After a strong up open put the market at the upper end of a tight multi-day range, high-flying stocks faltered and the market drifted down to the bottom end of the range. But it seems the market can’t make up its mind over the next move. In the afternoon, previously leading stocks repaired somewhat and by the close the market was back near where it opened. Although the action has been indecisive this week, it’s hard to believe the resolution here will not eventually be to the upside.
In today’s age of highly automated markets, sometimes the action leaves you scratching your head a little bit. We have been calling the banks the last piece of the puzzle for the market to get back to highs, but today the sectors leading stocks perked up even in a weak tape. To be fair, the afternoon market bounce helped their cause and provided a little bit more juice. Leader JP Morgan Chase & Co. (JPM) broke above its pivot highs, and Goldman Sachs Group Inc. (GS) is breaking out of its 2011 downtrend. Also, Research in Motion Limited (RIMM), one of the weakest and most broken-looking stocks in the market, was among the strongest today, figure that…
For more market and stock commentary watch the T3Live.com Daily Recap with Scott Redler (below).
*DISCLOSURE: Scott Redler is long JPM, JDSU, GLD, WFC, AAPL, V, LMT, MGM, ROYL, LEI, LVS, JCP, FCX, NG, ABX, AXP, XOM, AUY, MSFT, RBY, F. Short SPY, VHC.
This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by T3 LIVE or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs. Visit the T3Live Homepage, Virtual Trading Floor, and Learn More About Us.
