The market trended higher for most of the day after a large gap up before giving back a portion of intraday gains into the close. The bulls continue to exercise control of this market since taking back the moving averages. The earthquake and nuclear crisis in Japan sent the market tumbling, but the snap-back has been equally strong. Bold dip buyers are being rewarded for buying in the belly of the beast, but the market still has room to run to highs and beyond. Today we saw lagging sectors play some catch up while the previous leaders were somewhat mixed, a healthy sign for a market rally.
A few leading Chinese stocks that had made strong runs over the past few days pulled in hard, highlighted by a 2.8% drop in Sohu.com, Inc. (SOHU) and 1.7% drop on Youku.com Inc. The credit cards had a volatile day, boosted overnight and early in the session by news that a bill had been introduced in Congress that would delay implementation of interchange fees, but revelations later in the day that the bill has little support sent the stocks plummeting.
For more market and stock commentary, watch the T3Live.com Daily Recap with Scott Redler below.
*DISCLOSURE: Scott Redler is long POT, JPM, BAC, OVTI, LVS, JDSU, V, SOHU, VLO, BA, OIH, XOM, NYX; Short SPY.
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