By Markus Heitkoetter
Stocks opened the session right around yesterday’s close. After an attempt higher in the first 15 minutes stocks sold off quickly and it looked like it was setting up to be a rough day. But “not so fast” said the bulls…after finding support, a late morning reversal helped erase morning losses. In the end stocks finished the day mixed.
The S&P wrapped up the day with a 3.5 point gain. With a close at 2095.84 the S&P ended .16% higher. But it was the DOW that showed the most strength after closing back above the 18,000 mark. The DOW was up 60 points and ended the day at 18036.70 with a .33% gain.
While the S&P and DOW both finished in positive territory, the RUSSELL and NASDAQ ended the day in the red. The RUSSELL closed slightly lower but the NASDAQ lagged the general market with a .22% loss.
Crude Oil got a boost from a dropping US dollar and ended the open outcry session 2.66% higher. Today’s gain extends the Crude Oil win streak to four consecutive winning days. The Crude Oil Inventories release at 10:30am ET tomorrow will be the next hurdle for Crude Oil bulls.
According to Bloomberg analysts are predicting a 5.6% drop in earnings because a stronger dollar and tumbling oil prices could be hurting results. But these concerns didn’t seem to have any impact on JPMorgan (JPM) today. JPM rallied 1.56% after reporting a 12% increase in first quarter revenue.
A PowerX Method Buy Signal was identified on 9th Apr 2015. PowerX traders are looking for an ADR Profit Target at $63.88 if the trend continues.