By: T3Live.com
Last night, Patti Domm quoted me in her column on CNBC about the latest market action. Below is an excerpt from the blog. Be sure to check out the full article over at CNBC.
Stocks meandered once more Wednesday, with the Dow finishing up 1 at 10,573; the Nasdaq down 7 at 2301, and the S&P 500 rising just under a point to 1137.
“Anyone trading the indexes right now is frustrated..but underneath the surface, there’s a lot of great action. The sector rotation has been great for traders,” said Scott Redler, who follows the market’s technicals at T3Live.com.
Best performers Wednesday were materials, up 1.5 percent and energy, up 1 percent. Some key commodities also moved higher as the dollar declined against the euro. Oil was up $1.41 to $83.18 per barrel and gold rose $17.80 per ounce to $1,136.50.
Redler said some stocks that were in favor between Christmas and New Year’s have lost some ground, but others have moved up. Solars, like Solarfun Power and JA Solar rose sharply after Oppenheimer raised estimates. Metals got a push from Goldman Sachs, with names like U.S. Steel moving higher. Alcoa jumped 5 percent.
Financials were up 0.4 percent. “The XLF (financial ETF) broke its fifty day moving average Monday and has had a nice follow through for the past two days. The early birds saw this when Goldman Sachs broke its downtrend on December 30,” said Redler.
