Off the Charts
It was another quiet session today as the market continues to consolidate at upper levels. The indices posted narrow gains but all finished in positive territory. Crude oil remained in the headlines today as it made another leg lower, closing the day down 3.82%.
While the market continues to consolidate above the eight-day moving average, there has been solid sector rotation. Today the social media stocks woke up, high-beta tech stocks grinded higher, banks continued trying to build an upper floor, and retail and homebuilders rested at highs. Oil stocks are finding momentum to the downside as the price of oil accelerates lower. Overall, the sideways action is constructive. Patience is key in a consolidating market. Keep your size down and limit your expectations until we get range resolution....678 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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