The market was weak early after a nearly flat open, but quickly bounced off the 50-day moving average and trended higher for most of the day. The S&P closed right at the high end of the recent three-day consolidation and it will interesting to see whether we open above that level tomorrow or it acts as some semblance of resistance. At this point the market continues to demonstrate that it wants to go higher, with some end of quarter window dressing possibly contributing to that sentiment.
Several stocks covered in the T3Live.com Morning Call over the last couple days had big moves today. After a big move from Lululemon Athletica, inc. (LULU) yesterday, Scott Redler pointed to a possible “me too” play in fellow apparel maker Under Armour, Inc. (UA). UA gained nearly 5% today. Redler has also highlighted Chinese stocks Sohu.com, Inc. (SOHU) and SINA Corporation (SINA), and they gained 7.8% and 4%, respectively. The OIH followed through from yesterday’s break out of the recent range, adding 2.3%.
The list doesn’t end there, watch the T3Live.com Daily Recap with Scott Redler below for more.
*DISCLOSURE: Scott Redler is long AAPL, LVS, VLO, BA, SOHU, DANG, AMZN, OVTI, V, POT, OIH, JPM, JDSU, NYX, GLD, LEI. Short SPY.
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