Off the Charts
After a three-day losing streak the S&P (SPY) finally got back to winning ways today with almost all of the gains coming pre-market. As Cyprus headlines start to get downplayed, world markets were able to push higher overnight, but indices traded in a very tight range for the entire session. The market was able to tack on small gains following the FOMC Rate Decision but brought no game-changers. The S&P closed the day up 0.67%, while the Nasdaq gained 0.78%.
Overall it was a fairly quiet session in our usual "go-to" names as the high beta tech leaders continue to rest on the top end of their yearly trading ranges. Financials were able to find their footing a bit but couldn't get any real upside momentum, putting in an inside day. The homebuilders outperformed in today's session following earnings from Lennar (LEN) pre-market. Solars were also in play as First Solar (FSLR) soared higher, closing the day up 5.93% after we listed it as a long last night. Consumer discretionary stocks also extended higher while the industrials lagged as FedEx (FDX) weighed on the sector, closing the day down 6.89% following earnings. Caterpillar (CAT) and Deere (DE) also added to the weakness in that sector....568 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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