Off the Charts
Stocks kicked off the first day of March with a strong start. The S&P 500 closed the day up 0.62%, erasing yesterday's weakness. After yesterday's action, there was a reason to be a little more cautious on excess long positions, but coming in today, the market gapped up and held the gap for the first 30 minutes, giving signs to cover some hedges and add back to strong stocks. Basic Materials and Financials were the strongest sectors today.S&P 500 Source: eSignal View Chart » View in New Window »
Below is a chart of the S&P 500 from 1995. Business Insider had an interesting article today that stated the last time the market went all of January and February without a 1% or more down day was in 1995. That year, the market gained an astonishing 34%. In 1995, the S&P traded along a steep accelerated trendline, like we have seen in the S&P for the past two months. I'm not saying this will happen this year, but it is interesting to point out. Everyone on TV keeps talking about a correction, but that doesn't necessarily have to happen. The S&P could continue to hold higher levels of support and grind higher....624 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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