By Markus Heitkoetter
In early trading it looked like stocks were going to start the month of February right were things left off in January…lower!
But following an early dip, a slight recovery brought stocks back to Friday’s close where things stayed for most of the session. But then things got interesting…like a repeat of New England’s strong 4th quarter yesterday, the bulls took control and a late session rally sent stocks soaring to highs of the day!
The S&P spent most of the day oscillating around the 2000 mark before today’s late session rally. With a 26 point gain the S&P pulled away from the 2000 mark and closed at 2020.85. The S&P led the major indices with a 1.3% gain.
The DOW kicked off the month of February with a triple digit 196 point gain. The DOW closed the session at 17361.04 with a 1.14% increase. Just like the S&P, today’s gains came in the last hour of trading.
Crude Oil (CL) helped stocks today by finishing the day 2.36% higher during the open outcry session.
After the regular session Crude Oil jumped past the $50 a barrel mark before retreating. It looks like the $50 mark could be the next hurdle for Crude Oil. PowerX Method traders continue to keep an eye on Crude and the possibility of a new trend.