The Dow closed higher Wednesday as cooling Treasury yields persuaded investors to pile back into growth stocks including tech despite ongoing hawkish remarks from Federal Reserve officials.
The Dow was up 1.4%, or 435 points, the Nazzywas up 2.1% and the SPX climbed 1.8%. The Nasdaq snapped a seven-day losing streak.
Meanwhile, the west coast Utopia is having problems.
I’m sure it will all be fine.
We caught a nice oversold rally today and we could go a little higher. 3985 was my short-term target, we hit it today. It broke above all my resistance levels. 4000 is now the big ass round #.
Rates lower and oil diving helped sentiment. Nat gas (UNG) is down 20% from recent highs. Energy prices are also lower in Europe because of massive demand destruction.
I still think that EPV is a double in a year.
Setups
MYOV – Biotech (rsisky). Trigger 18.25-18.50. Bullish coil
STEM– trigger 16.20
FLEX– trigger 18.25
See you in the morning.