By Markus Heitkoetter
Stocks ended the day higher. But for day traders it was another light volume back and forth day of trading.
After opening higher stocks dipped ahead of the ISM Non-Manufacturing PMI report. Although the report came out worse than expected, the market reaction was positive and a nice mid-morning rally sent stocks to highs of the day.
The morning rally was short lived after an abrupt drop into the lunch hour erased most of the days gains. But in the end the major indices finished the day in positive territory.
The S&P closed 4.5 points higher after retreating more than 50% from its session high. With a gain of .21% the S&P ended the day at 2114.07.
After being up more than 150 points today the DOW closed 64 points higher at 18076.27.
Crude Oil Inventories came out inline with expectations. But the response was far from expected. An initial reaction to inventories sent Crude Oil as high as $61.43, but Crude Oil spent the rest of the day in a downtrend. At the end of the pit session Crude Oil closed 2.63% lower, settling at $59.65 a barrel.
Greece and its creditors remain deadlocked on a debt deal and things are definitely heating up. The game of chess went on today after Greece said they will NOT make the June 5th payment to the IMF if there wasn’t a debt deal in the works. News overseas, both positive or negative, could have a big impact on the markets.
Goldman Sachs Group (GS) has made a nice move higher over the past month. Today GS closed .90% higher at $208.29.
With today’s move a PowerX Method ADR Profit Target is within striking distance at $210.41. A PowerX Method Buy Signal was identified on 11th May 2015.