Off the Charts
And all of a sudden, things are looking up for the end of July. Earlier this week, things were looking pretty grim, but today, European Central Bank President Mario Draghi said policymakers will do whatever it takes to preserve the euro. The futures gapped up at the open and closed the day on the high end of the range. The S&P 500 and Dow both closed up over 1.5%, and the Nasdaq closed the day up 1.37%.
This market is lacking momentum as summer trading continues. The action is choppy, and there is not much follow-through as the S&P continues to navigate the range between 1330 and 1380. Although the market gapped up and closed the day on highs, you had to be pretty perfect to buy the pull-in and make money on the long side. The leading stocks are not necessarily leading this market higher right now, but we are seeing spirited moves off the lows in some laggard groups, and that is helping to take this market higher (oil-service stocks and financials)....777 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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