By Markus Heitkoetter
Stocks received a pre-market boost in early trading with better than expected Retail Sales numbers. Fueled by the biggest increase in Retail Sales since April, stocks rallied and the strength continued in early trading.
The S&P was up as much as 1.5% in the morning session. But selling in the afternoon sent the S&P lower, and stocks just couldn’t hold onto the day’s early gains. At the end of the day the S&P closed 9 points higher, up just .4% for the day.
The DOW had triple digit gains, up 200+ points in early trading. But similar to the S&P, the DOW just couldn’t hold onto those highs. By day’s end the DOW was clinging to a 63 point gain for the day.
E-Mini S&P traders had fun trading today’s fantastic trends. It was a beautiful day for Simple Strategy trends in BOTH directions with today’s morning rally and afternoon sell-off.
Although many news outlets are highlighting the positive Retail Sales numbers and today’s up day, the E-Mini S&P chart below shows the reality of today’s trading session.
Boeing (BA) continued its march lower, ending the day down another 1.0%. Yesterday’s Power Crossover Method Sell Signal has worked out nicely. With the 3.4% drop in 2 days we are within striking distance of the $122.53 ADR target.