The market traded quietly in a tight range for most of the session Monday before selling off sharply in the last half-hour. The quick drop erased most of Friday’s gains and sends the market back down into its 50-day moving average. While the bulls have taken back control of some key levels, bears have dug in to defend the apex of the previous wedge pattern and don’t look like they will go down without a fight.
On the stock-specific front, a monster move from yoga apparel maker Lululemon Athletica inc. (LULU) highlighted the trading day. The stock closed up more than 8% on the day, busting out of its recent range and poking its head through all-time highs after bullish comments from Jim Cramer. A 2-for-1 stock split after the close has added to those session gains, with the stock up more than 1% after-hours. The Oil Service HOLDRs ETF (OIH), which was Scott Redler’s top play in the T3Live.com Morning Call today, also made a nice breakout move, surging nearly 2%.
For more market and stock commentary, watch the T3Live.com Daily Recap with Scott Redler below.
*DISCLOSURE: Scott Redler is long V, JPM, AMZN, JDSU, AIG, OIH, GLD, DANG, VLO, NYX, SOHU, LEI.
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