By Markus Heitkoetter
U.S. stocks ended the day mixed. But sometimes the final numbers don’t tell the whole story. After opening at lows of the day, stocks rebounded and closed the gap. Like a rubber ducky in a bathtub, every time you try to push stocks under water these days they just bounce right back…which is great news for the bulls (or a Power Crossover Method trader)!
The S&P never looked back after opening near session lows. But at the end of the day the S&P couldn’t quite finish the session in positive territory. The S&P ended the day with a loss of 1.5 points, ending the S&P’s win streak at 5 consecutive winning days
The DOW made a similar comeback after opening lower. The DOW ended the day down 2 points, ending the daily win streak at 6 days.
It was different story for both the NASDAQ and the RUSSELL today as both indices ended the session in positive territory. Small Caps and the RUSSELL 2000 lead the way with a .55% gain.
How long can this uptrend last? Who knows. But it’s important not to get too comfortable…you don’t see too many 12% rebounds (going back to mid-October) continue without encountering some dips and hurdles along the way.
The first real dose of economic information this week,Unemployment Claims, will be released tomorrow at 8:30am ET.
Apple Inc (AAPL) finally does it…after a Power Crossover Method Buy Signal on 22nd Oct 2014, traders have patiently waited for an Average Daily Range exit at $110.73. With today’s 1.41% rally the Profit Target was hit.