A gap down open on the SPY following disappointing GDP data, saw buyers step in at the 50% retracement of the last leg up. Better-than-expected Chicago PMI (62.3 vs. consensus 56.3) and Michigan Sentiment (67.8 vs. consensus of 67.5) helped lift the market and close the gap into midday. Choppy backing and filling into mid-afternoon led to an ambush setup for the final thrust upwards.For the month the S&P carved out a bullish engulfing stick and its best monthly performance in one year.
Friday's leading sectors included healthcare/biotech, Ag/chem, and Gold. Solars, semis, and banks represented the laggards.
The $CAD looks poised to breakout of its symmetrical triangle. The $USD remains weak but due for a bounce. $Euro weakened on Friday on speculation of further debt rating cuts in Europe. Gold rallied.
Ag/chem rallied on higher crop futures for corn, wheat and soybeans.
1 comment:
Just posted "Floored" the trading movie on my blog, check it out its very interesting.
Post a Comment