The market opened higher on Monday, experienced some ‘tree-shaking’ action around mid-day, and then rallied into the close. The market was fairly quiet, which was understandable given the volatile action of last week and the fact it was the last day of the month. February looked like another grind higher before things got shaken up last week. As for tomorrow, recently we have seen the first day of the month bring a significant jump in the market.
The agricultural stocks continued to follow-through from last week’s reversal and closed the day strong. Silver miner Silver Wheaton Corp. (SLW), which we featured in the midday post, had a strong afternoon out of a great four-day consolidation pattern. Oil stocks also continue to perform well, as Transocean LTD (RIG) poked its head out of recent consolidation this afternoon.
For more market and individual stock commentary watch Scott Redler’s Daily Recap video below.
*DISCLOSURE: Scott is long OIH, GLD; Short SPY.
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