The market churned higher most of the session Thursday after pre-market losses, filling the gap and closing back up into the 21-day and 50-day moving averages. What at one point looked like it would be an important day for the bears turned out to be largely a non-event; the validity of today’s early down move was negated by a close back into the moving averages. For a definitive change of complexion, the bears will have to get a trade and close below these current levels.
SINA Corporation (SINA) was one of the strongest stocks of the day, breaking out to highs once again after putting in an upper consolidation. Banks were extremely weak once again and will await earnings tomorrow morning from Bank of America Corp. (BAC) as the next litmus test for the sector. Beware tomorrow of options expiration day, which can often bring some head-scratching and frustrating action for traders.
For more, watch the T3Live.com Daily Recap with Evan Lazarus (below).
*DISCLOSURE: Evan is short AMZN, BIDU.
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