Triggered Stocks
None
New Picks
OVTI– has based and is now consolidating in a bull flag pattern. Buy a move through 27.30 with a stop at 25.70. Targets 28.50-31.00. Earnings Nov.27
Upside’s Commentary
The stock market rose today, boosted by higher-than-expected economic growth, leading investors to speculate that the economy can grow without quantitative easing. The Dow was up 221, or 1.3%, to 17,195. The Nasdaq gained 17, or 0.4%, to 4,566, while the S&P 500 advanced 12, or 0.6%, to 1,995. Advancing issues outnumbered decliners by a nearly 2-to-1 ratio on the NYSE, where volume was heavier than it was yesterday. What a market it is, and hedge funds are clearly in the midst of aggressive performance chasing that may very well continue to the end of the year.
The tone of the day was set by Visa (V), whose earnings topped estimates and sent the credit giant up by 10% today. MasterCard (MA) also jumped on the credit card bandwagon with strong earnings, as it rose more than 9% for the session.
Also setting the positive tone for the day was that third quarter GDP growth number that came in at 3.5% versus the 3.1% rate that economists had expected. GDP worries had been on investors’ minds, especially with regard to the strengthening dollar.
The Technicals
Short term support is at 1973 and 1956, with resistance at SPX 2000 and 2019. Tomorrow: Personal income/spending and the PCE at 8:30, the Chicago PMI at 9:45, and Consumer sentiment at 10am.
See you in the morning.