Dow: +349.44…
Nasdaq: +269.23… S&P: +63.92…
The stock market ended Thursday on a firmly higher note with the Nasdaq (+1.9%) finishing ahead of the S&P 500 (+1.4%) and Dow (+1.0%).
Equities followed yesterday’s weak finish with an opening advance and a daylong extension of the early gains. The S&P 500 clawed back above its 200-day moving average (4476), which has been in focus since Friday, while the Nasdaq continued this week’s outperformance.
OSTK caught a stop in the early going and then it bounced hard which is why I usually don’t like to take stops in the first hour because they usually recover, but I’m playing it a little tighter with its market because I don’t really trust it. I’m still a believer that OSTK rallies 10-15 points once it breaks out of that bullish triangle that I charted for you the other night.
Energy (XLE) saw a consolidation day, the financials(XLF) bounced after yesterday’s profit-taking, materials (XLB) did well, and technology (QQQ, XLK) was hot as they went after some of the very oversold names.
Mosaic (MOS 68.57, +0.64, +0.9%) and CF Industries (CF 106.40, +2.81, +2.7%) hit fresh 52-week highs as concerns about supply and rising prices persisted.
Most of the weekend highlighted names are doing very well this week, especially cheapy BKKT which I still think is buyable, especially if crypto can hold these recent gains. See post.
I added gold name GFI today. Exceptional chart let’s see if it does what it’s supposed to.
The charts of the main indexes look bullish here and appear to be flagging bullishly for now, but may need a few days of consolidation.
See you in the morning.
P&L here