Dow: +52.40…
Nasdaq: +47.50… S&P: +8.85…
2745 area is the next key level of resistance for SPX
The market earned a hard-fought victory today, boosted by the afternoon release of the FOMC minutes from the May meeting, which came in more dovish than expected, helping the market overcome a lower start to the session. The latter takeaway stems from the acknowledgment in the minutes that officials would be content to let inflation briefly run above their 2.0% target.
Energy (XLE) was weak early in the day, but then managed to rally back and close unchanged for the day.
Biotech (XBI) closed essentially flat today but we had some nice portfolio movers in CRSP (+9.1%), ARQL +9.6%, FATE (+3.7%) and MRTX which broke out and moved over 3%.
I added BLUE today as a new long. If it can get above the 194-195 level with good volume, I would look for the possible start of another big move higher.
There are some stocks that are setting up really really well here. I like this kind of tape action because it’s not too hot and not too cold, this sets things up better and actually gives you a chance to grab some entries.
See you in the morning.