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Strong, broad-based buying amid hope that Ireland will accept financial aid boosted stocks today, but failure to push through resistance caused stocks to stagger a little bit into the close.With global participants feeling more secure and accepting of risk, European markets bounced big. That helped perpetuate a positive tone set overnight by Asia’s major averages.
The rotation back into stocks left the dollar to drop about 0.5% and boost some 90% of the issues in the S&P 500 to a gain. Natural resource plays like energy (+2.2%) and materials (+1.9%) attracted the most support. Stocks still failed to generate the momentum necessary to take the S&P 500 back above 1200, however.
Trading volume was heaviest in shares of GM, which returned to the NYSE for the first time in more than a year following its post-restructuring initial public offering. GM garnered an IPO price of $33 per share, but the stock opened trade at about $35 per share before it pulled back.
After the close DELL, ADSK, ATW, BCSI, CEDU, CENT, CRM, DBRN, FL, GPS, INTU, MRVL, MTSC, SCVL and WTSLA were the most notable names that reported.
All ten sectors were in positive territory, led by energy (+2.2%), materials (+1.9%) and industrials (1.8%).
Tomorrow morning before the open, no economic reports are scheduled to be released.
Tomorrow before the open look for the following companies to report: CRMT, ANN, HIBB, HNZ, KIRK, MENT, and YGE.
I added MMR as a long today as the daily chart has some potential. If this recovery rally can continue for few days in the commodity space and if it can get through the 17.40 level it may want to tag the old highs.
Here are some long set ups for your radar.
