The bounce put the major indices back into the middle of a trading range and the 133 low last week on the SPY as near term support. Defensives got a bid while SLV and USO dance to the beat of the rising dollar. Technology continues to be a bright spot as the SMH is very close to its 52 week high and INTC broke out to a new closing high. It doesn’t take much to get folks to dislike the market. I have to admit, I was a bit worried going into the open. But with all the bad news piled on this morning, the major indices are holding very well.
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