stocks, rising for the second consecutive day.

These interesting scenarios leave some traders scratching their heads. But this is why it’s important to trade what you see, not what you THINK. 

We’ve been keeping an eye on Seattle Genetics (SGEN) since a Power Crossover Method Buy Signal was triggered on 5th August 2014. With today’s +2.33% rally SGEN traded through our $42.20 profit target, producing an 11%+ return on the trade.

SGEN is one of the stocks we are currently following in our Rockwell PowerList…details coming soon! 

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