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The absence of any real catalyst kept traders on the sidelines, but a big bounce by energy stocks led the broader market to a modest gain that has left it just a point shy of a 100% gain from its 2008 low.
Five of ten sectors were in positive territory, led by energy (+2.1%), materials (+1.0%) and health care (+0.03%).
Tomorrow morning before the open, three economic reports are scheduled to be released: Retail sales (Consensus 0.5%) and Retail sales ex-auto (Consensus 0.6%), 2) Empire Manufacturing (Consensus 15.5), 3) Export prices ex-ag (Consensus NA) and Import prices ex-oil (Consensus NA).
Tomorrow, before the open, look for HST, LAB, OMC, JRN, WSO, ACPW, CIT, CPLA, CYNO, JAKK, EXAS, NICE, HEP, PMI, SPAR, UTHR, DW, FUN, HCP, CTL, Q, ZBRA, CFX, DGIT, SIRI, WPI, WCRX, FOSL, MMC, SF, WATG, GEDU, and NVMI to report.
The market chopped around but the bull market in commodities raged on with oil, materials and metals higher. The Bernanke bid is firmly in place and with rates this low the market is held at gunpoint to but stocks. You just cannot fight the Fed. For now, let’s take advantage of the printing presses and to be obnoxiously cliched, the trend is your friend.
We took a partial profit on POT today and I added FTK, IDT and URRE as swing longs today via intraday email. We certainly have a full deck, so there are no new names tonight. See you in the morning.
Check the P&L for any changes.