By Markus Heitkoetter
Stocks opened higher today and it was off to the races!
With a rally that continued throughout the trading day the S&P, DOW, and NASDAQ all closed near session highs.
The S&P ended the day 28 points higher. With a 1.35% gain the S&P closed at 2081.19. It was the biggest S&P rally since the first week of February.
The DOW had a triple digit gain, ending the session with a 228 point gain. After the DOW closed 1.29% higher the index ended just shy of the 18,000 mark at 17977.42.
It’s still all about the Fed…
Although there weren’t any major reports today on the economic calendar, the reports that did come out (Empire State Manufacturing, Capacity Utilization Rate, Industrial Production, and NAHB Housing Market Index) all came out slightly lower than expected.
Continuing the theme set 2 weeks ago, “good news is bad news” and “bad news is good news” continues to be the case. With worse than expected reports traders are speculating that the Fed will continue to “be patient” with raising rates.
While stocks traded higher Crude Oil marched down to fresh lows for 2015 and is now trading at price levels we haven’t seen in six years!
Netflix Inc (NFLX) moved opposite the major indices and dropped 3.76%, closing at $421.90.
A PowerX Method Sell Signal was identified on 6th Mar 2015. With today’s drop PowerX traders targeting an ADR Profit Target at $424.29 were able to take profits.