The market was choppy during the session Thursday after a large gap up erased much of Wednesday’s losses. After two days of extremely volatile action, the market now finds itself in a tricky spot. Headlines have driven the action since the earthquake in Japan last Friday, with fears of full-blown nuclear meltdown spooking investors. Yesterday a warning of potential nuclear catastrophe from the EU energy chief sent the market careening lower. Today there were no such explosive comments, but there continues to be a steady stream of concerning headlines regarding the situation. Travelers that arrived in Chicago from Tokyo set off radiation detection sensors at the Chicago airport today, indicating the major metropolitan area may already have been subjected to harmful radiation.
In terms of stocks, energy was strong, particularly the coal stocks. Oil was back on the move higher after a nearly two week long pull-in, while the oil servicers, which had been holding up well in a weak tape, performed well. OIH closed at the top end of its recent range and looks set up for higher prices. Apple Inc. (AAPL) opened higher, but drifted lower during the session. Big cap tech in general was weak, not a positive sign for the market going forward.
For more market and stock commentary, watch the T3Live.com Daily Recap with Scott Redler, below.
*DISCLOSURE: Scott Redler is long SPY, FCX, HAL, BAC, GLD, POT, X, F; Short PCLN.
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