Stocks Finally Post A Gain

Stocks Finally Post A Gain

Stocks put in their first positive close in over a week Wednesday. Trading volume continues to be heavy as selling pressure eases. Gains were broad across the board, with a concentration on large cap indexes. Leading stocks lagged, as did small caps. So now I’ll keep an eye out for building strength, although I don’t expect it yet. With a decent correction under our belt, the next thing to rule out is a bear market. How the market handles any rally from here will be key. If volume (a gauge of interest) tapers off, and rallies lose steam, we’ll likely head back down. There’s been plenty of damage to individual stocks, most of which will need weeks to regain their footing. My scan today did show quite a bit of relative strength in the non-biotech healthcare areas (devices, services, facilities, etc). I do expect this area to be strong during the Obamacare years, as they already are.

My allocation accounts remain in cash, looking for a strong sector. QQQ and IBB looked very solid, if for one day.

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Stocks Finally Post A Gain

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