Market makes it Four Straight Days of Gains

Despite poor retail sales stocks bounced higher for the fourth straight session. Energy and Biotech stocks led the overall market today. Energy seems to be finding support at early 2015 lows. Biotech continues its run despite fundamentalists crying foul over earnings multiples. Transportation stocks lagged the market along with utilities. Bonds rallied a bit today as they continue to remain a shade above recent lows. It was nice to see breadth to be healthy, but volume dropped on the session. This market still cannot put it all together. A good session for bulls and we will need to continue to see this market deliver positive results.

Retail sales were abysmal. I am curious if they will blame the weather for poor sales. The bright side is maybe savings rate jumped as more Americans decided to save rather than spend. It certainly would be a change in behavior. Hard to imagine what was going on in Greece had much to do with it. Goldman Sachs took down their GDP forecast from 3.2% to 3.0% as retail sales fell. No surprise overoptimistic estimates continue to be taken down. It is why we focus on price as it fact and there is NO guess work.

RCPT a chat room favorite is being taken out at $250. A few chat room members have been all over this stock and now are being rewarded. Wedbush put a target of $350. They overshot just by a tad. A big win for a few members. ANAC was a big win on Monday.

SPY finally retook its 50 day moving average today. The entire market has come a long way since a week ago and a little rest here wouldn’t be out of the question. A negative reversal on volume would certainly change our landscape. However, we cannot adjust our portfolio simply because there is a possibility. Stick with the facts. Stick with Big Wave Trading.

Originally from – 

Market makes it Four Straight Days of Gains

See which stocks are being affected by Social Media