A Stock-Picker's Wish

Thursday's poor reaction to the European Central Bank had market players a bit worried about today's European summit meeting, but with expectations so low the fact that nothing much was accomplished turned out to be irrelevant. Frankly, I suspect that market participants are so tired of the constant focus on Europe that they were anxious to just ignore it for a while and focus on stock-picking instead.

While the point gain was quite good and breadth was around 5:1 positive, volume declined after a technical distribution day on Thursday. That isn't a good sign for sustained momentum, but the technical setup continues to look promising for an attack on overhead resistance at the 200-day simple moving average of the S&P 500 and the Nasdaq....137 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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