By Markus Heitkoetter
￼Although it was a rather uneventful day, the S&P ended higher for the 3rd consecutive session.
Stocks looked good going into the open and pushed higher in the first hour of trading.
But the early rally came to a halt after an IMF spokesman reported that “We are well away from agreement” after the IMF walked out of negotiations with Greece today.
Following the report, stocks retreated and spent the rest of the day moving sideways. In the end the major indices all ended slightly higher for the session.
The S&P closed with a 3.5 point gain. With a .17% increase the S&P ended the day at 2108.86.
The DOW led the way once again with a .22% gain. The DOW closed 39 points higher and wrapped up the session at 18039.37.
Retail Sales came out better than expected, up 1.2% vs. a 1.1% estimate. While this week’s Unemployment Claims numbers out slightly worse than expected, with 279K claims vs. a 277K estimate.
Tomorrow’s reports include: PPI at 8:30am ET, followed by Preliminary Consumer Confidence at 10:00am ET.
Is Ford starting getting ready for a rally?
Ford Motor Company (F) has been in a convincing downtrend since a PowerX Method Sell Signal on 4th May 2015. Traders using ADR exits had an opportunity to take profits at $15.03 or lower over the last few sessions.
But with today’s 1.66% rally, two PowerX indicators have turning bullish. If all three confirm the trend in the next few days Ford could be on its way higher.