Much like yesterday, the market opened higher, fell in early trading and then trended higher for most of the session. Today we witnessed an important battle between the bulls and the bears over control of the 50-day moving average. After a period of panic and turmoil following the earthquake in Japan, the market has bounced for most of the last two weeks. Even though the headlines remain concerning in the Middle East/North Africa, Japan and Portugal, the market has been able to lift.
Several beaten down stocks bounced with authority today. JDS Uniphase Corporation (JDSU), which was punished with the rest of fiber optic group after Finisar Corporation (FNSR) disappointing guidance, finally got the bounce some traders were looking for, gaining 7%. Las Vegas Sands Corp. (LVS), which has been in the doghouse since a poor earnings report, jumped 7.3%. Ford Motor Company (F), mired in a two-month downtrend since its disappointing report, surged more than 5%. On the flip side of things, silver and miners pulled off hard after pushing higher overnight and in the morning trade. The market closed above the 50-day, but just barely, so the bulls may still have some work to do tomorrow to silence stubborn bears.
For more market and stock commentary, watch the T3Live.com Morning Call with Jordan Kimmel, below.
*DISCLOSURE: Jordan Kimmel is long JDSU, LVS.
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