party continues on. Indexes were all trading in a fairly tight range Thursday and ended up mixed when all was said and done. Volume was down across the board as investors and traders alike focused on a number of economic reports and speeches from several Fed officials as well as public remarks from Mario Draghi (President of ECB), after the European central bank left the interest rates unchanged.
Official payrolls report will be released tomorrow Friday.
Even though the NASDAQ had a sharp decline in biotech stocks which ultimately dragged them down for the day, U.S. stocks finished Thursday generally higher, with the S&P 500 index closing at a record level once gain.
So yes, the party continues: Investors Business Daily continues to list the market as being in a confirmed uptrend.
|Dow Jones Industrial Average||+0.38%|
|$FL – Foot Locker Inc. (NYSE)||Pre-Market|
|$PPHM – Peregrine Pharmaceuticals Inc. (NASDAQ)||Pre-Market|
|$VSCP – VirtualScopics Inc. (NASDAQ)||Pre-Market|
Tomorrow’s watchlist for Friday, March 7, 2014 looks as follows:
$CYNI – Cyan Inc. (NYSE) broke out today on killer volume as it printed a gain of almost +20%. It’s clearly evident looking at the chart that it’s trying hard to fill that gap up to the $5.15′ish level, so tomorrow I’ll be looking for continuation of that run. Would be nice to see weak open and then r/g reversal for the push.
The fact that it hasn’t gone totally nutty parabolic on us like it did last summer, but instead having been stepping up at a more modest pace (at least if you compare to before), leads me to believe that there’s more to the upside than looking to the short side just yet.
One also do have to consider some fundamentals about the overall housing economy today, compared to last year, and where this quasi-government agency fits in into the mortgage landscape; So yes, I’m long biased in the short term. But at the end of the day, I will follow the trend, whether up, or down.
Today it gained +12%, and is as of this writing (11:03 PM PST) currently down -8% in the after hours market (AH). So tomorrow I’ll be looking for that weak open and then r/g for the push towards $5.50 and beyond. And no, I won’t short it no matter what; This sucker can turn on a dime and I don’t wanna fight the upside.
“I hated every minute of training, but I said, don’t quit. Suffer now, and live the rest of your life as a champion.”
– Muhammad Ali
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