Market Recap For 2nd Feb 2015 – Support in the S&P holds again!

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.

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