The major averages kicked off April with a retreat that sent the S&P lower by 0.4%. The index settled in-line with the Dow Jones and the Nasdaq , with the latter catching up during the final hour. Equity indices spent the entire day in the red and could not rally following upbeat economic data from overseas. Eight sectors finished the day in negative territory.
I added two longs today to the P&L. BIIB and TQQQ.
I’m not sure what tomorrow brings, but I think we are setting up for a very strong bounce back rally at some point next week. As you know the markets are closed on Friday.
I added BIIB today because its down 70 points and has basically been down everyday for week, so it is very short term oversold. As you can see it also held its 50 day moving average today and bounced.
See you on the morning.