The markets were nearly unchanged Monday as investors show caution at the last resistance area before multi-year highs. The S&P touched the upper end of the earlier wedge pattern on Friday before some profit taking. The composure remains very bullish, and some rest and digestion is healthy at this level.
Chinese internet stocks Sohu.com, Inc. (SOHU) and SINA Corporation (SINA) were once again two of the hottest stocks in the market today, gaining 7.1% and 4.6%, respectively. The fertilizers continued to be strong as they recover from their early March beating. Fertilizer leaders PotashCorp./Saskatchewan (POT), The Mosaic Company (MOS), Agrium Inc. (AGU) and CF Industries (CF) were all up more than 2% today. Under Armour, Inc. (UA), after an explosive 8+% move Friday, held up well and feels like it has higher prices in its future. Fellow hot apparel maker Lululemon Athletica, Inc. (LULU) also looks good once again after an upper level consolidation.
For more market and stock commentary, watch the T3Live.com Daily Recap with Scott Redler below.
*DISCLOSURE: Scott Redler is long AAPL, JPM, SOHU, GLD, F, V, BAC. Short SPY.
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